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CNBC
4 hours ago
- Health
- CNBC
Why travel insurance is a must for seniors
Travel insurance can be a huge help to anyone, especially older travelers who may have a greater risk of health issues or unexpected travel disruptions and greater concerns about protecting their finances. CNBC Select explores why travel insurance is so important for seniors and the policies to consider if you're over 65. Whether you have private insurance or Medicare, your U.S. health care plan probably isn't valid abroad. That's where your travel insurance policy's medical coverage is invaluable. It will cover the cost of doctor's visits, hospital stays, prescriptions and more. If you need to be flown somewhere for treatment or get back home, a good policy will also cover the cost of medical evacuation. We recommend buying a policy with at least $100,000 in emergency medical coverage and $250,0000 in evacuation coverage. If you're visiting far-flung locales or are particularly concerned about your health, however, look at policies with higher limits. Travel Insured International has some of the highest limits we've seen. Plans cover up to $250,000 in emergency medical expenses and $1 million for evacuation or repatriation. Single-trip and multi-trip/annual policies and cruise insurance. Add-ons include Cancel for Any Reason coverage and a travel inconvenience benefit Add-on to Worldwide Trip Protector Deluxe or Platinum plan that reimburses 75% of nonrefundable costs when purchased within 21 days of initial trip payment Available if policy is purchased within 21 days of initial trip deposit. A standard travel insurance policy won't cover pre-existing conditions if they force you to change your plans or seek medical treatment. A pre-existing condition is any injury, illness or chronic condition that requires treatment or medication, including diabetes, arthritis, cardiac disease or COPD. If you file a claim, your provider will typically look back 60 to 180 days before you enrolled to see if there were any changes in your medical status. You can get a pre-existing condition waiver, however, which prevents your insurer from reviewing your records when processing a claim. Many companies offer waivers but require travelers to be medically able to travel and to buy their policy within two weeks of booking. We like Nationwide for its more generous 21-day window in which you can buy coverage and still receive a waiver. Single- and multi-trip plans and cruise insurance, plus add-ons like CFAR and rental car coverage. Add-on to Prime plan that reimburses 75% of nonrefundable trip costs if purchased within 21 days of booking (Not available in New York or Washington state) Available with single-trip plan purchased within 20 days of initial trip deposit (14 days for cruise insurance) Even if you don't have a medical issue on your trip, you might have to cancel your plans because of a health condition, death in the family or other emergency. Trip cancellation and interruption coverage are among the best reasons to get travel insurance. A comprehensive plan will reimburse up to 100% of your nonrefundable costs if you need to cancel and up to 150% if you need to cut your trip your policy's terms to see what events are covered, but common scenarios include: If you're concerned about your situation being covered or don't want to have to submit proof, a Cancel For Any Reason (CFAR) policy will refund a portion of your expenses, regardless of why you scraped your plans. Most CFAR plans limit you to 50% to 75% of your nonrefundable costs, but Allianz reimburses 80% of expenses. Single-trip and multi-trip/annual policies and a rental car plan. OneTrip Prime and Premier plans include coverage for one child 17 or younger when accompanying a covered adult. Reimburses 80% of nonrefundable trip costs if you cancel at least 48 hours before departure. Included if policy is purchased within 14 days of initial deposit Read our review of Allianz Travel Insurance Cruises are particularly popular with retirees, who enjoy the convenience, entertainment and relaxing atmosphere, and have the funds and free time to devote to an extended excursion. Viking, Holland America and Cunard all market cruises aimed at older come with specific risks, though, including the ship breaking down or you missing your connection. We love Seven Corners' cruise insurance policies, which include up to $250 a day for missed connections, $5,000 for an itinerary change and $250 each time the ship is disabled or misses a port of call. Plus, Seven Corners gives you 20 days to buy a policy with a pre-existing condition waiver and covers travelers up to age 99. The best way to estimate your costs is to request a quote Policies provide missed and delayed tour/cruise connection coverage. Cancel for any reason coverage and pre-existing conditions waiver are also available if you buy your plan within the specified time. ***CFAR and IFAR are subject to certain eligibility criteria and are not available in all states Yes Many travel insurance companies put age restrictions on their policies, limiting coverage to travelers under 79 or even 65. The cost of a policy can also be much more expensive for older travelers. Seven Corners will approve coverage for travelers up to age 99 and Faye and Travelex don't have any age restrictions at all. One single-trip plan with optional add-ons for pet care, adventure sports and damage to vacation rentals Up to 75% reimbursement of nonrefundable trip costs if purchased within 14 days of initial trip deposit. Available if policy is purchased within 14 days of initial trip deposit. Essential, Advantage and Ultimate policies plus last-minute Travel Med Go plan and standalone plans for emergency medical and flight coverage. Upgrades include rental car, pet and adventure activities coverage Upgrade with Ultimate plan covering 75% of nonrefundable trip costs if purchased within 21 days of initial deposit and 31 days of departure. Included with Ultimate plan if purchased within 21 days of initial deposit Travel insurance averages between 4% and 10% of your total nonrefundable trip expenses. Because of increased risk, seniors pay on the higher end of that range. CNBC Select gathered rate quotes for a 65-year-old traveler and a 30-year-old traveler taking the same one-week $3,000 excursion to London and looking for $250,000 in medical coverage and $1 million in evacuation coverage. While the 30-year-old's rate was about 4.4% of their nonrefundable trip expenses, the 65-year-old was quoted a rate of about 7.3%. There can be a significant difference in price among carriers, so using a travel insurance marketplace like Squaremouth can help you compare rates in minutes. SquareMouth is a travel insurance marketplace that allows you can compare top-rated providers, including Berkshire Hathaway, Nationwide, Seven Corners and Tin Leg. Yes Read our SquareMouth travel insurance review The best policy for any traveler depends on your specific needs, the length and location of your excursion and other factors. Our top picks for travel insurance for seniors includes Travel Insured International, Nationwide, Seven Corners, Allianz and Faye. Some companies allow you to buy a policy up until a day or two before your departure, although enrolling within two weeks of booking ensures you have access to a pre-existing condition waiver and other benefits. Travel insurance typically costs between 4% and 10% of your nonrefundable trip expenses. For seniors, a policy will more likely be on the higher end of that range. We found coverage for a 65-year-old on a one-week vacation in London was 7.3% of the total expense. Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox. Sign up here. At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every travel insurance review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of travel insurance products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
Scottish Sun
4 hours ago
- Business
- Scottish Sun
Major bank giving away £180 free cash – here is how you can get your hands on it
Read on to learn about other banks giving away free cash BANK ON IT Major bank giving away £180 free cash – here is how you can get your hands on it Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) A MAJOR bank is giving away £180 free cash - here is how you can get your hands on it. Santander has launched a new switching incentive to lure customers. Sign up for Scottish Sun newsletter Sign up 1 Santander has launched a new switching offer Credit: Getty The bank is offering the cash to new customers who open an eligible current account with the high street lender. That includes the bank's fee free Everyday Current Account. As part of the deal, customers will receive £180 within 90 days of making the switch. But there are some requirements to get the cash. For starters, customers need to pay £1,500 into the account within 60 days. This does not have to be deposited all at once. Customers must also set up two active household Direct Debits on the new account. This can include your council tax, mobile phone, home phone, broadband, paid-for TV packages, water, gas and electricity bills. If you are interested, you will need to make the switch by using the Current Account Switch Service (CASS). CASS helps people switch their current accounts by handling the move for free, including moving balances and payments to the new account and closing the old one. It is a free service and helps move customers' balance, direct debits and salary over in seven days. Switch bank accounts for free perks Existing Santander customers may also be eligible for the free cash. Customers might still qualify for the incentive if they opened an account after January 1 2025. The bank can switch a current account existing customers hold at another bank to their Santander current account. Although the offer is enticing, it always pays to read through the full terms and conditions and ensure the available accounts match your banking needs. OTHER SWITCHING OFFERS TSB is giving new customers who switch to the high street bank a £100 switching incentive. You get the £100 upfront but if you spend on you debit card for 20 times in the first six months you get a £15 a month cash back. Co-op bank is also paying £175 to new customers. Meanwhile, Nationwide is giving existing customers a £100 cash boost. This is part of Nationwide's Fairer Share programme, which set out to reward customers who bank with the lender or meet certain lending criteria. The payment goes to members who bank with Nationwide regularly. Those who have a savings account or mortgage product could also qualify. It will be paid directly into customers Nationwide current account between June 18 and July 4.
Western Telegraph
11 hours ago
- Business
- Western Telegraph
Nationwide gives exact date for free £100 customer bonus
The high street bank returned a record £2.8 billion in value to members last year, including £1 billion in direct payments to eligible members. It also delivered £1.8 billion in better-than-average rates and incentives, with deposit rates over 30 per cent higher. Britain's biggest building society today announced outstanding full-year results with record growth in retail deposits and net mortgage lending, including help for more first-time buyers than any other lender in the UK. Statutory profit before tax rose to a record £2.3 billion, even after returning £1 billion directly back to members through last year's Fairer Share Payment and The Big Nationwide Thank You. Whether you want to speak to a real person in branch, or do your banking online, there are many ways you can bank with us. If you need support, get in touch: — Nationwide (@AskNationwide) January 2, 2025 Nationwide announced a new Fairer Share Payment today, with over four million members receiving £100 each. The payment goes to eligible members choosing Nationwide for their everyday banking, in addition to holding a qualifying savings or mortgage product. It will be paid directly into their Nationwide current account between 18 June and 4 July. It is also launching a market-leading 5% Member Exclusive Bond and a £200 member-only switching incentive. Debbie Crosbie, Nationwide's Chief Executive, said: 'Nationwide has had an outstanding twelve months. We returned a record £2.8 billion in value to our members and recorded our highest ever year for growth in mortgage lending and retail deposit balances, and we remain first for customer service.' Recommended reading: The Member Exclusive Bond is available from today to all 16 million existing members and can be opened in a branch, online or via the Banking App. Members saving the maximum £10,000 would receive £762.50 in interest after 18 months - over £150 more than they would receive over the same period in our next highest-rate bond (4% 1 Year Fixed Rate Bond). Members who didn't have their main current account with Nationwide on 31 March can benefit from a £200 Member Exclusive Current Account Online Switch Offer from today.
Wales Online
16 hours ago
- Business
- Wales Online
Nationwide sends email about £100 bonus to customers but not all will qualify for it
Nationwide sends email about £100 bonus to customers but not all will qualify for it Nationwide is set to pay out an additional £400 million to a further four million customers through its Fairer Share scheme - here's everything you need to know Nationwide is set to pay out an additional £400 million to a further four million customers (Image: Mike Kemp/Getty ) Nationwide has confirmed that millions of customers will receive another round of £100 bonus payments. The building society is set to distribute a total of £400million to four million customers. The bonus cash is part of its Fairer Share scheme, which allows Nationwide to share its profits with its customers. The money will be directly deposited into your Nationwide current account between 18 June and 4 July. For money-saving tips, sign up to our Money newsletter here . To qualify for the payment, you need to have a qualifying current account, as well as a savings account or mortgage with Nationwide. More detailed qualifying criteria for each type of Nationwide current account can be found below. Your current account must have been opened on or before March 31, 2025. For savings accounts, you must have had at least £100 saved at the end of any day in March 2025. If you have a mortgage, you must have had at least £100 left to pay off on March 31, 2025. Nationwide will contact you by email or letter by May 30, reports the Mirror. This comes after Nationwide reported a 30% increase in annual profits following its acquisition of Virgin Money. Pre-tax profits were £2.3billion for the year to 31 March, up from £1.8 billion the previous year. On an underlying basis, pre-tax profits fell to £1.9billion from £2billion as Nationwide stated it had prioritised offering competitive interest rates to customers. The group also paid out a record £2.8billion to members in rewards, including a separate £50 thank you bonus to its customers earlier this year following the Virgin Money takeover. The update today means Nationwide has now announced three Fairer Share payments. Last year, a total of £385million was paid out to 3.85 million customers after the building society announced profits of £2billion. In 2023, Nationwide distributed £340million to 3.4 million eligible members. Debbie Crosbie, Nationwide's Chief Executive, said: "Nationwide has had an outstanding twelve months. We returned a record £2.8billion in value to our members and recorded our highest ever year for growth in mortgage lending and retail deposit balances, and we remain first for customer service." Nationwide Fairer Share - qualifying current accounts. Here is the additional qualifying criteria for each Nationwide current account: Article continues below
Time of India
a day ago
- Business
- Time of India
US inflation gauge cools with little sign of tariff impact, so far
A key U.S. inflation gauge slowed last month as President Donald Trump's tariffs have yet to noticeably push up prices. Spending by Americans slowed despite rising incomes, potentially an early reaction to higher prices on some imported goods. Friday's report from the Commerce Department showed that consumer prices rose just 2.1% in April compared with a year earlier, down from 2.3% in March and the lowest since September. Excluding the volatile food and energy categories, core prices rose 2.5% from a year earlier, below the March figure of 2.7%, and the lowest in more than four years. Economists track core prices because they typically provide a better read on where inflation is headed. The figures show inflation is still declining from its post-pandemic spike, which reached the highest level in four decades in July 2022. Economists and some business executives have warned that prices will likely head higher as Trump's widespread tariffs take effect, though the timing and impact of those duties are now in doubt after they were struck down late Wednesday in court. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch vàng CFDs với sàn môi giới tin cậy IC Markets Tìm hiểu thêm Undo On a monthly basis, overall prices and core prices both increased just 0.1% from March to April. The cost of big-ticket manufactured goods rose a hefty 0.5%, though that increase was offset by a 0.1 decline in other goods, such as groceries. The cost of services rose just 0.1% from March to April. The big increase in durable goods prices could reflect the early impact of tariffs. Americans also cut back their spending on longer-lasting factory goods in April, the report showed. Live Events Overall consumer spending - which includes spending on services - rose 0.2% in April from March, the report said, but that's down from a big 0.7% rise in March. The slowdown in spending could reflect some early caution on the part of consumers, economists said, in response to higher goods prices. It also suggests that some of the spending jump in March reflected consumers purchasing items like cars to get in front of the impact of tariffs. "The pulling forward of consumer spending ahead of the tariff increases will continue to dampen household spending in the coming months, especially as they face higher prices and a softening labor market," Kathy Bostjancic, chief economist at Nationwide, said in an email. "We anticipate that the improved inflation trend will reverse in the second half of the year as companies are forced to begin passing along a portion of the increased tariffs in order to protect profit margins." Walmart executives said earlier this month that the retail giant would increase prices for many products in May and June to account for the tariffs, while electronics chain Best Buy's CEO Corie Barry said Thursday the company is increasing some prices as well because of the duties, as a "last resort." Makeup company E.l.f. Beauty, which sources 75% of its products from China, said earlier this week it would raise its prices by $1 a product starting Aug. 1 to offset the cost of tariffs. And on Thursday, warehouse retailer Costco said it has already raised prices for some products, but has held the line on others. The company largely absorbed the duties on pineapples and bananas "because they are key staple items" and "we felt it was important to really eliminate the impact there," said Gary Millerchip, Costco's chief financial officer. But the company did increase prices for flowers from Central and Source America, for example, "because we felt that was something that the member would be able to absorb," Millerchip added. At the same time, incomes - before adjusting for inflation - rose a healthy 0.8% in April. Much of that gain reflected an increase in Social Security benefits for some retired teachers, fire fighters, and federal workers whose incomes previously weren't fully counted toward Social Security benefits. The inflation-fighters at the Federal Reserve said at their most recent meeting May 6-7 that inflation is still elevated, compared to their target of 2%. Fed officials, who focus more on core prices, broadly support keeping their key interest rate steady while they evaluate the impact of the tariffs on inflation and jobs. The court ruling last Wednesday said that most of Trump's tariffs were unlawful, including his duties on imports from Canada, Mexico, and China, as well as those on more than 50 other countries. Tariffs on steel, aluminum, and cars were implemented under different laws and remain in place. But the duties were allowed to remain in effect while the Trump administration appeals the ruling against them. And administration officials say they will find other legal authorities, if needed, to implement the tariffs. As a result, what tariffs will end up in place and for how long remains highly uncertain.
