Annual and Yearly Travel Insurance for Frequent Travelers
Annual travel insurance is appropriate for many people who take multiple small trips throughout the year, such as:
Business Travelers
Examples include business owners, sales or marketing executives, journalists, IT consultants, or people in similar professions.
Active and Healthy Retirees
Many people save throughout their life so that when they retire, they can spend time traveling around the world. For these individuals, yearly travel insurance for seniors is ideal.
Travel Lovers
No matter what the age is, some people simply love to travel and take frequent vacations to different places in a single year.
Best Annual Travel Insurance Plans
Overview
Outside PPO: After deductible, plan pays 80% of the first $5,000, then 100% to policy maximum.
Direct Billing
Overview
Otherwise: After deductible, plan pays Usual, Reasonable and Customary to policy maximum.
*Exception for US-Urgent Care: Deductible waived, $25 copay; unless $0 deductible. Coinsurance still applies.
Direct Billing
Overview
Overview
Why Choose Yearly Travel Insurance Plans?
If you are taking multiple trips in a year, it is advisable to research and purchase the best annual travel multi-trip insurance policy for you that would provide coverage throughout the year. Yearly travel insurance plans typically provide higher coverage and are often cheaper than purchasing single-trip policies for each journey.
Frequent travelers routinely travel on very short notice and don’t want to mess with researching and buying a single trip policy for every trip they take. Some travelers may even forget to purchase travel insurance every time they travel. Once an annual travel insurance policy is purchased, a person can travel as many times as they like in a year. With a yearly travel insurance policy, you will have the same coverage throughout the year and will know what to expect each time you travel abroad.
How Annual and Yearly Travel Insurance Policies Work
In annual travel insurance, a year starts from the effective date of the policy, which is usually the date selected by the person purchasing for when they start their first trip. A year is not calculated according to calendar year, financial year or anything like that.
Yearly travel insurance plans provide similar benefits as single trip travel medical insurance such as medical, emergency medical evacuation, repatriation of remains, trip interruption, loss of checked luggage, accidental death and dismemberment, and more.
Restrictions for Yearly Travel Insurance Coverage
There are several restrictions to keep in mind while purchasing a yearly travel insurance plan or annual travel insurance policy:
Domestic Health Insurance
You must maintain a major medical health insurance policy while in your home country or be enrolled in government health programs, such as Medicare. If you don't have any major insurance while in your home country, you can't purchase annual multi-trip travel insurance.
Trip Length
Each trip must be limited to 30 days or 45 days, depending upon the yearly travel insurance policy. It is rare to find a travel insurance yearly plan that provides annual coverage where each trip is longer than that. Therefore, if you are going to be traveling abroad for several months at a time, annual travel insurance is not appropriate. In such cases, you would need to purchase a single trip travel insurance policy.
Age
Many companies provide annual medical travel insurance only up to a certain age, such as 65 years of age. Therefore, older or elderly people may have difficulty getting yearly travel insurance plans. Many companies just charge a flat amount per year for you and for your family, regardless of age.
Trip Cancellation
There is no travel insurance yearly plan that includes trip cancellation benefits. That is because you typically would not have planned all the trips in advance and paid for them in advance of purchasing a yearly travel insurance policy. Trip cancellation (and trip interruption) coverage amounts are determined by the total pre-paid nonrefundable trip costs for a particular trip. With a yearly plan, the number of trips you take may vary. When insurance companies don't know in advance what trips you are going to take in the first place, they can't determine which ones you might cancel. Some plans offer optional trip cancellation coverage on a per-trip basis for an additional premium or just for the first trip. Due to the fact that most annual travel insurance plans do not cover any trip cancellation and require you to have domestic health insurance, cheap yearly travel insurance options are very affordable.
Trip Interruption
Whenever provided, trip interruption coverage is usually a flat amount such as $5,000 and based on the actual trip cost for each trip. Also, it may only apply to a single trip during the annual coverage period.
Policy Maximum
Most annual trip insurance plans have one policy maximum and not various options to choose from, unlike single trip travel medical insurance.
Comparing Yearly Travel Insurance Plans
Before buying annual travel insurance, you should get quotes from multiple yearly travel insurance plan providers and contrast the benefits using our yearly travel insurance marketplace. Compare annual travel insurance plans prior to making a purchase. It is extremely important not to look just at the price, but also at the coverage you are getting for your yearly travel insurance policy.
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