Vermont Retirement Planners, LLC

54 Highland Avenue
Manchester Center, VT 05255
nick@vtretirement.com
(802) 367-3958

87 North Main St.
Rutland, VT 05701
nick@vtretirement.com
(802) 772-7945

Insurance Read Time: 2 min

Retiree Health Care Coverage Overseas

According to the AARP, an estimated 54% of baby boomers were expected to travel internationally during 2021.1

Overseas travel may be one of the more popular aspirations in retirement, but it does beg an important question: Will your health insurance coverage travel with you?

Medicare Coverage Outside the U.S. Is Limited

In most cases, Medicare will not cover costs for health care or supplies obtained outside the U.S. (including its territories), except in three situations:2

  • You are in the U.S. when a medical emergency arises and a foreign hospital is closer than a U.S. one.
  • You are traveling through Canada on a direct route between Alaska and another state when an emergency arises.
  • You live in the U.S. and a foreign hospital is closer to your home than a U.S. one, regardless of whether it's an emergency.

Medigap Coverage May Travel with You

Medigap is supplemental insurance sold by private insurance companies, which is designed to fill in the “gaps” of Medicare coverage. If you own a Medigap policy, plans C through J, as well as M and N, offer travel emergency coverage. It has a $250 deductible with a $50,000 lifetime maximum. It will pay for 80% of emergency care and applies only during the first 60 days of the trip.2

No Medigap?

Travelers who do not have Medigap coverage, but have health insurance coverage through private plans, such as Medicare Advantage, should check their plan to determine coverage while traveling.

If you do not have coverage when traveling overseas, policies may be purchased that will cover medical expenses incurred outside the U.S., including evacuations.

1. AARP, November 2021
2. Medicare.gov, 2021

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

Share |
 

Related Content

Why Everyone Needs an Estate Strategy

Why Everyone Needs an Estate Strategy

Do you have an estate strategy? You should.

How to Appeal Your Property Taxes

How to Appeal Your Property Taxes

For homeowners who think their property taxes are too high, there are ways to appeal.

Retirement Considerations in Your 60s

Retirement Considerations in Your 60s

Welcome to your 60s – the time in your life when retirement is less a far-off dream and more an immediate reality.

 

Have A Question About This Topic?







Thank you! Oops!

Whole Life Insurance Can Be an Asset For Balance

Even if you didn’t grow up on a farm, you’ve heard, “Don’t put all your eggs in one basket.”

Your Financial Path Forward in the Midst of Mental Illness

Losing a job is never easy, even under normal circumstances. Losing a job or needing to take extended time off of work due to mental illness, however, comes with its own unique set of pressures to navigate

Funding Your Future Health Care Needs

A little planning now can go a long way to help take care of yourself in the future.

View all articles

Historical Inflation

This calculator shows how inflation over the years has impacted purchasing power.

A Look at Systematic Withdrawals

This calculator may help you estimate how long funds may last given regular withdrawals.

Home Mortgage Deduction

Use this calculator to assess the potential benefits of a home mortgage deduction.

View all calculators

Managing Your Lifestyle

Using smart management to get more of what you want and free up assets to invest.

Principles of Preserving Wealth

How federal estate taxes work, plus estate management documents and tactics.

An Inside Look at Retirement Living

A number of questions and concerns need to be addressed to help you better prepare for retirement living.

View all presentations

Retirement and Quality of Life

Asking the right questions about how you can save money for retirement without sacrificing your quality of life.

The Richest Man in Babylon

In good times and bad, consistently saving a percentage of your income is a sound financial practice.

Retirement Plan Detectives

A couple become Retirement Plan Detectives, searching records from old employers.

View all videos