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M issing luggage, broken cameras or lost passports. Yes, travel insurance can cover you for these things. But did you know travel insurance also helps protect your home? Small claims are upsetting, annoying and time consuming, definitely. However, rare but devastating incidents costing over $100K can wipe out your savings and assets, up to and including your home. You wouldn't leave the driveway without third party car insurance to cover against the "What if I hit a Mercedes?" scenario and years of painful debt. That's a no- brainer. Travel insurance should be the same. Big foreign medical bills happen. And they really hurt. One of the largest Australian medical travel insurance claims last year was $447,000 after a fall in the US. Another was a $176,000 pay out for a bout of pneumonia in China. 1 Can you cover such big costs? One insurance company found that the US was the most expensive for Australian travellers' claims, followed by Thailand, England, France and China. For international journeys, the Australian Government advises that travel insurance is as important as a passport, regardless of your destination. 3 Overseas' medical costs are not covered by Medicare. Make no mistake, the Australian Government will not pay for medical treatment overseas. No financial bail- outs or free flights home. You are liable for all medical costs. Cover varies greatly between insurance companies, so make sure you ask questions and clarify anything you're unsure of before you leave home. Pre-existing conditions. If in doubt, spit it out. You're ready to go, but you have a pre- existing medical condition. Should you tell your insurer? Yes, even if you're unsure. Even if that operation was ten years ago and the doctor has given you the all clear, declare it! Anything you take prescribed medication for (even preventative) and anything that's been fixed, cured or removed, declare it! If you have ever seen a specialist, that's worth mentioning too. These home truths must be declared, so the insurance company can make an accurate assessment. Otherwise your insurer is not accepting a true risk and they are within their rights to not cover your claim. And you don't want nasty surprises during your dream holiday. Bernie* (62) was admitted to hospital in Ho Chi Minh City (Vietnam) with septic shock, cirrhosis and respiration failure. His insurer declined his claim due to his pre-existing liver disease. Without cover, Bernie ended up in a basic hepatitis ward, sharing a bed so, until his family paid his $6,000 medical bill, the hospital withheld his 'fitness to fly' certificate. 2 Having a pre-existing condition doesn't mean you won't be able to get cover for it. Many conditions are even automatically covered at no extra charge. Insurers vary on how they define pre-existing medical conditions, what conditions are automatically covered and how their medical assessment process works. So be clear what you're getting from yours. Note: Medical assessments are free and without obligation so, be wary of companies asking for assessment payment. The traditional booking doctors appointments, waiting rooms, paperwork and mailed confirmation can take ages. Today, companies like COTA Insurance off er quick online and over the phone medical assessment, with instant confirmation of your cover. After your assessment, it's up to you whether you want to take out the extra cover, but at least then you can make an informed choice. Other hints, tips and points to remember Make sure you're covered for the whole time you're travelling - from leaving your front door to the date you arrive back home. And allow for time zone changes! Read your Product Disclosure Statement (PDS) so you understand exactly what your travel insurance covers. Some travel insurance covers you and your travelling partner with one policy. Others cover dependant children and grandchildren at no extra cost. 'Domestic Only' cover or 'Frequent Travel' cover is also an option. Utilising your credit card's travel insurance? Carefully check the terms & conditions as many are a basic cover only with age limits and pre-existing exclusions. Also, don't be too hasty to take out insurance with your holiday package. Insurance through a travel agent may include very high commissions, which don't improve your cover. Shop around and make sure the cover is comprehensive. However, take out a policy as soon as possible so you're immediately covered for cancellation and lost deposits. COTA is right there with you. 1 Ironside, R. 'Australian traveller's $447k holiday shock'. The Advertiser, 2 September 2014 2 www.smartraveller.gov.au 3 understandinsurance.com.au Planning a Trip? Make sure you have a house to come home to! As the advocates for older Australians, COTA Insurance's team of specialists take the time to explain the benefits and answer any questions you have, so call us! Over the phone or online, it only takes a few minutes. Call COTA Insurance on 1300 1300 50 or visit cota.com.au Marketplace Travel Insurance M re Information Insurance and Membership Services Limited ABN 59 057 159 743 AR 246235 trading as COTA Travel Insurance is an authorised representative of Cerberus Special Risks Pty Limited ABN 81 115 932 173, AFS Licence No. 308461. This is general advice and you should consider if this product suits your needs. Before you buy, please read the Product Disclosure Statement available from www.cota.com.au. This insurance is underwritten by certain underwriter's at Lloyd's. theretiree.com.au The Retiree Autumn 2015 146

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