10 Most Budget-Friendly Healthcare Countries Worldwide
- According to the Fidelity Retiree Health Care Cost Estimate, a 65-year-old in 2023 would need $157,000 saved for healthcare expenses in retirement, while a couple would need $315,000. These costs include out-of-pocket expenses not covered by Medicare, such as co-payments, prescription drugs, and long-term care.
- As healthcare costs in the U.S. continue to rise, some Americans are choosing to retire overseas where healthcare is often more affordable. The top 10 countries with the most affordable healthcare for retirees include Italy, Brazil, Denmark, Spain, Panama, Costa Rica, Colombia, Mexico, France, and Portugal. The healthcare systems in these countries vary, but they often offer comprehensive, affordable care and sometimes even free access to public health services for permanent residents.
- While retiring abroad can offer significant savings on healthcare, it’s important for retirees to research and understand the healthcare system of their destination country, including eligibility criteria and coverage details. In some cases, retirees may need to purchase private health insurance or pay into the public healthcare system. However, even the cost of private insurance in many of these countries is significantly less than in the U.S.
Most Affordable Healthcare Options for Retirees Planning to Settle Abroad
Many U.S. retirees are getting concerned about the rising cost of healthcare. As per the Fidelity Retiree Health Care Cost Estimate, if you are to retire at 65 by 2023, you need to have at least $157,000 saved to cover your healthcare needs. For couples, an estimated after-tax amount of $315,000 is necessary. These figures include co-payments, prescription drug costs, long-term nursing care, and other expenses that Medicare will not cover.
Due to this financial burden, some Americans opt to retire abroad where healthcare services are significantly cheaper and their social security funds will go much further. If you are considering retiring abroad, here are the top 10 countries offering the most affordable healthcare.
10. Italy
Italy’s national health service, Servizio Sanitario Nazionale, is one of the best in Europe for expats. You must obtain Italian nationality and apply for a health insurance card to use it. Private insurance is also available for expats that offer access to a wider network of healthcare providers with lesser wait time.
9. Brazil
Brazil is famous for its high-quality healthcare services and is a popular destination for those seeking cosmetic and plastic surgery. Permanent residents have free access to public health services and member private hospitals under the Single Health System (SUS).
8. Denmark
After staying for six months in Denmark, you can apply for a Central Person Register (CPR) number to access the Danish healthcare system. It offers both universal, decentralized healthcare, and private health insurance policies for additional coverage.
7. Spain
Spain’s public healthcare system, Seguridad Social, is available to taxpayers who have paid into the system. However, foreign retirees must purchase private Spanish health insurance for at least a year as a condition of their retirement visa.
6. Panama
Panama has both public and private healthcare systems. Public healthcare services are low-cost, and the wait times for private facilities are often shorter.
5. Costa Rica
Costa Rica offers a comprehensive healthcare system accessible to all legal residents and citizens. The Caja Costarricense de Securio Social, or ‘Caja,’ operates 30 hospitals, 250 clinics, and 1000 smaller care centers throughout Costa Rica.
4. Colombia
Colombia’s healthcare system is rated higher than the U.S., Canada, and Australia by the World Health Organization. The national public insurance plan, Entidades Promotoras de Salud (EPS), is accessible to expat retirees who are over 60 and have a national I.D. card.
3. Mexico
The public healthcare system in Mexico, managed by the Instituto Mexican de Seguro Social (IMSS) and the Seguro Popular systems, is accessible to all Mexican residents who do not work.
2. France
Anyone who has lived in France for at least three months gets access to the French healthcare system. The amount you pay for healthcare is only based on taxable income, which is generally very low for retirees since retirement income is not taxed in France.
1. Portugal
Portugal’s healthcare system, ranked 12th globally by the World Health Organization, is accessible to foreigners who are full-time residents. Private health insurance is also available and is typically reasonably priced.
Healthcare should be a primary consideration when deciding whether and where to retire abroad. Knowledge of a potential retirement destination’s comprehensive, affordable healthcare can make your decision much easier. This article originally appeared on GOBankingRates.com: Retiring Abroad: Top 10 Countries With the Most Affordable Healthcare.
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