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Here's Why Travel Insurance Plans are Costlier for Senior Citizens

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When it comes to buying travel insurance or a health insurance policy, age does play an essential factor in that. The insurance industry is one of the very few exempt from age discrimination laws. Therefore, the insurer can charge more just because a customer is older. The insurer charges a higher rate for senior citizen travel insurance as the older you are, the more of a risk you represent. The possibility rate for older travellers to make a claim is higher. Now let us see why travel insurance plans are costlier for senior citizens.

Why Travel Insurance Plans Are Expensive For Senior Citizens?

• Age Factor

HDFC ERGO offers travel insurance plans for individuals between 6 months to 70 years old. Furthermore, there is a shortage of plans for elderly travellers, as not all insurers offer senior citizen travel insurance. It is thus evident that the lack of options will also mean a spike in the prices of the existing plans.

• Increased Financial Risk

Insurance providers are very aware of the level of financial risk they take on when covering people for medical costs overseas. Anything they see as increasing that risk, such as people’s age, they reserve the right to charge more for travel insurance of people who are near the age of 70.

• Decrease in Agility and Normal Functioning

It is harder for an older person to travel. At this age, there is a high possibility of them suffering from eyesight and hearing-related issues to stiff muscles and bones. In addition, it may be harder to do the smallest of things, such as understanding unfamiliar rules in a foreign language or maintaining balance on uneven terrain. The physical stresses and minor setbacks are enough to cause a lot of setbacks to the plans of old travellers. Moreover, all these conditions increase the chances of accidents, leading to a rise in claims.

• Underlying Health Condition

The underlying health conditions that older people might have will increase the likelihood of needing medical assistance while abroad. Insurers, therefore, hike up premiums for pre-existing medical conditions. And as older people are more likely to live with these conditions, the higher costs disproportionately affect older travellers.

How to Reduce Travel Insurance Costs Once You Reach 70?

Generally, the cost of your premium may increase a lot once you hit 50. However, it gets pretty expensive once you cross the 65 years mark. Here are some tips to minimize your travel insurance costs if you have reached 70:

• If you have complicated or chronic diseases, opt for travel medical insurance to meet your health-related needs without any caps.

• Make sure to consider your budget before buying any plan.

• You can browse different insurers and get a guideline price for your medical conditions or age. This will prevent you from exceeding your budget.

• Consider buying senior citizen travel insurance online, as you can save a considerable amount by not incurring any intermediary costs or expenses for an agent.

Conclusion

Be it a young person or an older adult; international travel insurance is a must as it secures the journey from financial loss that might incur due to theft, medical emergency, flight delays, luggage loss, etc. You can check out HDFC ERGO senior citizen travel insurance, which provides coverage amounts ranging from $50K to $500K.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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