Here’s how To Save Big Time on Medical Care!
The cost of healthcare is a rather serious concern for all retirees across the United States, and truth be told, they have all the right to feel this way. According to the Fidelity Retiree Health Care Cost Estimate, if you’re under 65 years old in 2023, you have to save somewhere around $157,000 to cover healthcare expenses in retirement.
Well, a couple can expect to need somewhere around $315,000. These are also after-tax amounts, and they are meant for costs that Medicare doesn’t cover anyway. This could also include co-payments, prescription drug costs, long-term or even skilled nursing care, and many other things.
For this specific reason, some Americans have decided to retire overseas, where their Social Security checks can go even further and they don’t have to pay as much for healthcare. If you’re thinking of retiring abroad, these are your best options with the most affordable healthcare.
Italy
Italy’s national health service is also known as the Servizio Sanitario Nazionale and is one of the best ones in Europe, especially for expats. You need to become an Italian national and apply for a health insurance card if you want to use it.
Moreover, private insurance is widely available in Italy. Some expats might decide on this option because they will have way more options to choose from, such as doctors and hospitals. Moreover, they may not have to wait as long to be consulted.
Brazil
Brazil is famous for its high-quality care and service. In fact, it’s that kind of destination that’s perfect for those who want to embrace cosmetic and plastic surgery. Expats in Brazil can tap into their healthcare for 20% less than what we would normally pay in the United States.
The country also has the Sistema Unico de Saude (SUS), also known as the Single Health System. Under this particular system, Brazil’s permanent residents gain free access to public health services but also membership in private hospitals.
Denmark
If you decide to retire in Denmark, you can easily take advantage of the universal, decentralized healthcare system. Moreover, you can choose private health insurance for more coverage. After spending six months in Denmark, you can easily apply for a Central Person Register (CPR) number and also a CPR card, commonly known as a “yellow card.”
The card will be issued for you, which lets you gain full access to the Danish healthcare system. In Denmark specifically, a primary doctor (also known as a general practitioner or GP) will efficiently coordinate your care and refer you to other providers and facilities depending on your needs.
Spain
Spain’s public healthcare system, called Seguridad Social, is wildly available to taxpayers who have already paid something to get into the system. When you finally retire to Spain, you need to buy private Spanish health insurance for a minimum one year.
That’s one of the conditions for your retirement visa. Moreover, the cost of private insurance in Spain would easily put the cost of United States insurance to shame. For example, a healthy couple of 64 years old would end up paying less than $300 a month for private insurance. That’s, without a doubt, a very reasonable price!
Panama
Panama has both a public healthcare system and a private one. As an expat, you can easily get your medical care at the lowest cost from public hospitals and clinics. You’re not even required to pay into the public healthcare system if no Panamanian company employs you.
Moreover, private clinics and hospitals are quite affordable, especially compared to our well-known facilities. On top of that, wait times are often shorter, so we do love the healthcare system there!
Costa Rica
Costa Rica is yet another popular retirement destination, and one of the main reasons revolves around their healthcare system. The Caja Costarricense de Securio Social, or “Caja,” takes care of all legal residents and citizens in Costa Rica.
There are more than 30 hospitals, 250 clinics, and 1000 smaller centers, known as EBAIS, operated by Caja throughout Costa Rica. If you want to know whether or not you qualify for Caja, you need to have an approved residency application, and participation in Caja is also needed to maintain your resident status.
You might end up paying around 15% of the monthly income you decide to report on your residency application. However, there are no co-pays, no increases due to age, and absolutely no restrictions on pre-existing conditions.
Colombia
The World Health Organization rated Colombia and its healthcare system as more efficient than the ones in the United States, Canada, Australia, and many others out there. The Entidades Promotoras de Salud (EPS) is the national public insurance plan, and many expat retirees over 60 years old with a national ID card can easily apply for it.
There are also many other supplemental plans and private health insurance plans available, so yes, Columbia is worth adding to the list. The vast majority of hospitals in bigger cities are staffed with English-speaking healthcare professionals, or they are packed with translation departments.
This way, they ensure a proper understanding between patients and the staff, so you can effectively make your wishes known.
Mexico
The public healthcare system in Mexico is under the umbrella of the Instituto Mexican de Seguro Social (IMSS) and the Seguro Popular systems. Mexican residents who don’t work can easily enroll in the IMS and pay a specific contribution fee every single year.
The Seguro Popular system enrolls those who can’t afford IMSS on a sliding scale. Also, Mexico’s Federal Health Ministry now has 98 hospitals fully accredited all over the country. Cosmetic surgery and dentistry services are some of the most popular among expats in Mexico.
France
Anyone who has lived in France for a minimum three months is bound to get access to the French healthcare system. You might need a long-stay visa for the first year you move there, but then you can easily apply for permanent residency. There’s also a wide list of private facilities, but those who are eligible for public healthcare can easily be reimbursed for most of what they spend at higher-priced private clinics and hospitals.
Moreover, French public healthcare covers all long-term services, something you will never find in the United States. There’s also an annual fee for healthcare in France that’s mainly based on taxable income. As retirement income isn’t taxed in France, the fee is quite low for retirees. The amount you ultimately pay for your healthcare in France only increases if you earn more.
Portugal
The World Health Organization ranked Portugal’s healthcare as the 12th-best in the entire world. There are 10 hospitals and 16 healthcare facilities in Portugal that received the gold stamp of approval from the Joint Commission International.
Moreover, doctors in Portugal are very well trained not only at the Faculty of Medical Sciences at the New University of Lisbon but also at the School of Health Services at the University of Minho, among other teaching facilities.
The Servico Nacional de Saude (SNS) is Portugal’s public healthcare system. Luckily, it’s widely accessible to foreigners who are also full-time residents. Private health insurance is also available and very reasonably priced, even if pricing depends a lot on your health, age, and the degree of coverage you prefer.
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