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Retire In The Sun With International Medical Insurance
One important consideration when thinking of international retirement abroad is your healthcare and medical insurance cover. Many North American/European women are familiar with medical and health insurance at home, but have little knowledge of how such plans work overseas, or even of the standard of medical facilities, hospitals, doctors and so on, in the locations they are considering for living in retirement.
The location may be France or Florida, but the medical insurance considerations and healthcare insurance planning needs are essentially similar. Some major considerations are: 1- The cost and benefits levels offered by any international healthcare medical plan together with ease of use, speed and quality assistance, and claims handling by the insurer; 2- The quality of local facilities, hospitals, nursing care, doctor skills and knowledge of English in the country which you are considering making a permanent overseas home; 3- Whether or not you may be evacuated back to USA/Canada/Europe/UK or elsewhere, then have elective treatment in your home country too, if you so wish. 4- What happens when you or your partner dies? |
Retire In The Sun With International Medical Insurance
There are currently some 30-40 million expatriates abroad, with millions of others retiring to a foreign country which has never before been their long-term home. The growth of modern digital communications, Internet access and video conferencing has now transformed the level of financial and insurance services available to these retiring individuals or families anywhere in the World on a location, non-specific basis.
International medical insurance companies, medical assistance groups, underwriters and brokers are now all moving into what is a growing market for new healthcare insurance services globally. Those retiring abroad, now have more available quality healthcare insurance products available than ever before. Help lines from these companies for clients are multilingual and available worldwide 24 hours a day. (On a free call basis)
You may be in Belize, Berlin, Baku or the Bahamas, yet still be well serviced for your medical and healthcare insurance needs by international internet, electronically based broker advisors. However, for the more mature, retiring or elderly clients going abroad, cost and level of cover may be primary considerations. A check out first of locally based OUTPATIENT services, in your new home country, is a useful first move. Many developing countries or overseas retirement communities have good local English speaking Doctors with drugs, dressings, and outpatient costs being cheap compared with the USA/Canada or Europe. But, for serious hospital surgery and treatments most clients would prefer the best care possible, probably "back home".
If you are retiring at say 54 years old, your costs of premiums will rise year on year with both medical inflation and "age banding" where the insurer raises premiums each five year band. (Often plans can rise in premium 10% annually)
If you have been covered in USA/Canada for example for comprehensive cover at age 54 years, this cost could rise beyond your means whilst retired overseas at say, 74 years old, some 20 years later. What is one to do? There are several solutions. One option is to take an increasing level of voluntary deductible payment against premium rises, thus keeping your budget premium costs stable. We also suggest that you do not take out fully comprehensive cover after aged 60 years, unless you can really afford to keep up premiums for the rest of your life. (At the rate of medical inflation) It is much better to locate services for outpatient care in your local country community but have a catastrophic full cover hospital plan, (basic or standard) with elective cover for 30 days back in the USA/Canada/Europe or at home, elsewhere.
This budget strategy may save you thousands of dollars over the long term whilst ensuring that your emergency/hospital insurance is always there for you. Many insurers call these plans "Standard or Basic Plans" which give full cover for inpatient and daycare, but no cover for outpatient care. Thus, if you are placed in a hospital bed, the insurance company pays. If you are walking wounded, (Outpatient) you pay the bills. Remember, a phone call to the insurer help line takes care of everything when you need to be admitted to a hospital bed, even for a day. The insurer can settle directly, place a bond on your behalf and talk to local Doctors and local consultants, in their own language, if you have trouble in this respect.
Financially, your health insurance premiums will be far lower by staying out of the USA or Canada as much as you can. By paying yourself for any needed local outpatient services and using deductibles on your health insurance, you can control your exposure to higher and higher premiums. Peace of mind as one ages, living in a foreign country, can be an invaluable pre requisite of good health.
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