Money

Shop around and read the fine print before you leave

Finding the right (affordable) insurance for older travellers

It’s ever more important for older travellers to make sure they have the right insurance as, according to research carried out by UK-based consumer watchdog Which?, they could end up paying a lot more than their younger counterparts.

Which? obtained quotations that illustrated that healthy travellers aged 75 pay more than twice as much for an annual worldwide policy as someone aged 65. Quotations for a healthy traveller aged 85 are five times more costly than those aged 65.

Regardless of where your home base is, the US and Singapore are the most expensive countries in which to fall ill – with medical bills in the US averaging more than US$5800. The global average for medical claims on travel cover is approximately US$1600.

Very large claims – in excess of US$132,000 – are becoming more frequent. Few people can afford to find such amounts, therefore it is essential to have the correct travel insurance protection in place before you travel. Shop around because while most travel insurance policies have age limits or restrictions, several insurers offer policies specially designed for retirees or senior travellers.

Be upfront about all medical conditions – there is nothing worse than having a claim rejected because you failed to disclose something that seemed innocuous.