We love to hear the stories of our clients traveling to “bucket list” destinations, visiting friends and family, or even traveling to their favorite spots in their local areas. Elaine and Scott just spent a day with friends in Carmel, California. We even went to Pebble Beach, which is also featured on our website's home page. It is the first time we were there in many years, and it reminds us of the special places we have in our very own backyard. We love great experiences, and it warms our hearts to hear about clients who are having fun and Enjoying the Journey.
In our annual client survey, clients suggested we have a webinar about travel. We thought that was a great idea. We asked our Travel Advisor, Jeff Rupert (who is also a client), to join us as our special guest to discuss the important things to know to prepare you for your next trip. On July 18, we held a webinar called Essential Tips for Travel. We want to share the highlights of the webinar with you.
In this blog, we will discuss:
- State of Travel in 2024
- Top U.S and International Destinations in 2024
- State of Flights
- Travel Insurance
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State of Travel in 2024
According to data from the Transportation Security Administration (TSA), a new record was set for the most people screened through airport checkpoints. The number of people screened on July 7 was 3,013,4131. This is the first time the number has broken 3 million people in a single day. The daily passenger numbers from TSA are higher on most days in 2024 than in 2023. The overall travel volume in the U.S. this summer in 2024 is expected to break records from all the previous years2.
Many stories have been written about people unable to travel during the pandemic and traveling more than usual after the pandemic to make up for it. In the past few years, airplanes and cruise ships have been full. From our travels, even hotels and restaurants have been very full.
Top U.S and International Travel Destinations
According to The Kiplinger Letter2, they reported that the top U.S travel destinations in 2024 are New York, Los Angeles, Seattle, Orlando and Las Vegas. These top destinations are not surprising.
The top International Destinations in 2024 are Cancun, London, Rome, Auckland, Hong Kong, Osaka, and Vietnam. Perhaps the most surprising location on this list to us is Vietnam.
State of Flights in 2024
Over the past two years, most of the planes we have flown on have been completely full. With strong demand, we have noticed price increases for the base fare. In addition, we have seen increases in prices for extra options that include checked bags, early boarding, and "Economy Plus" seats.
We are seeing signs that travel may start to slow for the fall. A major airline recently reported on its quarterly conference call that bookings are slowing, and we are also starting to see more airline advertisements for special low fares this fall.
Tracking Devices
Apple AirTags, Samsung SmartTags, and Bluetooth Tiles are devices you can place in your suitcase, carry-on bags, and wallets to help you find a lost item or even a person. If you are traveling with someone, you can put a tracker in their wallet and use an app on your phone to find their wallet, which means you can also find them. 😊 There are also corresponding Apps you can use, such as Apple’s Find My, which can help you find a person or device or tracker on your iPhone, and Samsung’s SmartThings for Galaxy phones.
The Basics of Travel Insurance
Travel insurance can cover a variety of expenses, including:
- Endemic-related expenses caused by Emergency Medical Care from an Endemic disease such as COVID-19
- Covered medical and dental emergencies that occur during your trip
- Reimbursement for medically necessary transportation to the nearest hospital or appropriate facility
- Lost or damaged luggage and personal items
- Reimbursement for eligible, additional expenses due to a covered delay of six hours or more
- Rental car damage and theft
- Travel accident coverage
- 24-hour hotline assistance
If a person gets sick while traveling, medical transportation can become very expensive. If a person gets sick on a cruise ship, they may need helicopter evacuation over a long distance to the nearest hospital, which can cost tens of thousands of dollars. If a person gets sick in a foreign country, a private jet may be required to be flown back to the U.S., which again can cost tens of thousands of dollars.
Travel insurance policies can be purchased for an individual trip or an entire year. The breakeven point for most people is two trips per year. If you plan to travel more than two trips in 12 months, then it may be cheaper to buy an annual policy rather than individual policies for each trip. You can learn more about travel insurance by contacting a Travel Advisor. Jeff Rupert can be reached by phone at 650-245-9614 or by email at jrupert@hmbcruises.com.
The bottom line is we encourage you to consider travel insurance to protect you from potentially large, unexpected costs while traveling. It can also reimburse you for lost costs that are not refundable if you must cancel your trip.
Press Play Below to View the Essential Tips for Travel Webinar Replay Video
Note: The "Ultimate Alaska Adventure" segment of the webinar will be shared directly with active participants. Visit financialjourney.com/blog for more information.
Conclusion
Travel is an amazing way to enjoy the journey. You can enjoy spots right in your local region with quick weekend adventures or explore other U.S. cities and international locations. With proper planning, you can create a travel budget and make plans to make those bucket list trips a reality.
With record numbers of people traveling, we are hearing many stories of people experiencing problems from travel. The problems range from getting COVID-19 just before a trip and having to cancel or getting sick during the trip and having to cut the trip short. Travel insurance can help you recover costs from parts of your trips that you miss.
There are also stories in the news of people traveling and encountering large, unexpected expenses from things like getting left behind at a port while on a cruise or getting sick while on a trip and paying tens of thousands of dollars for medical evacuation to a hospital. We believe it is wise to pay a relatively small amount for travel insurance and protect you from the potential of large, unplanned expenses and money lost when a trip is canceled.
We want you to have the trip of your dreams and have the peace of mind that you are covered by insurance if the unexpected occurs. If you have any questions about these items, please give our wealth managers a call.
We help our clients make smart decisions (and hopefully avoid the types of mistakes listed above) that align their money with their goals so they can enjoy the journey.
Financial Journey Partners - Partners in Your Financial Journey®
Our Financial Journey Partners office is based in San Jose, California. We have clients that live in many states across the country. If you have questions about your investments or financial situation, call us to schedule time to talk about your specific situation.
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Views expressed are those of Jeff Rupert and do not necessarily reflect the views of Mutual Advisors, LLC and any of its affiliates. Jeff Rupert and Mutual Advisors, LLC are not affiliated.
References:
1 TSA – Checkpoint Travel Numbers
2 The Kiplinger Letter, April, 2024