According to Fox Business, a fidelity study released last year estimates that a healthy, 65-year-old couple will need $275,000 to cover their healthcare costs in retirement—and that doesn’t include the cost of over-the-counter medications, dental care, or long-term care.
But according to a recent survey, there are places overseas where retirees can enjoy excellent-quality healthcare—as good, if not better, as what they can expect in the US for pennies on the dollar.
International Living.com recently compared and contrasted the benefits of life in the top 24 countries around the world they recommend for an overseas retirement.
“In addition to a survey of specific prices for a range of treatments, medications, and insurance, we also take into account the ease with which expats can access care. In the communities we recommend in all the nations that top our list, expats can find excellent healthcare at prices as low as 50% or less of what they’d expect to pay at home in the United States,” says International Living’s Executive Editor, Jennifer Stevens.
Stevens discussed with Fox Business the top 5 countries International Living recommends for retirees when it comes to healthcare overseas – and why:
The World Health Organization (WHO) ranks Colombia’s healthcare system as 22 out of the 191 countries they review. (That is better than Canada at 30 and the U.S. at 37.) The care is top notch and the price is a small fraction of what it would add up to in the U.S. Co-pays for the public health plan are based on a three-tiered system—the mid-range price is about $3—and apply to laboratory tests, x-rays, and prescription medications. Private health insurance is an option for people under the age of 60 as a supplemental plan to the EPS public coverage. But many expats simply choose to pay for care out-of-pocket. Prices for procedures, office visits, and medications are much lower than in the U.S. For example, a one-hour consultation with a specialist costs about $50.
In Mexico, every medium to large city has at least one first-rate hospital. Most doctors and dentists in Mexico received at least part of their training in the U.S., so they’re familiar with the care expats expect and they speak English. International Living’s Mexico Editor, Glynna Prentice, says, “In Mexico, I have access to two affordable healthcare systems: public and private. In Mexico’s private healthcare system, costs—pretty much across the board—run 25% to 50% of U.S. costs for comparable services. And as a legal resident in Mexico, I also have access to Mexico’s public healthcare system, which runs most people around $300 to $400 or so a year—or less,” says Prentice, one of an estimated 1 million Americans now living in Mexico.
Most common name-brand prescription drugs are available in Mexico—at 25% to 50% less than what they cost north of the border and generics are available for many off-patent drugs as well. Many doctors routinely make house-calls and phone you to inquire about your health, after treatment. In fact, many pharmacy chains provide a free physician whose office is attached to the pharmacy. Simply walk in and pay nothing for a consultation. And most medications do not require a prescription.
By Casey Dowd for Fox Business
Click here for full article: Fox Business
Source: Fox Business
3 Reactions on this Article
Unfortunately I believe this article is now inaccurate about Mexico. AMLO has basically ended medical care for Expats unless they are citizens. I was told today at Seguro Popular that they are no longer processing applications for ex-pats or doing renewals unless the ex-pats are Mexican citizens. Those with Seguro Popular will be able to continue with the service until their next renewal, which happens every 3 years.
The state of Colima has stopped permanent residents applicants for Seguro popular also. We had gone to Seguro popular because after paying into IMSS for 10 years they told us we would not be covered for a critical illness unless we were citizens so we were basically paying for accident insurance. In that 10 years we had only used IMSS once and it was costing us almost $1000 per year Canadian. We joined Seguro Popular and this is our final year of the 3 year enrollment after that no coverage. This something Expats should think carefully about when planning to move to Mexico.
It was bound to happen! Seguro Popular is for the destitute nationals Mexicans. As the new president López Obrador stated: the poor are first in line with our administration when it comes to social services. ” Or words to that effect.
Leave a Comment