The value of wellbeing may indeed be priceless, but the cost of remaining healthy when living abroad is getting more and more pricey as health insurance premiums have risen by as much as 119% in less than 10 years, according to a brand new survey.
The Kaiser Family Foundation, the Health Research and Educational Trust and the Health Affairs journal in the US jointly commissioned the survey into the rising cost of health; the survey shows that rising health costs are hitting expat insurance premiums too.
During the period when health insurance premiums rose by almost 120%, average salaries only increased by 34%, indicating that the real cost of maintaining a healthy disposition whilst posted abroad is rapidly rising beyond that which most average families can afford.
The survey also suggests that international and expat insurance policy excesses are also up – in the US alone excesses have risen by as much as 21% in just a year. This is very worrying news for those thinking about moving abroad, because health insurance is often a very secondary consideration. Yet, when one fails to plan and research and find an affordable yet quality insurance policy in advance of an overseas relocation, the shock of having to quickly get insurance in place before one can even gain access to the medical system can be a costly shock.
Considering how you will fund your current, ongoing and long-term health is absolutely essential for all would-be expats, as is understanding how the health system works in the new country. Some countries have a national health system in place that is similar to the NHS and into which workers are opted as soon as they begin gainful employment abroad. In other countries such as Germany and America for example, one has to pay for every element of the health service are there are many insurers offering differing levels of cover and care. For older people considering a retirement abroad, the concerns, issues and potential solutions are different again. For example, some nations in Europe have a reciprocal agreement with the UK so that British pensioners receive free basic medical care abroad. In other nations retirees from overseas will need, but perhaps find it hard to get health insurance.
With costs of healthcare rising and the price of insurance premiums increasing in line, it’s important to factor into your relocation plan consideration about affording healthcare abroad.
