If you were thinking of retirement overseas, there are certain issues that you have to think about. One of them is health insurance. Health care is essential, no matter where you live, and many of those who decided to retire overseas tend to forget about this crucial matter.
Medicare won’t cover your health expenses when you’re abroad. As a result, when an emergency happens, a lot of people suddenly realize that they are in financial trouble. Don’t let situations like that happen, and take care of your safety before you relocate. If you need a guide for health insurance choice, feel free to use this advice.
International health insurance policy
It’s the perfect choice for those who are planning to live abroad permanently or for a longer time. Global health insurance policy from an international insurer is the safest and most reliable option for you. It’s usually the most comprehensive medical coverage that you can get.
There is no need to rely on one medical facility when you can have medical care all over the country, and it doesn’t matter whether you’re going to live in Europe, Asia or Australia. It’s undoubtedly the most significant advantage of this health insurance type. International insurance companies cooperate with hospitals and doctors in pretty much all states, so it doesn’t matter where you want to settle.
Belgium? Spain? Argentina? You’re free to move anywhere you want, and you’ll be insured everywhere you go. But, keep in mind, international health insurance policy is not the same thing as travel medical insurance. But we will come to this.
When it comes to the international health insurance premium, it’s calculated based on your age, and the type of coverage that you chose. Once you’re accepted for insurance, it’s guaranteed for life. If you’re wondering how expensive is it, don’t worry.
It’s usually more costly than other insurance options available in the country, but it’s still far cheaper than US health insurance. You can be sure that there is no need to tighten your belt.
Travel health insurance policy
It surely is the most flexible option available for you. It doesn’t have to be long-term, but at the same time, it can last longer than you expect it to work. It’s also an excellent choice for those who exceeded age cutoff in applying for local or international policy.
Undoubtedly the biggest advantage of having a travel health insurance policy is its price. The cost of it is really low compared to other types of health coverages. Also, there’s no need to fill in a long health history. You can get it in a few minutes. Besides, opting in for $0 deductibles is possible as well.
If you are not sure yet, what would be the perfect place to retire, feel free to explore the world with travel health insurance policy. You can be sure that the plan works all over the world, so you won’t have to worry about safety.
Local medical insurance policy
If you’ve already chosen retirement destination, it might be the health insurance for you. A perfect choice, if you have no pre-existing conditions and are younger than 63. Usually, national health insurance providers are connected to doctors and hospital networks, so you can travel without any limitations within the country.
If you know that you’ll spend most of the time in one country, local medical insurance policy allows you to save money over the international health insurance policy. If you decide to choose this option, make sure to learn what the requirements are.
Sometimes cutoff age might make it impossible to purchase this policy type. Also, check coverage details, as sometimes they can be not enough for your needs. For instance, if you are considering New York as your final residence, you may want to check out the different health insurance plans available to you and get some consults on the best plan.
A hospital insurance policy
Have you already decided where you want to settle? If you found a perfect place, and you don’t plan to travel too often, then the hospital insurance plan will be perfect for you.
The only disadvantage of having this type of policy is the fact that if you ever decide to travel far from your city, and something bad happens to you, your system won’t cover medical treatment in other hospitals. Of course, you can try to travel back to your hospital, but it’s highly unlikely that you’ll be able to do it (or even think about it) when an emergency happens.
But, when it comes to the benefits of this insurance, it surely is cost. It’s arguably the most affordable policy that you can get. Also, it often comes with extra benefits, which might make it even more attractive for you. There are hospitals that accept new policyholders, no matter what their age is.
Purchasing this kind of policy might seem to be risky, but if you’re not going to travel often, and live close to the hospital, it might be the best option for you.
Remember about the language
It might seem like a no brainer, but you shouldn’t forget about it. When you’re relocating to the non-English speaking country, language might be a barrier. Nowadays, almost everyone indeed speaks English, and it’s pretty much impossible to find a medical facility, where nobody speaks English.
You don’t have to speak Spanish fluently, when you move to Ecuador, however, knowing the most needed and necessary phrases is always welcome. It’ll help you build better relations with your doctor, and you won’t become an outsider, who doesn’t know what’s going around. Also, don’t worry, it really is never too late to learn a foreign language.
If you’re going to retire abroad, but you’re not sure which health insurance plan is the best for you, this advice should make your choice much easier. Think about your future, and select the policy, that will benefit you the most.