Fewer benefits on most travel insurance plans for elderly, kids: Hong Kong watchdog

A staggering 92 per cent of travel insurance plans offer fewer benefits to elderly residents and children despite charging premiums similar to those covering other age groups, Hong Kong’s consumer watchdog has said before the Easter holiday.

The Consumer Council said on Tuesday that among 27 surveyed travel insurance plans, only two offered the same benefits across all age groups for similar premiums.

Twenty-two charged similar premiums for different age groups but lowered the maximum benefit limits for medical expenses or personal accidents, or both, for seniors or children. Three charged seniors a higher fee.

Some plans went as far as halving the maximum benefit limit for those aged 75 or above and those aged 17 or below for certain coverage items, including medical expenses, accidents, baggage delay and trip cancellation.

The council noted that while these adjustments could arise from risk management considerations, the industry should be aware that consumers might not fully understand these distinctions at the time of purchase.

“The industry is recommended to regularly assess the adequacy of travel insurance coverage for seniors and children and to consider raising both the maximum enrolment age and the maximum benefit limits for these two consumer groups,” it said.

The survey, conducted between February and March this year, covered 27 single-trip individual travel insurance plans from 11 companies.