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Why Travel Insurance is Crucial for Seniors
Travel insurance can often be overshadowed by attractive rewards and perks, but for seniors over 65, it’s a vital consideration. The reality is that once you reach the age of 65, many credit cards begin to impose stricter requirements and even reduce insurance coverage significantly. As you edge past age 75, options become even more limited, making understanding your coverage indispensable.
Understanding Coverage Needs When Traveling
Emergency medical care while traveling is designed to offer financial assistance for unexpected health crises. This coverage is especially crucial for seniors venturing abroad where healthcare systems and costs can be daunting. Having appropriate insurance allows you to prioritize your health without the looming stress of potential bills threatening your enjoyment of travel. Unfortunately, many premium cards drastically cut back on this coverage once cardholders hit 65 or 75, leaving a significant gap for older travelers.
The Best Credit Cards for Seniors: Tailored Choices
In Canada, specific credit cards stand out for offering solid insurance options to seniors. The National Bank® World Elite® Mastercard® is a renowned choice, providing 15 days of emergency medical insurance for ages 65-75, with a maximum coverage of up to $5 million. This robust offering is matched by an accessible fee structure, particularly appealing when paired with travel credits that offset the annual fees.
Desjardins Odyssey® Visa Infinite Privilege* is another strong contender, featuring similar coverage limits and conditions, yet it functions as a cash back card rather than a typical travel card. For those in the higher income brackets, the CIBC Aeroplan® Visa Infinite Privilege* delivers travel-focused benefits coupled with the flexibility of coverage beyond age 75.
Actionable Tips for Seniors Seeking Coverage
Seniors should thoroughly read the insurance booklet associated with their credit card to understand specific terms, especially relating to existing health conditions that could impact coverage. Always consider maintaining a conversation with your issuer to clarify which health conditions might affect your emergency medical benefit if you’re traveling internationally.
Conclusion: Travel Confidently with the Right Card
Even if you are traveling later in life, there's no need to compromise your peace of mind. With a bit of research, you can identify a credit card that provides not only the coverage you need, but also caters to your travel aspirations. Make sure to invest in insurance coverage that keeps you secure as you explore new horizons, turning your journeys into cherished memories.
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