Health care costs are a concern for American retirees, and rightly so.by Fidelity retiree medical cost estimate, if you’re 65 years old in 2023, you’ll need $157,000 in savings to cover your medical expenses in retirement. As a married couple, she would need to save $315,000.these are Amount after tax, and those are for costs that Medicare doesn’t cover. This includes co-pays, prescription drug costs, long-term or skilled nursing care, and more.
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Because of this (among other things), some Americans are choosing to retire overseas, where their Social Security checks are even stronger and they don’t have to pay as much for health care.If you are considering retire overseasThese are the top 10 countries with the most affordable healthcare costs.
10. Italy
Italy’s National Health Service is called Servizio Sanitario Nazionale and is one of the best in Europe for expatriates. To use a health insurance card, you must become an Italian citizen and apply for a health insurance card.
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Private insurance is also available in Italy. Some expats choose this because they have more doctors and hospitals to choose from and may not have to wait as long to be seen.
9. Brazil
Brazil is known for its high quality care and services and is a destination for people seeking cosmetic surgery and plastic surgery.Expats in Brazil can receive healthcare costs that are about 20% cheaper than what they would pay in the US
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Brazil has a Sistems Unico do Saude (SUS), or single health care system. Under this system, permanent residents of Brazil have free access to public health services and member private hospitals.
8. Denmark
If you retire to Denmark, you can take advantage of Denmark’s universal health care system or choose private health insurance for additional coverage. After staying in Denmark for six months, she applies for a Central Person Registration (CPR) number, which will give her access to the Danish healthcare system, known as a “yellow card”.
In Denmark, your primary care physician (called a general practitioner or GP) will coordinate your care and refer you to secondary care providers and facilities if necessary.
7. Spain
Spain’s public healthcare system, Seguridad Social, is available to taxpayers who pay into the system. If retiring in Spain, as a condition of his retirement visa he will be required to have private Spanish health insurance for at least one year. But even the cost of private insurance in Spain puts the cost of insurance in the United States to shame. A healthy 64-year-old couple would both pay less than $300 a month for private insurance.
6. Panama
Panama has a public healthcare system and a private healthcare system. Foreigners can receive low-cost medical care at public hospitals and clinics. If a Panamanian company does not employ you, you do not have to pay into the public healthcare system. Private clinics and hospitals are still very affordable compared to U.S. facilities and often have short wait times.
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Two different government agencies run the public healthcare system. Caja de Seguro Social (CSS), which stands for Social Security Fund, manages public hospitals. The Ministry of Salou (MINSA) or Ministry of Health operates local hospitals and public clinics.
Many Panama City hospitals are affiliated with the International Joint Commission, as well as U.S. hospitals such as Cleveland Clinic, Miami Children’s Hospital, Johns Hopkins University, and Tulane University Hospital Clinic. U.S. Veterans may receive VAFMP, CHAMPVA, or TRICARE insurance at some Panama City hospitals.
5. Costa Rica
Costa Rica is a very popular retirement destination, and a big reason for this is its healthcare system. Caja Costarricense de Securio Social, commonly referred to as “Caja,” provides insurance coverage to all legal residents and citizens of Costa Rica. There are 30 hospitals, 250 clinics and 1,000 small care centers called EBAIS operated by Caja throughout Costa Rica.
To qualify for Caja, you must have an approved residency application, and participation in Caja is required to maintain residency status. You will pay approximately 15% of the monthly income you report on your residency application. Still, there are no co-pays, age-based increases, or restrictions on pre-existing conditions.
4. Colombia
The World Health Organization rates Colombia’s healthcare system as more efficient than countries such as the United States, Canada, and Australia. Entidades Promotoras de Salud (EPS) is the country’s public insurance plan that expatriate retirees over the age of 60 who have a national ID card can apply for. Additional plans and private health insurance plans are also available.
Most hospitals in cities of a certain size have English-speaking staff and translation departments to ensure you understand what’s going on and can communicate your wishes.
3. Mexico
Mexico’s public healthcare system is run by the Instituto Mexican de Seuro Social (IMSS) and the Segro Popular system. Mexican residents who are not working can register with IMSS and make annual contributions. The Segro Popular system enrolls people who cannot afford InterScan MSS on a sliding scale.
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Mexico’s Federal Ministry of Health has accredited 98 hospitals nationwide. Cosmetic surgery and dental services are popular among Mexican expats.
2. France
Anyone who has lived in France for at least three months has access to the French healthcare system. You will need a long-term visa for the first 12 months of your stay, but after that you can apply for permanent residence. Although private facilities are available, those who qualify for public health care are often reimbursed for most of the costs incurred at somewhat more expensive private clinics and hospitals.France’s public health care covers 100% of long-term care services – something unprecedented in the United States
Medical expenses in France are charged annually according to taxable income. This fee is usually very low for retirees, as there is no tax on retirement income in France. The amount you pay for medical expenses in France will only increase if your income increases.
1. Portugal
The World Health Organization ranks Portugal’s healthcare 12th in the world. Portugal has 10 hospitals and 16 health facilities that have received the Gold Seal of Approval from the International Joint Commission. Portuguese doctors are well trained at the Faculty of Medicine of the New University of Lisboa, the Faculty of Health of the University of Minho, and other educational institutions.
Servico Nacional de Saude (SNS) is Portugal’s public healthcare system and is available to resident foreigners. Private health insurance is also available and is affordable, although prices vary depending on health status, age, and degree of insurance.
There are many things to consider when deciding where and whether to retire overseas, and healthcare is definitely one of them. Knowing that your desired retirement location offers comprehensive and affordable health care will make your decision much easier.
This article was first published GOBankingRates.com: People retiring abroad: Top 10 countries with the most affordable healthcare costs
