Retirement Abroad – International Health Insurance Considerations

The idea of packing your bags and relocating to an exotic locale for retirement might sound like a dream. While coronavirus restrictions have put a damper on travel, many people are still planning or at least accessing their options to retire abroad. In fact, according to a recent study from Aegon Center for Longevity and Retirement, 13% of U.S. workers and retirees aspire to live abroad at some point in their lives.

The main reason US citizens want to retire overseas is that their money will go farther in a foreign currency, and healthcare costs are often much lower. However, it is important for those who want to live abroad to be prepared for a variety of other challenges, including the cost of living, local customs and culture, and the availability of healthcare services.

When choosing a location to retire, it is essential to take into account the country’s residency requirements, and research any incentives that may be available. For example, some countries have programs that allow non-citizens to gain citizenship by purchasing real estate or investing in a certain amount of the local economy.

Other considerations include how the local healthcare system works Access now and whether there are any top-up coverage options. It is also worth considering whether there are any language or cultural barriers that could affect communication and understanding between you and the local medical care providers.

If you decide to invest in a local health insurance plan, it is important to make sure that the policy will cover you not only locally, but globally. This is particularly true if you are a frequent traveler, or plan to be. In addition, many expats will choose to have international healthcare plans in place alongside their local coverage, which can be more cost-effective than juggling multiple policies.

When it comes to healthcare, it is also worth considering the possibility of needing long term residential care at some point in your life. This is especially true if you have moved away from family members. When considering this option it is crucial to have a thorough discussion with your advisor, who can help you to identify potential issues and consider alternatives.

In the end, deciding where to retire is a very personal decision. Some retirees may choose to relocate to a place that they have family ties to, while others might be drawn to an area for its weather or cultural attractions. Whatever the motivation, it is vital that those who are interested in retiring abroad research their options thoroughly and be prepared for a number of different challenges. However, if done correctly, the rewards can be tremendous.