At last you've retired. Now is the time to take it easy and enjoy a slower pace of life. Even enjoy spot of gardening. But not all modern people over 65 have gotten the message. Changes are happening to retirement.
Less of the slow pace of life and more flying around the world! International travel for retired people is here and doing very well.
All of this is because people have more money and are more willing to try new things and be more adventurous. Air tickets that are cheaper have also helped! Even cruises, which were once only for the very rich and famous, are now available to everyone. A trip to Antigua, a two-week trip to the Canaries, or a weekend in Stockholm are now solidly on the travel plans of people over 65.
Then, a fly lands on the fly. It's not easy to find cheap travel insurance if you're over 65. Insurance companies know that people are living longer and healthier lives, so they are making a lot more products for the older market. But when it comes to travel insurance, people over 65 still have to pay a lot.
As you get older, your premiums go up, and if you want an annual policy for a long trip or a series of trips, it becomes harder to find a policy at all than to find the cheapest price.
The problem is that insurers have to pay a lot of money for medical claims. People over 65 are much more likely to make a medical claim, and the size of those claims is also much higher than average. On the other hand, older travellers are said to lose less luggage, but this is offset by the fact that their things are likely to be worth more.
So, even if you are in good shape, the cheapest annual policy for people over 65 could cost GBP1,000 per person, which could be more than the cost of the vacation. In order to avoid these fees, you can buy a separate policy for each trip. But even if you have a good medical history, the cost of insurance for a 3-week trip to the South of France starts at about GBP65 and goes up a lot for trips to the United States and other faraway places.
What's the answer? You should look around for the best deal. Your travel agent may give you a quote, but don't take it until you've found better prices elsewhere. If you look around the Internet and buy things online, you'll almost certainly find a much cheaper alternative.
But don't make your final choice based on price alone. Check the fine print at all times. Some policies will cover you for up to 21 days, while others will cover you for up to 31 or 45 days. Some insurance policies will only cover you if you stay in a hotel instead of with friends or family. No good for going to see relatives in New South Wales! Then you need to make sure you have enough coverage for medical and hospital costs, and don't be cheap: think of a high number and multiply it by three. You'll be surprised at how expensive good medical care can be when you're travelling. Also, it's important that your insurance company will fly you back to the UK if your health requires it. And don't forget to compare the amount you have to pay out of pocket for each claim. Lastly, make sure that the policy pays the hospital directly for medical costs instead of you having to pay first and then get reimbursed.
And now comes the best part: fly away and HAVE FUN!
