There’s a little-known option for snowbirds looking to buy travel insurance that covers them for medical emergencies while they are away over the winter that could save them a significant amount of money and provide better coverage. Yet few are aware of the personalized travel insurance coverage option that can do just that.

According to Stephen Fine, President of the Snowbird Advisor Insurance, personalized travel insurance is one of the best kept secrets in the travel insurance industry, in part because it’s only offered by a select group of providers.

“Unlike ‘standard’ or ‘traditional’ travel insurance policies that most travellers are used to, personalized policies don’t lump you in with other travellers who have an array of medical conditions when determining your premiums and coverage,” says Fine. “Instead, personalized policies base your premiums and coverage on your unique medical history.”

A great example is for people with heart conditions. Most insurance companies put anyone with a declared heart condition into the same bucket. “But there’s a big difference between someone with stable atrial fibrillation (AFib), for example, and someone who has a more serious heart condition” says Fine.

With a personalized plan, these conditions might be treated differently by the insurance company when assessing risk, which can reduce the price significantly.

Another unique benefit of some personalized plans is that they cover pre-existing medical conditions with no stability requirement.

In addition, personalized plans often provide coverage for individuals who may not be eligible for coverage under a standard plan due to their medical conditions.

‘No Stability’ a big advantage

Most standard/traditional travel insurance policies include a ‘stability clause’ that requires pre-existing medical conditions to be ‘stable’ for a defined period for those conditions to be covered under a policy – usually 90, 180 or even 365 days depending on the medical condition, age and other factors.

Some personalized plans, on the other hand, cover all declared pre-existing medical conditions with NO stability clause requirement, which removes the risk and uncertainty of having to qualify for a stability period.

Fine says most people would be surprised to learn that the No. 2 reason travel medical insurance claims are denied is for failing to meet the ‘stability clause’ requirements included in standard travel insurance policies.

“The fact that some personalized travel insurance plans don’t require pre-existing medical conditions to comply with a stability clause is a big advantage – and reduces the risk that an individual won’t be covered and suffer a financial loss as a result of a medical emergency occurring while travelling.”

Better coverage with personalized plans

“Overall, personalized policies often provide better coverage, pricing and features over standard/traditional policies,” says Fine.

Some of the advantages of personalized coverage include:

• No stability requirement for declared pre-existing medical conditions
• Potentially lower premiums, depending on the traveller’s medical history
• Ability to get coverage where other insurance companies won’t provide coverage.

“One of our goals at Snowbird Advisor Insurance is to educate snowbirds about the availability and potential benefits of different types of travel insurance – including personalized travel insurance coverage, as many people don’t even know this option exists,” Fine says.

But he notes that travellers should always compare all options.

Who should look into personalized plans?

The features of personalized coverage make it a preferable travel medical insurance option for a variety of different travellers, including:

• Travellers with pre-existing medical conditions, or who have experienced a recent change to their health, both of whom can benefit from the no stability clause feature.
• Healthier travellers with minor or no medical conditions may benefit from potentially lower premiums than standard plans.
• Travellers with significant medical conditions who may not be eligible for coverage under a standard plan may be eligible for coverage under a personalized plan.

Toronto-based Snowbird Advisor Insurance is a travel insurance broker specializing in providing travel insurance solutions for Canadian snowbirds, boomers and seniors.