Winter Weather Prompts Snowbirds to Reconsider Length of Stay
As winter weather settles in, snowbirds are making their way south to escape the cold. However, the rising cost of living has prompted some to rethink their extended stays. Michael Camacho, president of The Travel Health Insurance Association of Canada, suggests that snowbirds may opt for shorter stays instead of the maximum 180 days to save on expenses.
When it comes to travel insurance, snowbirds are diligent in researching policies and comparing prices. In a recent interview with Globe Advisor, Mr. Camacho discussed the available options for travel medical insurance and how advisors can best assist their snowbird clients.
Travel Insurance Options for Snowbirds
Snowbirds typically have two options for travel medical insurance. They can choose per-trip plans that cover a specific number of days away from their province, or multi-trip annual plans where they select the maximum number of days for each trip within a 12-month period. If a trip exceeds the chosen duration, extension coverage can be purchased for the additional days.
The Impact of the Pandemic on Travel Insurance
The pandemic has led to an increase in travel insurance costs. Inflation, particularly in medical expenses in the U.S., has contributed to higher premiums. Exchange rates and the presence of pre-existing medical conditions among older snowbirds also play a role in determining rates. Additionally, longer stays pose greater risks for both the snowbird and the insurer.
Fortunately, most companies now offer coverage for COVID-19. Snowbirds should ensure they speak with their travel provider to confirm that they are adequately covered.
Advising Snowbird Clients on Travel Insurance
Advisors need to emphasize the importance of travel insurance to their clients due to the high cost of potential claims. Clients should be aware of the stability period of their policy and any exclusions, such as coverage for mountaineering or scuba diving. It is also crucial for clients to explore whether they have any retiree benefits and the duration of that coverage.
Advisors should carefully review the travel questionnaire with their clients to ensure no conditions are missed or undisclosed. When clients receive the actual travel insurance policy, advisors should review the answers and coverage together. If any discrepancies are found, it is essential to contact the travel insurance provider immediately to rectify the situation.
Overall, snowbirds can navigate the complexities of travel insurance with the guidance of their financial advisors, ensuring they have adequate coverage for their winter getaways.
Quote from the Website Author: “Winter weather doesn’t have to put a damper on your travel plans. By understanding your travel insurance options and working with a knowledgeable advisor, you can enjoy your time as a snowbird while protecting yourself from unexpected expenses.”
Conclusion from the Website Author: “Travel insurance is a crucial aspect of planning for snowbirds. With rising costs and potential risks, it’s important for advisors to educate their clients about available options and help them make informed decisions. By prioritizing travel insurance, snowbirds can enjoy their winter escapes with peace of mind.”
George Barham, an accomplished journalist and avid gambling enthusiast, serves as the esteemed Editor-in-Chief at fly-to-australia.com, Australia’s leading source for comprehensive gambling news and insights. With an unwavering passion for both the written word and the ever-evolving world of betting and gaming, George brings a wealth of knowledge and expertise to the helm of our editorial team.
