Travel insurance becomes more important, and more expensive, as we get older. The most important reason to buy it is medical: Original Medicare generally does not cover health care outside the United States, and many Medicare Advantage plans offer only limited emergency coverage abroad. A single hospital stay overseas can cost more than the trip itself.
Medical coverage
Look for a policy with a substantial emergency medical benefit and, separately, emergency medical evacuation coverage, which pays to transport you to an adequate hospital or home if you are seriously ill or injured. Check how the policy treats pre-existing conditions; many insurers waive the exclusion if you buy the policy within a set number of days of your first trip payment and insure the full trip cost.
Trip cancellation and interruption
Cancellation coverage refunds prepaid, non-refundable costs if you have to cancel for a covered reason such as illness, a death in the family or severe weather. Interruption coverage does the same if you must cut a trip short. "Cancel for any reason" upgrades cost more and refund only part of the trip, but they give the most flexibility.
Age limits and pricing
Premiums rise with age and some insurers cap eligibility at certain ages or restrict benefits for older travellers. Comparison sites let you filter by age and trip cost. Annual multi-trip policies can be cheaper if you travel several times a year.
What to check before buying
- Maximum trip length and any limits on cruises or adventure activities.
- Whether the policy pays providers directly or reimburses you afterwards.
- Coverage for prescription medication replacement and lost mobility equipment.
- A 24-hour assistance line and how to reach it from abroad.
Domestic travel
Within the United States, Medicare covers you anywhere, but a Medicare Advantage plan may treat out-of-area care as out of network. Check your plan's rules before a long domestic trip, and carry your insurance cards and a list of medications wherever you go.
