What is an insurance stability period?
In this installment of TSG’s travel be in the know series, we will be looking at travel insurance needs for people over the age of 65.
If you’re a senior, you want to pay particularly close attention to something known as a stability period. This is the length of time you must be medically stable before travelling to qualify for coverage. Depending on your age, this period may be as long as one year or as little as one month.
Your stability period resets if your doctor has identified new symptoms or changed your medication. In other words, if there are no changes to your condition, you are still covered.
Being stable doesn’t mean you are symptom free or off medication. It’s important to know the length and exclusions included in the wording, often in the fine print — something your broker can do for you.
Knowing what the wording covers and excludes is important because illnesses and bodily functions are interconnected such that medication for one condition may trigger reactions in other areas.
Meanwhile, your insurer may well claim that the change resulted from the treatment for the original condition and possibly void your coverage.
That being said, meeting your stability period doesn’t mean you qualify for lower rates. Because premiums are priced according to the illness severity and number of medications, people who are more ill and require more medication will have higher costs.
With that, it’s important to acknowledge the stability period to make sure that are you adequately covered while enjoying your time away.
How long is your stability period? Speak with your broker today to make sure you know the extent and exclusions on your travel policies.