Deciding to retire abroad in a new country is becoming a very popular choice these days. It is a very attractive option for those that are able to do it. To retire abroad for a new life either on your own, with your loved one, or with your loved one and family is one that a lot of people will go for.
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 will mean that you are covered for any healthcare treatment that 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 buying an international health insurance plan when retiring abroad
1- Better access to health coverage
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 also get a wellness option added to your policy that will include doctors’ physicals and tests that well 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 benefits you’ll be offered will depend on which health insurance company you go with, but you will usually be offered extra benefits for things such as dental care and vision care. For example, if you want vision care, you can easily select this benefit and you’ll be covered 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 an emergency does happen, you’ll be covered.
If you do not get international health insurance and you face a medical emergency abroad, you will be left in a very difficult situation. You could also be landed with paying out of pocket for any immediate hospitalisation, which can lead to expensive medical bills.
When you are going through the process of buying a health insurance plan, health insurance companies will also ask you to provide your medical history. This will help them to determine what price to charge you for your plan and is very relevant for those who are considering retiring abroad.
4- Cover for visa requirements
One thing that might surprise you is that more and more countries around the world are now placing strict requirements on health insurance as part of the visa application for expats moving to a new country. 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 are retiring abroad, there will be many different things you’ll need to prepare for. The good news is that by having your international health insurance needs taken care of, it can give you extra comfort and one less thing to worry about.
When you retire and move to a different country, it is important to be covered for any medical expenses so that you can enjoy yourself more and live life to the full. You will want to have fun and enjoy retirement and not have to worry about any extra expenses that might come your way because of not having a global health insurance policy.
Expat Financial: International Health Insurance for 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 global health plan for retired global nomads and expat is the Cigna International Global Health Options plan, which is available to expats of any age as long as they are able to meet the medical eligibility requirements. If you are not sure about what plan you should get, the options or the prices, you can contact us to discuss the numerous options available.