Over 50s risking financial shock on holiday
Thousands of over 50s with pre-existing conditions travelling without insurance or relying on inadequate cover.
People aged 50 or over with existing medical conditions are at risk of huge bills abroad if they travel with no cover, according to new research from Saga Travel Insurance.
It found around 16 million over-50s have ongoing medical conditions such as diabetes, asthma or osteoarthritis, and 500,000 had become ill on holiday due to their condition in the last three years.
Worryingly one in ten of these people had no travel insurance to claim on, while close to one in 30 found they were not adequately covered by the policy they took out.
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Over 50s and travel insurance
Anyone travelling abroad, regardless of their age, needs travel insurance.
In general more over-50s take out cover than younger holidaymakers.
According to the Foreign & Commonwealth Office, nearly half (48%) of 15-24-year-olds travel without, while one in seven over-50s take the gamble.
But even though most over-50s take out cover, there are signs it’s not adequate.
In a survey of 10,000 over-50s Saga found almost a third (30%) just look at price rather than whether the cover they get will meet their actual requirements. While a quarter said they had travel insurance with their bank account.
However, budget policies or insurance offered with a current account tends to come with an upper age limit (usually around 65) and rarely covers pre-existing medical conditions as standard.
According to Saga the typical cost of an insurance claim for an air ambulance to bring you back to the UK from the Canary Islands is around £16,000. If your trip takes you to the USA the cost rises to £45,000!
So it’s vital to check your policy is right for your age and health otherwise you might face a huge financial shock.
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Getting appropriate protection
Travellers with pre-existing medical conditions and/or over 65 can find it hard to get travel insurance from mainstream providers at affordable prices.
Older holidaymakers and those with medical issues should look into specialist policies from the likes of Age UK, the Co-Op, RIAS and SAGA.
For some more ideas on how to get cheaper cover for your situation take a look at How to get travel insurance if you have a pre-existing condition and for help with how to cope with the cost take a look at How to spread the cost of insurance.
If you're heading off to Europe, be sure to apply for a European Health Insurance Card (EHIC). This entitles you to free or discounted treatment in Europe if you have an accident or suffer a sudden illness. The EHIC is free and lasts for five years. You can apply online or by calling 0845 606 2030 or 0191 212 7500.
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