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Cost of private health insurance

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StationsEnd
  7/25/2015 06:14 EST

Hello. My husband and I have, just recently, started to explore the possibility of retiring outside of the United States and are currently focusing our attention on Portugal and France. Our monthly income will be limited, but the estimated expenses that have been presented on this and other forums as well as many online articles are very encouraging.

I’m concerned, however, that the cost of private health insurance may kill the dream before it has a chance to come into focus. I read that one couple, over the age of 65, was quoted a cost of $25,000 to $35,000 per year for the two of them.

It is my understanding that Medicare does not cover medical expenses incurred outside of the United States. It is also my understanding that proof of health insurance is a Visa requirement in many, if not all, countries.

I would appreciate any information that you have to offer on this topic.

craigandmicki
  7/30/2015 09:04 EST

Yes, you must have private health insurance but it is NOT $25k or anywhere near that! Here are some quick thoughts: a) Initially, you might purchase travel insurance or a short term policy to address the Schengen Visa and Residency Permit requirements and then move to an annual plan.Check pricing at Cigna, Bupa, IMG or Allianz as some examples. b) Most plans exclude applicants older than 65. c) The coverage you need must satisfy the Schengen standards... quoted here: "NON-EU CITIZENS not working and without contributions to an EU Social Security program can purchase a private insurance plan. Supplementary health insurance is mandatory by law for those applying for either a Temporary Visa or Residency Permit. The plan must cover any expenses which might arise in connection with repatriation for medical reasons, urgent medical attention and/or emergency hospital treatment or death, during their stay(s) on the territory of the Member States. The insurance shall be valid throughout the territory of the Member States and cover the entire period of the person’s intended stay or transit. The minimum coverage shall be €30,000. Extract from Regulation (EC) No 810/2009 "

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adepristo
  8/2/2015 17:00 EST

Global Medical Insurance provides very good coverage for about $10K per couple age 66-75 as long as they are in good health.

I am looking at moving to Portugal in the next 5 years and retiring there at age 70. But, what do people do for medical insurance after the age of 75?

craigandmicki
  8/3/2015 04:57 EST

What did the Insurance company sites say about this? Thought that the rule was 'once covered can't be canceled'.

adepristo
  8/3/2015 07:11 EST

The Portable Care Act ("Obamacare") does not apply to private insurance outside the USA. Coverage can be denied for pre-existing conditions, age, etc.

craigandmicki
  8/3/2015 08:45 EST

The laws that do apply are those if the EU. A plan that complies with the Schengen zone requirements is needed. These plans will explain how persons covered prior to age 65 remain eligible and those over 65 can apply for coverage.

Portugal Residency AdvisorsPortugal Residency Advisors
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Portugal Residency Advisors is a full-service consulting firm dedicated to providing personalized services to individuals and families seeking to relocate to Portugal. With a team of experienced professionals and strategic partnerships, we are well-positioned to assist clients with all aspects of the relocation process.

Click connect to have our partner contact you via e-mail and/or phone.

Portugal Residency AdvisorsPortugal Residency Advisors

Portugal Residency Advisors is a full-service consulting firm dedicated to providing personalized services to individuals and families seeking to relocate to Portugal. With a team of experienced professionals and strategic partnerships, we are well-positioned to assist clients with all aspects of the relocation process.
Connect

Click connect to have our partner contact you via e-mail and/or phone.

adepristo
  8/3/2015 09:10 EST

I had looked a few years ago about medical insurance when I lived in Canada and there were no restrictions. I should have known that the EU would be different from when I lived in Denmark. Thank you for the advice.

ofilha
  8/6/2015 04:05 EST

you can go to a couple of websites: multicare.pt and medis.pt. You can get simulation on it. There are several companies, just search seguro de saude portugal.

ofilha
  8/6/2015 04:05 EST

you can go to a couple of websites: multicare.pt and medis.pt. You can get simulation on it. There are several companies, just search seguro de saude portugal.

ofilha
  8/6/2015 04:11 EST

if you are travelling temporarily you ought to check out the state department website for travel health insurance. There is a www.axa-schengen.com site where you can get temp insurance while travelling in europe which i suggest you do as if something happens while abroad you may be on your own. As for permanent health insurance, you just need to search the web for it although each country has its own insurance companies that can help you. In portugal you can check medis.pt and multicare.pt. But there are bunches, as for the cost of 25K, i do not think it costs that much. In portugal you can get healtth insurance when you are 60 for about 1000 euros a year. The websites in portugal i gave have a entry age limit of 65 i believe.

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