In the UK, we have the NHS, which provides for our healthcare needs. If you are planning to retire abroad, however, at some point, you are going to be faced with substantial medical bills. This post looks at why you should factor this into your retirement plans, and the costs involved with your healthcare in retirement.
Although we may not feel that health is something we need to think about unless we become ill, the fact is that medical insurance is more valuable as we get older than when we were younger. As we get older a whole raft of illnesses are waiting for us, and as such, if we are unprepared with our medical insurance, we could be left hit hard financially as well as from a health perspective.
Here are a few facts to make you think:
Average Cost of Healthcare for Pensioners
According to research in America, the average American couple will have medical bills totalling $270,000 for their golden years. If they are particularly ill, they could be looking at bills in the region of $325,000. Although American healthcare tends to be more expensive, you could still be looking at spending a massive chunk out of your retirement funds should you become ill.
Paying for What you Need
The way medical care is funded in other countries is not necessarily an all inclusive deal. As such you could buy a medical insurance policy believing you are fully covered, only to learn the hard way that you are not. Conversely, you may be paying for a type of cover you do not need. Negotiating medical care in other countries can be complex.
Read the Small Print
The other aspect to beware of is that a plan that covers your existing drug needs may not be flexible. As such, should your drug care needs change, this does not automatically mean your insurance policy will change with it. This may cause nasty surprises financially.
Pricing of Medical Bills
The pricing of medical insurance is often linked to income. As such, if you go over certain thresholds the cost of your policy will change accordingly. This can be problematic for a number of reasons, not least that it makes it very hard to budget.
How do I get Good Medical Insurance in my Retirement?
The best way to ensure your needs are met cost-effectively is to seek good financial advice. My award winning services will ensure that you have the right level of medical insurance for your needs, ensuring you avoid the nasty surprise scenario in the process. Click here to contact me, or complete the Call Back Service Form on this page, and we can ensure that you and your family are covered should the worst happen.
Source: Business Insider
For more information, please contact Michele Carby at Holborn Asset Management on +971 50 618 6463 and on e-mail at [email protected]
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