If you’re like many retired seniors, you’ve spent years dreaming of the overseas travel you’ll be able to do now that you no longer have the daily responsibilities imposed by the working world. However, even those in perfect health can come down with various health ailments or be injured while traveling — and unless you’ve purchased a supplemental health insurance policy that specifically covers treatment in other countries, you could find yourself on the hook for a hefty bill. What should you do to protect yourself while living the dream? Read on to learn more about what the various Medicare supplements have to offer and what you’ll need to ensure healthcare protection while traveling outside the country.
What supplement should you purchase if you’re going to be out of the country?
Fortunately for those who plan decades of retirement travel, there are a variety of Medigap policies (including plans C, D, E, F, G, H, I, J, M, and N) that will pay 80 percent of all charges incurred in a foreign country (after a small deductible) if this injury takes place within 60 days after you’ve left the country. In most cases, this should be sufficient to get your bill down to a manageable amount — however, if you desire even more coverage, there are some policies available on the private market that can help you pay the additional 20 percent or cover the deductible.
Are there limitations to this coverage?
You’ll want to keep track of the total amount paid out by your Medigap policy during overseas travel. These policies all have a lifetime limit of $50,000 — so if you receive care in a country with a high cost of living or unfavorable exchange rate, you could max out your policy with a single hospital stay, while more extensive care received in cheaper countries may not make much of a dent in your limit. Once you’ve reached this limit, you’ll need to purchase a private health insurance policy from a company like Shifflett Insurance Services Ltd that offers out-of-country coverage to ensure you’ll be able to receive (and pay for) needed care while traveling.
Fortunately, you don’t need to worry about locking yourself into a costly plan when selecting a Medigap supplement. Like other types of health insurance, Medicare allows you to enroll each year. If you’re not planning any foreign travel for a certain year, you can let your Medigap policy lapse and then decide whether to re-enroll the following year.
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