The decision to retire abroad is becoming more and more popular these days. It is a big decision to move to another country and many people decide that they want to do it later in life, once they reach retirement age. One of the many things you will need to consider before you make the move is your health insurance plan.
What should I consider when taking out an international health insurance plan?
Having access to good quality healthcare is a must for anyone considering retirement in another country.
The cost of your plan will vary and this depends on many factors.
First of all, your previous medical history can be taken into account.
So pre-existing conditions such as diabetes, asthma, or heart disease will be taken into account.
Depending on which location you are moving to, having adequate health insurance can also be a requirement for obtaining a visa.
Be sure to do your research before you move to check the visa requirements for the country you plan to move to.
What is included in an international health insurance plan?
Your health insurer will provide you with a full breakdown of what is included in your plan and terms and conditions are always provided in advance of your purchase.
Typically, your international health insurance plan will include:
• The ability to choose which hospital or medical facility you visit
• Access to 24-hour emergency support
• Emergency evacuation support
• Prescription benefits
Here are 5 reasons to buy an international health insurance plan when retiring abroad
1. Access to coverage
Having an international health insurance plan gives you the freedom to select where in the world you receive your healthcare treatment.
Many health insurers have a vast medical network, which allows you to access quality medical care no matter where you are living.
This can be especially helpful for those who wish to be covered in their home country along with the country they have moved to.
Some insurers also give you the option to select coverage including or excluding the USA.
2. Extra benefits
Global health insurance plans also offer extra benefits as optional add-ons to your standard policy.
These extra benefits can often include:
• Vision care
• Dental care
• Repatriation plan
• Maternity plan
You can select any optional benefits that best suit your individual needs.
So if for example, you need international vision care, you can select this benefit.
You will then be covered for routine vision care such as eye tests or prescription glasses.
3. Emergency support
You never know when an emergency might happen, and you certainly wouldn’t wish for it to happen in an unfamiliar country.
If you are faced with a medical emergency abroad and you haven’t purchased an international health insurance plan, you may be left paying out of pocket.
This means that you will be landed with the bill and depending on your location, the costs involved can be quite expensive.
However, with an international health insurance plan, you can be treated as a private patient and you will be covered by your policy so you won’t have to worry about the financial costs involved.
This can be a big support, especially for high-cost medical treatments.
4. Additional support in an unfamiliar country
Additional support is another big reason why it is so important to take out an international health insurance plan.
You may find that the country you are moving to does not have a high standard of healthcare available or a lower standard than you are used to.
If you live in a country where you don’t speak the language or you are unfamiliar with the culture, having an international health insurance plan can give you that added level of support.
So you will be protected, in case of a medical emergency.
5. Peace of mind
Last but not least, having international health insurance can bring you peace of mind.
Especially for those retiring abroad, securing global health coverage can give you extra comfort.
You never know when a medical emergency might arise, so it is vital that you are covered in case of emergency or in case you encounter health problems.
International Health Insurance for retiring abroad with Expat Financial:
Expat Financial can offer quotes for the Cigna International Global Health Options plan.
This plan is ideal for those retiring abroad as the coverage is through a very well-known and respected international insurance company that can cover you for life. We also have a great plan from Allianz as well. We recommend that you obtain a plan that fully covers you for life as long as you remain a retired expatriate – only a few plans in the market can cover you for life. Note that all individual expat health plans require medical underwriting so it is possible that the insurer may exclude a pre-existing condition or even decline to cover you based on your medical history.
Feel free to contact us to discuss your future offshore retirement options and how to get the best global healthcare to meet your needs.