How To Choose Health Insurance For Retirement Abroad | Retired


When you move abroad for your retirement, you need to plan for health care and health insurance. Almost anywhere in the world where you can choose to live or retire, you will find that the cost of health insurance is more affordable than in the United States. Considerable savings on Medicare can be one of the biggest benefits of spending time in another country.

With a few exceptions, such as military policies, your US health insurance likely won’t cover you outside of the United States. Health insurance does not cover treatment received abroad. However, Medicare can be an important part of your health insurance strategy if it is supplemented by a local or international policy that excludes coverage in the United States.

Here are four options for overseas health insurance.

1. A hospital insurance plan. In many countries, you can purchase medical insurance from specific private hospitals. These hospital plans are not general health insurance and they only cover your treatment at that hospital. If you are traveling outside the country or even far from the hospital in the country and need medical attention, you will not be able to use the police. You will either have to pay all medical costs out of pocket or return to the hospital where you are insured and cover the costs yourself. Returning to the hospital may not be a viable option in an emergency.

On the other hand, national hospital policies can be very affordable and can include additional benefits that make them attractive. Santa Fe Hospital in Panama City, Panama, for example, offers an insurance program through the hospital that accepts new policyholders of all ages. A 60-year-old man might pay $ 130 per month for coverage, and a man 90 or older might pay $ 210 per month.

Hospital insurance policies are risky, but can be a good option if you live near the hospital offering the coverage and don’t plan on traveling a lot across the country or internationally.

2. Travel medical insurance. A travel medical insurance policy is low cost and guaranteed. You don’t have to file a long medical history and coverage can be implemented in minutes. Plus, you can opt for a $ 0 deductible, 100% coverage over and above a deductible (rather than any co-payment requirement) and you can be accepted as a new policyholder long afterward. that you can usually qualify for local or international insurance.

In many ways, a travel medical policy can be the most flexible insurance possible. It’s not meant to be long term insurance, but may work longer term than you might imagine given the name. A travel medical insurance policy is a good choice for coverage during your screening stage, when trying on a waistline, and if you are over the age limit for a local or international policy.

3. Local medical insurance policies. A local medical insurance policy may be ideal if you don’t have any pre-existing conditions and are under 63. Insurers are typically connected to hospital networks and doctors across the country, which means you’re not limited to just one healthcare facility like you are. with a hospital plan. Typically, your coverage follows you wherever you travel in the country, but it does not follow you outside of that country.

If you plan to be based in one country most of the time, a local medical insurance policy can be a much cheaper alternative to a comparable international medical insurance policy. However, coverage can be basic and the age limit for coverage can be a limitation.

4. International medical insurance policies. The safest, most secure, and most reliable option for international health insurance, especially if your plan is to live abroad for an extended or indefinite period, is an international health insurance policy with a large international insurance agency with long experience. In most cases, international insurance policies provide the most comprehensive and appropriate level of medical coverage.

You don’t have to depend on one hospital or one facility in one country. International insurance companies have networks of doctors and hospitals around the world where you can receive great treatment, as good or better than the treatment you might expect in the United States. An international medical policy should cover you almost anywhere you choose to travel and for the duration of your stay.

International medical insurance premiums are based on your age and the amount and type of coverage you want. Most policies are guaranteed for life once you’ve been accepted for coverage. An international insurance policy is generally more expensive than other health insurance options. However, international health insurance is still much cheaper than comparable American health insurance. Cigna, Bupa, and HTH Worldwide are the top three international insurance companies to consider.


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