Insurance Plan When Retiring Abroad: Key Tips

Deciding to retire abroad in a new country is becoming a very popular choice these days. Choosing the right Insurance Plan when Retiring Abroad is one of the most important steps to make your new life stress-free. It’s an attractive option for those who can do it — whether you move alone, with your partner, or with your whole family.

There will be lots of things you’ll need to do before you make a move abroad. It is a very exciting time to retire abroad, but it can also be a little bit scary if you don’t know much about the country you are moving to or you don’t speak the local language.

The good news is that one of the things you can do to help make the move is to buy an international health insurance plan. Having a health insurance plan means that you have coverage for any healthcare treatment you might need abroad.

You should do your research in advance and plan what sort of budget you will have to spend on your health insurance plan. You will need to ensure that whatever policy you choose suits the needs of you and your family.

To help you with your research, we’ve prepared this article for you. Here, we’ll share 5 top tips for expats looking to buy an international health insurance plan when retiring abroad.

Tips for Choosing an Insurance Plan when Retiring Abroad

1- Better Health Coverage when Retiring Abroad

The first thing to remember is that buying an international health insurance plan, it will give you better access to health coverage. Your health insurance provider will give you access to healthcare treatment as a private patient, and this can be a big help to you – especially in countries that have long waiting periods for medical care or worse yet, a lack of adequate health services.

You can add a wellness option to your policy that includes doctors’ physicals and tests, which will help you maintain your health abroad.

If you decide to go with a large health insurance company, you’ll receive access to a large medical network. This will be very helpful for you as it will give you many more options to choose from should you ever need to receive healthcare treatment in a hospital or by visiting a doctor.

2- Extra benefits to help you in retirement

International health insurance plans can offer you extra benefits as optional add-ons to your standard policy. These extra benefits can be very helpful for those who are retiring abroad.

The health insurance company you choose will offer benefits that depend on which one you go with. Usually, they will also provide additional benefits for services like dental and vision care. For example, if you want vision care, you can easily choose this benefit, and it will cover you for things such as eye tests, prescription glasses, and more.

So remember to consider what needs you have when you are selecting which additional benefits to go with. Everyone will be different and have their own individual needs.

3- Cover in case of a medical emergency abroad

A medical emergency could happen at anytime, you never know when it is on the way. Once you reach retirement age, you will be much more likely to have specific health requirements.

Especially when you retire abroad, you don’t want to be in a position where you have an emergency, and you don’t have any health coverage. So if you experience an emergency, you’ll be covered.

If you do not get international health insurance and you face a medical emergency abroad, a very difficult situation will confront you. You could also be landed with paying out of pocket for any immediate hospitalisation, which can lead to expensive medical bills.

When buying a health insurance plan, insurers will ask for your medical history. This helps them decide the cost of your plan. This step is especially important for those planning to retire abroad.

4 – Insurance Plan when Retiring Abroad: Cover for Visa Requirements

One thing that may surprise you is that many countries now require expats to have health insurance as part of the visa application process. Especially since the COVID-19 pandemic, it is becoming a mandatory part of getting a visa.

This means it is a non-negotiable must-have. Think about it, you won’t be able to convince them to let you in otherwise. So you’ll legally need to have coverage if you are looking to retire abroad in places such as Thailand, Italy, Mexico and Turkey.

5- Peace of mind for your retirement

Our fifth and final reason to buy an international health insurance plan when retiring abroad is an easy one, peace of mind.

When you retire abroad, it’s important to have coverage for medical expenses. This helps you enjoy life more and live your retirement to the fullest. With international health insurance, you can relax and have fun without worrying about unexpected medical costs.

Expat Financial: Helping You Choose the Right Insurance Plan when Retiring Abroad

At Expat Financial, we are extremely experienced in working with expat retires who need a global health plan that will cover them abroad for life. Our most popular plan for retired expats and global nomads is the Cigna International Global Health Options plan. It’s open to expats of any age who meet the medical requirements. If you’re unsure which plan, option, or price is best for you, contact us to discuss your choices.