Hi again, Akaisha,
I read that Billy is OK. Whew!
I am concerned about the age limitations in health insurance outside the US, even travel insurance, that are popping up, as NYEXPAT noted. We are almost 65 and exclusions start at 60 many places. I understand that good care can be purchased inexpensively out-of-pocket, but a catastrophe could still bankrupt us. Is naked the only option for us old fogies?
Hi Ed,
Thanks again for your kindness towards Billy. Yup, he’s doing well, thank God, and back to being ornery.
World Nomads offers travel insurance with several different underwriters. Depending on who is underwriting your trip, there can be an age limit of up to 67 (I believe I have seen up to 70 but I’m not sure.) And yes, there are some insurances in foreign countries that aren’t available to us as we age.
I know it’s nerve wracking to consider the idea of “going naked” in regards to health insurance policies, but in many cases, the place that a catastrophe would actually hurt you financially would be in the States. One can receive good, solid, or reasonable care in many countries for something catastrophic, and the out of pocket is still manageable – being low tens of thousands instead of hundreds of thousands. (For instance a friend of ours suffered a motorcycle accident, had his face sewn back on and was in a body cast in the Guatemala City
Centro Medico hospital for over a month. Cost was still under $20kUSD)
For travel insurance your rate depends on
**if you are an Expat full time,
**are a US resident and are covered with a plan “back home” while you travel,
**or if you are an Expat and travel to the States and your travel policy covers you there,
**or are an Expat and then you travel outside your new home country.
OTOH, if you are currently paying $6k to $36k (or more) annually for health insurance in the States for you and your spouse, if you choose to “go naked” you can save that money yearly and put it aside for exactly that catastrophic medical purpose. (We have friends who are carrying a full insurance policy that covers them worldwide. Their greatest fear is having cancer since it runs in both families. They pay $36k annually and are very comfortable with that.)
We hear from our Readers how some of them pay large amounts monthly (2k monthly for husband for heart condition
+ spouse’s coverage) or cannot be covered because of a diagnosis or condition they had 10 years prior. The money that they would normally spend on those policies, if put aside, would add up quickly. For the man with the heart condition, in just over 4 years, he would save close to $100k to cover his medical costs if he lived outside the States. (Inside the States, all bets are off.)
Often meds overseas are not the same price as they are in the States, so you would also save there.
I know it’s a lot to think about, and basically you need to decide where you would like to live in order to figure out the health insurance part of the equation. But there are lots of options, once that door is open.
In my opinion, Fear is the biggest thing to manage. That and the idea of “making a mistake.”
People in the U.S. are often willing to be held hostage to that one piece of their retirement puzzle. These decisions are very personal and no “one size fits all” answer is available.
I hope you find my perspective helpful.
Best,
Akaisha