The cost of travel insurance is an insignificant expense compared to the potential costs of requiring care abroad without adequate protection, Age Concern is warning the over 50s.
Despite the risks both to their health and their finances, some people still venture on holiday without first taking out travel insurance, and Age Concern has revealed the potential costs can be as much as £117,000 – compared to premiums from as little as £20 for over 50s travel insurance.
Subsequently, Age Concern is urging the over 50s to consider the potential costs of holidaying both abroad and in the UK without protecting themselves with travel insurance.
Without taking out sufficient travel insurance, travellers could be responsible for meeting costs reaching thousands of pounds to cover a number of potential eventualities, from medical treatment and repatriation, to cancellations and lost luggage.
To illustrate its point, Age Concern Travel Insurance has revealed some of the most expensive claims that customers have made against their policy resulting from illness or injury, such as the cost of treating heart failure (£117,000) or a fractured spine (£107,000) in the USA, or the necessary care for a broken hip in Israel (£79.000).
Even in Britain's favourite holiday destination of Spain, treatment for a fractured hip could reach £17,000, and kidney failure in Turkey could cost nearly £34,500, while catching pneumonia in Portugal can lead to a bill of more than £22,500.
Joe Young, spokesperson for Age Concern Insurance Services, said that he can understand why, in the current economic climate, some people might think it a good idea to cut the cost of a holiday by foregoing travel insurance, but explains that the figures from Age Concern show the potential costs if the trip does not go completely to plan and ends in a hospital.
"We want to remind everyone that they can protect themselves from all these potential costs by taking out comprehensive travel cover - it provides financial security and peace of mind just in case the holiday doesn't go to plan - for whatever reason," Mr Young said.
© Fair Investment Company Ltd