or US citizens, most plans require a person to be outside the US for at least 6 months out of the year. However, this requirement will still allow some flexibility in returning to the US for a visit. It also will work for persons who sail in international waters and do not have a permanent US residence to call home.
However, as the article points out, there are often age limitation to the plans available. The earlier a retiree starts planning, the more likely they will be able to find and afford the international coverage they need for a stress-free retirement situation.
Retirees and expatriates can purchase what we call "expatriate insurance
" policies which are long-term policies that can be paid for monthly, semi-annually, or annually. The policies require a full medical questionnaire and/or check up, so persons with serious medical conditions pre-existing will likely be excluded from the plan (a good reason to sign up early).
Here are some examples:
Global Medical plans
offered by International Medical Group (IMG)
offer excellent coverage, but the person must be 74 or younger to sign up. Ordinarily, coverage ends on your 75th birthday. However, if a person is continuously enrolled from age 65 to 75, they will be offered a Global Senior Plan with no additional medical underwriting required. The insured can simply review the benefits and return the enrollment form with the premium. The Global Medical plan comes in several varieties: Silver
, Gold Plus
, and Platinum
. The Silver plan is a fixed plan. Ordinarily, I don't recommend fixed plans to my clients, since they have a limit for each medical expense covered.
However, if you are living in a country with lower costs, this may be the ideal way to get coverage you need at a very reasonable price. The Global Medical Gold and Gold plus are the same, except the Gold plan has reduced coverage after three years whereas the Gold Plus plan does not have a different benefits in the fourth year.
Another option is the GeoBlue Xplorer Premier Insurance
and GeoBlue Xplorer Essential Insurance
offered by GeoBlue. These plans offer comprehensive benefits and a range of deductibles that allow members to select the right amount of coverage for their benefits and needs. The out of pocket expense is calculated by adding the deductible and the co insurance maximum. For families, the deductible and co insurance is a multiple of 2.5. After 364 days of continuous coverage, the members may re enroll in the plan that matches their existing benefits.
So, don't rule out that exotic location for your retirement! Let us help you find the right plan for you.
As always, we wish you safe and happy travels (and hassle-free planning)!