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The Top 3 Elderly Insurance Issues

January 14th, 2016  |  Auto Insurance

While everybody will face a few insurance issues from time to time, there are a few additional challenges that senior citizens will face that others may not.

Here are three of the top elderly insurance problems you are likely to run into if you are a senior, or if you are caring for a senior:

Travel insurance is tougher to get

As a general rule, insurance companies play the odds when they sell you a product. Most senior citizens are retired and want to make the most of their golden years – and travelling can be a big part of that plan. Insuring someone older carries a higher risk for the insurer and they deal with that in a couple of different ways. Elderly insurance for travel presents a unique problem.

One of the ways insurers deal with increased is by offering insurance that excludes pre-existing conditions. This might not seem like a big deal to a twenty-year old that’s fresh off the factory line, but give it a couple decades and most people will have some sort of health issue.

In addition, travel insurance is going to be more expensive and offer fewer coverage options. Fortunately, there are travel insurance products geared specifically to senior citizens and snowbirders. Read through the policy thoroughly and make sure you understand all the definitions before purchasing.

Private health insurance can help

In Canada, we have access to “free” health care (it’s paid for with taxes). This takes care of most of our able-bodied needs comfortably. We don’t often think much beyond that fact. But as we grow older, our health needs are likely going to get more complex and expensive.

Things like prescription medication and mobility aids can get really expensive, really fast and it will be up to the individual senior citizen to cover anything not covered by public health care. A 2009 Canadian Cancer Society report showed that newer medication can cost up to $65,000 for a full course.

Many provinces offer elderly insurance programs to supplement the high cost of medication and other treatments. It’s important to take advantage of them. If available, buying a health insurance plan while you are younger can help since you may not be eligible later in life. While it may not pay for everything, it will definitely assist with defraying some of the costs.

Auto insurance may cost you more

While it might seem unfair, many insurance companies charge senior citizens more money to stay on the road. A company may offer a discount to drivers over the age of 45 years but that will gradually decrease until it disappears entirely when the driver turns 80 years old. This is an elderly insurance issue that many people don’t think about.

Insurance companies argue that senior citizens are more prone to collisions and defend the higher premiums as a necessary adjustment. It’s important to shop around for auto insurance and ask about policies that operate more as a “pay as you drive” system.

Since many seniors tend to drive fewer kilometers, an insurance product that offers discounts for those who drive less may be your best bet. While this may not be available in every province, it’s a good place to start. 

No matter what you’re looking for in terms of elderly insurance, you need to know what you’re getting into. Don’t be afraid to ask questions to ensure you have all the options in front of you.

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