Baby Boomer Travel Insurance

Jun 14, 2016

Baby boomers are traveling a lot! According to AARP Research, baby boomers anticipate taking an average of 4 to 5 trips in the next year (that’s a lot of travel)! Many of them have the time and money to travel, and due to their age (52 to 70 years in 2016) and health changes, medical benefits are key for them. Because of that, they are an excellent market for travel insurance. Now is the time to start earning their business!  

Boomer Travel Trends 

AARP dug into the details of boomer's travel plans a bit more, and there's helpful information for the travel insurance market. Approximately 50% of boomers will travel only within the U.S., 45% will travel domestically and internationally, and 5% will travel abroad only. Those stats sound great, but let’s make them real. How many baby boomers are there in the U.S.? According to the Pew Research Center, there are 74.9 million baby boomers, so we are talking about significant travel when this group is on the move.

When do They Travel? Again, AARP Research has the answer! Not surprisingly, like the majority of all travelers, boomers are not fans of traveling in the winter. The majority of their travel is in spring, summer, or fall, so now is a great time to approach them.

Important Needs for this Market

Addressing Medicare Confusion — We’ve found that boomers who qualify for Medicare are often confused about their coverage when they are traveling.

  • Basically, there is no coverage under traditional Medicare outside of the U.S. except for three very specific exceptions
  • Medigap plans (C, D, E, F, G, H, I, J, M, N) cover emergency care when traveling abroad, but with a lifetime medical maximum of only $50,000. In addition, benefits are paid at 80% of billed charges, after a $250 annual deductible. With a serious illness or injury, you could run through $50,000 quickly. And what about emergency medical evacuation if you need to return to the United States for proper care?   
  • Medicare Advantage Plans may provide coverage abroad. Each plan is different, so consumers need to check with their carrier to find out what type of coverage they have.  

To learn more about Medicare coverage outside of the U.S. check out this video from the Centers for Medicare & Medicaid Services. 

Medical Benefits and Emergency Evacuation — These benefits are especially important for boomers because they can have health issues and may not bounce back as quickly from an injury or illness as a younger person. Seven Corners offers an assortment of travel medical and trip cancellation plans that provide options for these important benefits.

  • Travel Medical Plans provide coverage for travel outside the U.S. with these benefits: 
    • medical maximum options ranging from $50,000 to $1,000,000 (varying limits apply for those 70 through 80+ years);
    • coinsurance of 100% for travel outside the U.S.
    • medical evacuation limits up to $1,000,000
  • Trip Cancellation Plans provide coverage for U.S. residents traveling in and outside of the U.S. with these benefits: 
    • medical maximum options up to $250,000 per trip
    • medical evacuation limits up to $1,000,000

Pre-existing Condition Coverage — Because boomers are older, the likelihood of them having a pre-existing condition is often greater. If a medical condition recurs while traveling, boomers need a travel plan with pre-existing condition protection. Seven Corners offers several levels of pre-existing coverage for U.S. residents on all of our travel medical plans and on three of our trip cancellation plans (RoundTrip, RoundTrip Choice, RoundTrip Elite).    

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