Travel Insurance for Seniors: What to Know

If you need to be flown somewhere for treatment or get back home, a good policy will also cover the cost of medical evacuation.

We recommend buying a policy with at least $100,000 in emergency medical coverage and $250,0000 in evacuation coverage. If you’re visiting far-flung locales or are particularly concerned about your health, however, look at policies with higher limits.

Travel Insured International has some of the highest limits we’ve seen. Plans cover up to $250,000 in emergency medical expenses and $1 million for evacuation or repatriation.

A standard travel insurance policy won’t cover pre-existing conditions if they force you to change your plans or seek medical treatment.

A pre-existing condition is any injury, illness or chronic condition that requires treatment or medication, including diabetes, arthritis, cardiac disease or COPD. If you file a claim, your provider will typically look back 60 to 180 days before you enrolled to see if there were any changes in your medical status.

You can get a pre-existing condition waiver, however, which prevents your insurer from reviewing your records when processing a claim. Many companies offer waivers but require travelers to be medically able to travel and to buy their policy within two weeks of booking.

Even if you don’t have a medical issue on your trip, you might have to cancel your plans because of a health condition, death in the family or other emergency.

Trip cancellation and interruption coverage are among the best reasons to get travel insurance. A comprehensive plan will reimburse up to 100% of your nonrefundable costs if you need to cancel and up to 150% if you need to cut your trip short.

Read your policy’s terms to see what events are covered, but common scenarios include:

• You or a traveling companion is sick or injured 
• A family member is hospitalized or has died
• You get a new job, are laid off relocation or layoff
• Divorce or separation
• Serious damage to your house

Most CFAR plans limit you to 50% to 75% of your nonrefundable costs, but Allianz reimburses 80% of expenses.

Cruises are particularly popular with retirees, who enjoy the convenience, entertainment and relaxing atmosphere, and have the funds and free time to devote to an extended excursion.

Viking, Holland America and Cunard all market cruises aimed at older travelers.

Plus, Seven Corners gives you 20 days to buy a policy with a pre-existing condition waiver and covers travelers up to age 99.

Many travel insurance companies put age restrictions on their policies, limiting coverage to travelers under 79 or even 65. The cost of a policy can also be much more expensive for older travelers.

Travel insurance averages between 4% and 10% of your total nonrefundable trip expenses. Because of increased risk, seniors pay on the higher end of that range.

There can be a significant difference in price among carriers, so using a travel insurance marketplace like Squaremouth can help you compare rates in minutes.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every travel insurance review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of travel insurance products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.