Which Credit Cards Have the Best Insurance for Seniors?

Insurance coverage offered by credit cards often doesn’t get the same attention as a card’s other benefits. However, it’s an important element to be aware of, particularly for travellers over the age of 65.

While some insurance coverage is fairly comparable among credit cards within the same tier, this isn’t the case when it comes to emergency medical coverage, which can differ dramatically between the cards.

In this guide, we’ll outline the best options for securing coverage for you or your loved ones.

Emergency Medical Care Outside of Your Province of Residence

Before delving into the cards themselves, it’s important to go over what this insurance covers, and to establish a baseline of the lower-end of what you can expect in terms of coverage.

Emergency medical care insurance coverage is designed to reimburse you for a certain dollar amount in the event that you’re injured or experience a medical emergency while travelling outside your home province.

This coverage becomes even more relevant if you’re travelling internationally, where it may be more difficult to navigate and understand the local medical system and its costs.

With coverage, not only do you have peace of mind when you travel, but you can also prioritize getting care without worry, should you run into some bad luck.

As we mentioned above, the emergency medical care coverage can vary considerably across different credit cards; therefore, to establish a baseline from which to compare, let’s first look at the coverage offered by two popular cards.

Our first example, the American Express Cobalt Card, offers emergency medical coverage for the first 15 consecutive days of your trip if you’re 64 years old or under; however, once the cardholder turns 65, there’s no coverage at all.

Looking at higher-end cards, the TD Aeroplan® Visa Infinite Privilege* Card offers emergency medical coverage for an incrementally better four days if you’re 65 or older.

As we can see, neither of these cards offers much in the way of emergency medical coverage for travellers over 65.

Therefore, you’ll want to consider a credit card that provides the best insurance for anyone travelling in their golden years.

As always, be sure to read the card’s insurance booklet to understand what’s covered in your specific situation. If you ever have any questions, reach out to the card issuer to confirm what’s included.

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