Retire Abroad

Retiring Overseas : Make sure your healthcare is covered

Retiring in another country is a dream that many people might have as they search for a quieter place to live out in their later years. It is a very nice option for those that are able to do it.

Before you retire abroad, there will be lots of things that you’ll need to prepare for, including medical care. You might have lots of knowledge about the country you are moving to or you might know very little about it. You might not even speak the local language.

It can be a very exciting time, but you must remember to prepare properly and having your healthcare covered will be helpful for that.

Making sure to cover healthcare while retiring abroad

How expensive the cost of living is where you’d like to be? What type of property can you afford? What activities are available that match your interests?

When it comes to the standard of healthcare abroad, this will vary depending on the country you are moving to. There could also be big cultural differences going to be big difference for expats depending on where in the world you are moving to. We should also note that your domestic health plan probably won’t cover you if you retire abroad. For American ex-pats, it is our understanding that Medicare will not reimburse most medical expenses outside of the USA.

Having an expat health insurance policy can be very helpful for those that decide to retire abroad. Here are 5 reasons to buy an international health insurance plan when retiring abroad.

1- Better access to global health coverage

One of the biggest benefits that comes with buying international health insurance is that you’ll be able to receive access to better health coverage. You’ll be treated as a private patient, which can be very helpful in certain medical facilities. This is very important if you are retiring abroad in a destination with limited health care and facilities, but even more important if you are being asked for medical coverage in order to get your visa. I should also mention that most government-run medical facilities are often not as good as private ones and often have long waiting periods for medical care. A private global medical plan gives you free choice for the medical doctor or hospitals.

If you decided to buy a healthcare policy with a large company, there’s a good chance that they’ll also have a large medical network that can provide treatment for you. Companies such as Cigna and Allianz both provide access to large medical networks, which can be very helpful.

2- Extra benefits to help you in retirement

Having additional benefits can be very helpful for those who are retiring abroad. You can receive the option to add benefits for lots of different things, including things such as:

  • Dental Care – includes coverage for basic and routine dental services along with some restorative care such as crowns and bridges. Maintaining your dental health is crucial for everyone, including expats and global nomads.
  • Vision Care – often includes eye exams and some coverage for prescription contact lenses and glasses. Note that your eye health is also important to maintain and getting regular eye exams is part of a preventative health strategy.
  • Medical Evacuation – this is key if you are retiring abroad to a destination that has limited health facilities or if you plan to do a lot of travel.

These can all be very useful in retirement. So maybe you’ll want to select the option of having vision care, which means that you’ll be covered for things such as eye tests, prescription glasses, and more.

Remember to make a note of what needs and requirements you will need to have from your health insurance plan. Also remember that any extra benefits will come at an additional cost so it is always best to check the price of this before you buy your plan.

3- Cover in case of a medical emergency

When you are living abroad as a retired expat, a medical emergency could happen at anytime. 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 cover. You will definitely want to be covered if an emergency does happen.

Once you reach retirement age, there is also a greater chance of you needing to have health insurance in case of a medical emergency.

If you decide not to get covered with health insurance, you will be taking a big risk. Imagine if you run into an emergency abroad, then you could 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 usually ask to see a copy of your medical history. This will help them to determine what price to charge you.

4- Cover for visa requirements

A lot of 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. This is now even more common after the COVID-19 pandemic, so it is becoming a mandatory part of getting a visa.

This means it is a non-negotiable item that you 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 countries that have those laws in place.

5- Peace of mind for your retirement

Our final reason why you should buy an international health insurance plan when retiring abroad is for extra peace of mind. Let’s face it, there will be lots of different things that you’ll need to prepare for when you retire abroad.

You will want to have fun and enjoy your retirement, and you won’t want to have to worry about any extra expenses that might come your way because of not having health insurance cover. So make sure to have your health insurance in place so you are covered and can have peace of mind for your retirement.

Health Insurance

Some global health insurance tips for retired expats

Living abroad as a retired nomad is quite daunting and figuring out what medical coverage to buy can be confusing, so we have provided some tips for you:

  1. Make sure your expat health plans cover you for life as long as you remain an expat
  2. Choose a global medical plan that will allow you to apply at almost any age
  3. Buy your plan within 45 days of retiring abroad, but you can also purchase once you have moved overseas
  4. Buy an international health plan with a large deductible to save on premiums
  5. Pay annually to save up to 10%
  6. Work with an international health insurance broker such as us to discuss your needs. It has no impact on your premium and all the premiums and claims are direct with the insurance company
  7. Buy a plan with a reputable global insurance company that you know is going to be around for life.

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.

For more information and to get a quote, please contact Expat Financial.