Senior International Health and Travel Insurance Advice
Many retirees dream of enjoying their retirement as an expatriate, immersing themselves in a new language, culture and way life. Living out your golden years in another country can be exciting, thrilling and nerve-wracking- all at the same time. As the number of older expatriates is increasing so are some concerns like healthcare and insurance. Health insurance for aging expatriates can difficult to understand and find. Some important 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 back to my country of citizenship?
As you begin to research the many expatriate plans out there, you will notice that a big eligibility factor with most of them is age. Unfortunately, age is a huge underwriting factor with most health insurance plans for aging expatriates. As we get older, we “age” out of eligibility for a lot of health plans that are available.
For some plans, the age for eligibility completely ends at 65 years. Other plans offer “senior coverage” if you’ve had their plan for a specified length of time (this is usually 10 years of continuous coverage. Most plans that offer “senior coverage” have limited benefits and reduced maximum policy limits. Because of this, it’s wise to have an annually renewable international health plan in place – early.
Related: Travel Insurance Plans for Seniors
There are several types of health insurance plans for aging expatriates available in the marketplace today. Some are annually renewable, providing worldwide coverage and others are short-term plans that will provide coverage outside the home country.
If you are considering a long-term, annually renewable plan then the Global Medical plan provides worldwide global health insurance for retired expatriates. This plan offers lifetime coverage if you enroll in the plan by your 65th birthday and maintain continuous coverage to age 75. Prior to your 75th birthday, you will receive a summary of benefits for the new plan, “Global Senior Plan”, and an enrollment form for coverage. There is no additional medical underwriting required! You simply need to review the benefits, complete and return the enrollment form with your premium.
If you’re already over 65 and haven’t been enrolled in a long-term plan there are still other options available. The Cigna Global health plan offers annually renewable coverage to expatriates until 80 years of age. If taken out before 80 years of age, this plan will offer lifetime coverage, as long as you maintain your premium.