Drummond Financial Solutions

(330) 877-2923

Insurance Read Time: 2 min

Retiree Health Care Coverage Overseas

According to the AARP, an estimated 39% of Americans over the age of 50 expect to travel internationally in 2023.1

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.org, March 2023
2. Medicare.gov, 2023

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.

 

Related Content

Assess Life Insurance Needs

Assess Life Insurance Needs

How to help determine life insurance needs to provide for your family after you pass away.

18 Years’ Worth of Days

18 Years’ Worth of Days

The average retirement lasts for 18 years, with many lasting even longer. Will you fill your post-retirement days with purpose?

Insuring Your Business Against Cyber Liability

Insuring Your Business Against Cyber Liability

90% of small businesses in the U.S. don't protect their data from cyber attacks. Is your business at risk?

 

Have A Question About This Topic?







Thank you! Oops!

Spotting Credit Trouble

The wise use of credit is a critical skill. These 10 questions will help you assess your skill level.

The Utility of Sector Investing

Successful sector investing is dependent upon an accurate analysis about when to rotate in and out.

Does Your Child Need to File an Income Tax Return?

When your child has income, there’s a good chance that he or she will need to report it and pay taxes.

View all articles

Saving for College

This calculator can help you estimate how much you should be saving for college.

What Is My Risk Tolerance?

This questionnaire will help determine your tolerance for investment risk.

A Look at Systematic Withdrawals

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

View all calculators

Long-Term-Care Protection Strategies

The chances of needing long-term care, its cost, and strategies for covering that cost.

5 Smart Investing Strategies

There are some smart strategies that may help you pursue your investment objectives

Your Cash Flow Statement

A presentation about managing money: using it, saving it, and even getting credit.

View all presentations

Forecast

The market is as unpredictable as the weather. We'd love to help you prepare.

Leaving Your Lasting Legacy

Want to do more with your wealth? You might want to consider creating a charitable foundation.

From Boats to Brokers

From the Dutch East India Company to Wall Street, the stock market has a long and storied history.

View all videos