Overseas Retirements

In 2016 alone, the state department estimated that roughly 9 millions of non-military Americans were living overseas, according to various reports. Separately, social security administration data show that about 692,000 monthly checks go to overseas addresses.

For many people who chose to do so, living overseas means access to cheaper health care coverage. However, when someone crossed the threshold of being sixty-five, things get a little bit complicated.

There are many retired couples or individuals who already had health insurance through the country’s national health plan. However, Medicare does not provide coverage overseas. But somehow, should they decide to go back to the united states and sign up, they would have to pay for a steep price in the form of late-enrollment penalties.

Either you are planning to stay there or go back to the United States, it is much more advisable for you to sign for medicare.

It is stated that any individual has a responsibility of applying for parts A and parts B when they turn sixty-five. Unless if that individual has been collecting social security early, in which they are automatically enrolled unless they opt-out of it.

The general rule is unless you have qualifying coverage, as defined by the united states government, you face a late-enrollment penalty if you sign up for part B after your initial enrollment period. That amounts to a ten percent higher monthly base premium for each twelve months period you could have been enrolled but were not. Those penalties are life-lasting as well.

However, you are entitled to a special enrollment period, which comes with no late enrollment penalties. You will have to prove that you had qualifying coverage while working overseas. That means you should keep the records of your tax returns, pay stubs, medical statements, and records of the doctor visit and bills.

If you have qualifying coverage and were employed, that window of enrollment for medicare starts up to eight months since you lose your coverage. However, if you do not have a qualifying health plan and sign up late for Medicare, you can enroll in the general enrollment period. Then you will have to wait for the coverage to be effective.

With each person comes a unique solution to the matter as well.

However, another alternative that you could do is to sign up for medicare advantage plans. This plan is administered by private run insurance companies. Dependable on the type of medicare that you signed in. By law, the medical advantage plans have to provide at least the same coverage of plan A and plan B.

People who have signed up for medical advantage plan would also be entitled to get additional medicare advantage 2020 that has been suggested by the current administration. Some Medicare Advantage plans may provide additional coverage outside the united states, while some might levy a higher charge to cover you outside the united states. To understand more, you should contact your administrator.