A fresh angle on vacation planning: Where and when should you travel to minimize the essential cost of insurance for medical expenses?

Retirees, travel medical coverage costs increase as you age. Taking a trip in your 80s could cost a fair bit more than in your 60s and 70s. Also, excluding the United States in your travel itinerary can save money as well. “Insurers recognize lower health care costs in other countries outside of the U.S., and they reflect that in their premiums,” said Martin Firestone of Travel Secure, a travel insurance specialist.

Travel medical insurance typically treats people aged 60 and under the same, which means no specific health questions are asked and premiums are similar. Health questions apply after 60, and they affect premiums. So does getting older.

Mr. Firestone explains that travel medical insurance premiums move up in five-year bands, which means someone who is 70 to 74 pays more than a traveller who is 65 to 69. Here are some premium comparisons supplied by Mr. Firestone for a 33-day trip taken by individuals in excellent health:

-A 66-year-old would pay $281.49 for worldwide travel and $258.72 for travel excluding the U.S.

-A 71-year-old would pay $417.45 for worldwide travel and $371.25 for travel outside the U.S.

-An 81-year-old would pay $1,150 for worldwide travel and $1,032.90 for non-U.S. travel.

A recent edition of this newsletter included a link to an article that urged retirees not to wait until the perfect moment to enjoy their money. Escalating travel insurance premiums are another prompt to enjoy travel at the soonest opportunity rather than delaying.

Mr. Firestone said the biggest factors in setting travel medical insurance premiums are health complications and, if you have them, the relevant stability periods. Insurers prefer you to be stable in symptoms and changes in medication for 180 days, or 90 in some cases. Some insurers offer a premium surcharge of roughly 45 per cent to get your stability period down to seven days.