Retired? Wanting to Travel? Coverage is Available…

Times are a changing…Later Retirements means travel insurance coverage changes

For years we have seen for most insurance companies’ retirement age coverage to be until age 70 to 75 for travel insurance. With a new legislation approved back in December of 2006 we knew things might change? That date marked the end of mandatory retirement at age 65. More and more employees are staying on to work longer at their job, which has impacted how insurance companies provide additional benefit coverage for their clients to ensure they are protected.

Blue Cross is the first to come out with a Travel Benefit enhancement to their program. The change will mean an increase in travel benefit to the termination age of 85, or retirement, for their product called the Horizon Plan for groups of 5-50 employees. This will allow business owners and employees who choose to work beyond retirement age an opportunity to be covered in the event of an unforeseeable emergency outside the country when travelling.

This type of coverage includes; trip duration of 60 day limit, trip cancellation and baggage loss coverage, overall maximum of $2,000,000, out-of-country referrals with maximums of $500,000 per incident and 24/7 travel assistance services.

Travel insurance is one of the most important benefits you or your employees can have within your Group plan. When you need it, you’re glad it is there and your family can be covered anywhere in the world. Will other insurers follow soon with extended coverage? I guess we will have to wait and see.

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