Insurance Advice for Retiring Abroad

Insurance Considerations Before You Move Overseas

The freedom to retire means no longer having to work every day and being able to travel at leisure. It also means you can sell your house and spend your senior years living in a foreign country, taking in new experiences and meeting new people. However, it’s essential to consider insurance options carefully before you decide to retire abroad to ensure you have coverage in case of emergencies or health issues.

This article will guide you through essential aspects of health insurance for retirees living abroad, including how Medicare works overseas, expatriate coverage options, and policies for pre-existing conditions. We’ll also recommend the best plans to ensure you’re fully protected during your retirement abroad.

Why Retirees Abroad Need International Health Insurance

While your Social Security benefits may apply regardless of your international destination, your health insurance will likely not. In many countries, investing in adequate health and medical insurance is required, and obtaining a visa is often necessary.

If you live abroad for most of the year, it’s best to invest in a high-quality international health insurance plan to give yourself and those back at home peace of mind. Unlike basic travel medical insurance, which is only valid for a limited amount of time and does not offer the same broad range of coverage, international health insurance or expatriate insurance plans often cover:

• The ability to choose your hospital or medical facility
• Routine doctor’s visits and testing
• Access to 24-hour emergency assistance and a medical hotline
• Emergency Evacuation
• Dental coverage
• Prescription benefits

How to Choose the Best Global Medical Plan

Many global insurance plans offer additional benefits, including vision and dental coverage. By selecting an insurance plan that suits your individual needs, you can rest assured that you are covered for even the most unexpected of situations, such as your new eyeglasses accidentally breaking or losing your prescription medication.

Just as everyone who decides to retire abroad does so for different reasons, their insurance plan and coverage are also different! In addition to specific insurance needs, a person’s eligibility and premiums are also individualized based on age, current and past medical history, and relocation area.

Plans and pricing will also vary depending on whether you are traveling alone, as a couple, or as a family. The best option for you depends on where you plan to live, who you are traveling with, and the lifestyle you intend to live while there. For example, if you plan to retire abroad in a villa in Tuscany, your coverage and costs will differ from those of someone retiring in Turkey near the Iranian border.

Retiring abroad is not for everyone. If you plan to travel internationally while deciding whether to stay in a specific country permanently or spend only a portion of the year overseas, you may want to consider travel insurance or a basic international insurance plan.

Travel Insurance

The Best Travel Insurance for Seniors

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Before deciding, it is essential to note what coverage you need and want, such as vision coverage if you rely on your glasses to drive, and your intentions while living abroad, e.g., hiking in the mountains versus reading on a balcony overlooking vineyards. Once you know this, contact a licensed insurance agent and review a plan’s inclusions and exclusions to ensure you are fully covered.

The Best Health Insurance Plans for Retirees Abroad

Cigna Global

The Cigna Global Medical Plan is an excellent option for retirees for several reasons. First, there are no age limitations. You can apply at any age and retain the policy for the rest of your life.

Other plans will cancel your policy once you reach a certain age or restrict benefits after age 75. With Cigna Global, you can maintain the same level of coverage for your life or until you cancel the plan. Additionally, Cigna’s Global Medical Plan is modular, allowing you to select benefits and coverage areas, which helps keep costs down. Use the links below to review coverage and request a custom quote.

Cigna Global Insurance Plan

• Flexible plans tailored to your needs and budget
• 1.5M+ providers in 200+ countries
• 24/7 multilingual customer support

Get a Quote Plan Details

International Insurance Advice for Seniors

Many retirees dream of enjoying their retirement as expats, immersing themselves in a new language, culture, and way of life. Living out your golden years in another country can be exciting, thrilling, and nerve-wracking all at once.

As the number of older expatriates increases, so do concerns like healthcare and insurance. Health insurance for aging expatriates can be challenging to understand and find. Some critical questions you should consider before retiring are as follows:

• Will my policy end when I reach a certain age?
• Will I be covered if I return to my country of citizenship?

As you begin to research the various expatriate plans available, you will notice that age is a significant eligibility factor for most of them. Unfortunately, age is a huge underwriting factor with most senior health insurance plans. As we get older, we “age” out of eligibility for many available health plans.

For some plans, eligibility ends completely at 65. Other plans offer “senior coverage” if you’ve had their plan for a specified period (usually 10 years of continuous coverage). Most plans that provide “senior coverage” have limited benefits and reduced maximum policy limits. Because of this, it’s wise to have an international health plan in place early and renewable annually.

When it comes to health insurance for retirees living abroad, several plan types are available in the marketplace today. Some are annually renewable and provide worldwide coverage, and others are short-term plans that offer coverage outside the home country.

Insurance Advice on Medicare and Seniors Living Abroad

For U.S. retirees who live outside the United States, you should understand how your Medicare is affected and should make decisions about your enrollment in Medicare. If you qualify for Medicare, you can have Medicare Parts A and B, also known as Original Medicare, when you live abroad, whether you enroll before you leave the United States or after you move to a foreign country. However, Medicare typically does not cover medical care abroad.

Consider the costs, circumstances, and your plans to decide whether you need Medicare while living abroad. Most people pay no premium for Part A coverage for inpatient hospital services. It is usually best to keep Part A, even if you are moving abroad, as it will not incur any additional costs.

To have Part B coverage, you must pay the Part B premium. You may also need to keep Part B, especially if you plan to return to the United States in the future or travel there frequently. Keeping Medicare when you live abroad ensures that it is ready to pay for your care when you return to the United States to live or travel.

If you fail to pay for Part B while overseas, you may go months without health coverage when you move back to the United States. You may need to wait until the General Enrollment Period (January 1 – March 31 of each year) to enroll, and then wait until July 1 for your Part B coverage to begin.

Additionally, if you do not keep Part B while living overseas, you may face lifelong premium penalties that will make your Medicare coverage more expensive upon your return.

_{Source: Medicare Interactive}

Age and How It Affects Insurance Costs for International Retirees

Individuals typically receive more benefits the younger they are when they apply for expatriate health insurance. Starting to plan for worldwide health insurance early in your retirement planning is definitely a step in the right direction.

Individuals over sixty will find higher premiums and possibly even more expensive medical care in their country of residence. Be assertive and watchful, as many insurance plans will only accept new members up to a certain age.

Ensure you fully understand your benefits, premiums, and processes for expatriate insurance at any age, including those close to and exceeding sixty. As you age, policies may exclude your pre-existing conditions or deny you coverage due to your age. Don’t wait until you are sick or injured – the prime time to purchase is when you are healthy.

Pre-Existing Conditions and Insurance for Retirees

As you continue your international health insurance search, read carefully about what is covered regarding pre-existing conditions. These days, some common conditions are included in your policy, as many are considered ‘manageable’ and, therefore, lower risk than in previous years.

Most expat insurance companies will consider each application individually, and acceptance is possible, subject to specific conditions. Read thoroughly about what your potential health insurance plan states regarding pre-existing conditions.

When moving out of the country, it is advisable to complete the underwriting process and the waiting period before going overseas. This will make the road to coverage much smoother. Also, explore the list of exclusions and thoroughly understand your benefits with your worldwide health insurance plan.

Typical Exclusions on International Insurance for Older Applicants Abroad

While you may be surprised by what your health insurance for retirement covers, you may be just as surprised by what it does not.

It is common for your policy to exclude any drug addiction therapy or the like and to also often exclude alternative treatment options, such as yoga or acupuncture. Keep this in mind, especially if you plan to retire to a community specializing in alternative therapies.

Coverage Depending on Retirement Location

The coverage provided by your international health insurance policy will vary depending on your location. For example, if you’re retiring to Ecuador, your potential medical needs may be very different from those if you were retiring to Spain. However, you will likely find that the treatment you receive is comparable, as many doctors in retirement locations have received their training in the United States or Europe.

Wherever you go, healthcare will differ from what you receive at home, and it is essential to ask your insurance advisor specific, thoughtful questions to understand what the policy will offer you.