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Are expats missing out on value for money healthcare deals
| Published: | 11 Sep at 6 PM |
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Many would-be expats may be missing out on international value-for-money private heathcare insurance by simply signing a leaver option on their existing package when they retire.
The majority of Western heathcare policies, including those which involve employer contributions, allow retirees to carry on with the same cover by simply signing a leaver option form. According to professional associations in the sector, those wishing to retire overseas may be missing out on cheaper but equally relevant deals.
Shopping around is recommended, and may involve comparing any pre-existing condition cover on the old policy with that available from alternative providers. Potential expats should also note that the overall cost of private medical care in their chosen country of residence may well vary between providers.
Savings can be considerable unless you’re heading to the USA, home to some of the most expensive healthcare on the planet, and apathy is a major tool used by many providers to keep existing customers when they retire. Searching the internet for a better rate only takes a day or so, and can pay healthy dividends.
A recent scare based on preventative medicines such as statins doesn’t necessarily apply to all heathcare insurers, as it’s mostly the providers of tourism-based travel insurance which are raising their prices. The vast majority of annual heathcare plans are aware that healthy retirees are being advised to take, for example, statins, simply as a preventative measure.
Premium increases for expats over 60 years of age are only made if prescription medicines are given for an existing condition. For those hoping to be able to retire overseas on a limited budget, many favourite destinations offer inexpensive local healthcare insurance options linked to public medical facilities at least on a par with the NHS.
The majority of Western heathcare policies, including those which involve employer contributions, allow retirees to carry on with the same cover by simply signing a leaver option form. According to professional associations in the sector, those wishing to retire overseas may be missing out on cheaper but equally relevant deals.
Shopping around is recommended, and may involve comparing any pre-existing condition cover on the old policy with that available from alternative providers. Potential expats should also note that the overall cost of private medical care in their chosen country of residence may well vary between providers.
Savings can be considerable unless you’re heading to the USA, home to some of the most expensive healthcare on the planet, and apathy is a major tool used by many providers to keep existing customers when they retire. Searching the internet for a better rate only takes a day or so, and can pay healthy dividends.
A recent scare based on preventative medicines such as statins doesn’t necessarily apply to all heathcare insurers, as it’s mostly the providers of tourism-based travel insurance which are raising their prices. The vast majority of annual heathcare plans are aware that healthy retirees are being advised to take, for example, statins, simply as a preventative measure.
Premium increases for expats over 60 years of age are only made if prescription medicines are given for an existing condition. For those hoping to be able to retire overseas on a limited budget, many favourite destinations offer inexpensive local healthcare insurance options linked to public medical facilities at least on a par with the NHS.
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