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What you need to know about Medicare Insurance outside the US

Are looking to retire overseas?  Plan on extensive traveling after 65?  Did you  know that your Medicare Insurance will not cover your healthcare costs outside the US?

The Exceptions to the Rule

If you happen to be traveling in the US, but the closed hospital is in the Canada or Mexico, you may qualify for some Medicare coverage. Another exception is if you are on a cruise and become ill or other health emergency. Medicare will cover you if you seek assistance from the onboard doctor and the ship is no more than six hours from a US port.

What are Your Medicare Insurance Options?

If traveling internationally is in your retirement plans, you should consider purchasing a Medigap plan, specifically Medicare C through J.  You may want also to consider buying a travel insurance plan to cover you while you are in foreign countries.

Check out this video about Medicare and traveling abroad.

What is a Medigap Plan?

Medicare supplemental plans are designed to fill in the gaps left by original Medicare.  These gaps could have you searching your pocket for costs like deductibles, coinsurance, and copayments.

Medicare supplement plans or Medigap policies are purchased  through private insurance companies. Typically,  these plans will  help you with the leftovers after your Medicare benefits are applied. It is essential to understand that a Medicare Supplement Plan is only available in conjunction with Original Medicare Parts A & B.

What is Travel Insurance?

Created for travelers leaving their home country that are worried about their own coverage overseas, it provides coverage if you are traveling abroad and have an accident or become ill. Often, emergency dental treatment is included ( if your need is the result of an accident ).  Also emergency transportation such as an ambulance or airlift services might be covered.

Emergency medical evacuations can transport you out of a remote area and moved to a medical facility where you can get the proper care.  If you should get killed or die on your trip, there is coverage that will make sure your remains are taken care of appropriately.

Navigating Medicare Coverages

Understanding Medicare is no easy task. That’s why I am here with you every step of the way. With over 30 years of experience, I may not have seen it all, but I have seen quite a bit.  So, when you work directly with me, you are getting a trusted advisor and some you can call throughout the year for service needs or just simply questions. . Someone who can discuss all of your coverage concerns and get you on the right path.  Retirement should be an enjoyable time, not a time worrying about your healthcare coverages. Give me a call today 877-549-1212, let’s start a conversation. Let’s check exactly what your personal Medicare Insurance Plan covers outside the US and if you need to be concerned.

While there aren’t too many certainties in life, there is one, and that is at some point we will all die.  It’s not a fun topic for discussion, but planning for your death is something that must be done to protect the ones you leave behind.

While there are many burial options to choose from, they all still cost money. In fact, a basic funeral can cost up to $8500, and that doesn’t include a cemetery plot, headstone or any other final medical expenses.

Of course, you may be thinking “If I am dead, why do I care?”

Well, because it’s not all about you. Leaving the responsibility to those you love scrambling to come up with the funds only adds stress to an already upsetting situation. Think of burial insurance as one last gesture of kindness for your loved ones.

Burial Insurance Explained

A final expense insurance policy also known as a burial insurance policy is an important insurance policy designed to pay your costs associated with your death. The amount of the actual insurance payoff will depend on the value of the insurance policy you choose.

It’s also important to note, that the younger you are when you sign up for the policy, the less expensive it will be.

Like other life insurance policies, you will need to name a beneficiary who will be able to use the payout from the policy to pay for the funeral costs, probate, and other debts that you may have.

We all know losing a loved one is a painful experience.

Lacking the funds to take care of final expenses can make it a lot worse.

A burial insurance or final expense policy removes the financial burden that comes with a loved one’s passing. For some, coping with not only a death, but the financial aspect of it is just too much to deal with.

Death ( and especially an unexpected death ) brings with it many costs and many families have trouble coming up with a large sum of money quickly.

Final expense insurance can save families the additional heartache of having to withdraw funds from their checking or savings account. Even worse, selling off precious possessions to finance a funeral and adequately take care of a loved one that has just died.

If you care about the mental health and welfare of those you leave behind, you should plan to purchase final expense insurance.

The Basics of Final Expense Insurance

Final expense insurance is a type of insurance policy written for one reason: to pay your funeral costs and other small debts remaining after you have passed on.

Most policies range from several thousand dollars all the way up to $50,000 to $75,000, which is usually the maximum amount you can apply for. These limits are a lot less than traditional term, universal or whole life insurance policies. These policies are designed to cover, short-term and final expenses and not the costs associated with education or spousal support.

The upside to these policies is that a medical exam is usually not necessary either.  Since there may not be a medical exam and those that have been turned down by other life insurance companies due to age or health concerns may want to consider a burial insurance policy.

Recapping the Reasons, Why You Should Buy  Final Expense Insurance

1. Lift the Burden–If you make your funding plans ahead of time, your loved one won’t shoulder the weight of funeral planning after you die. Release Your Worry–You’ll feel at ease that your funeral expenses are taken care of ahead of time.
2. Excluded Assets–The final expense plan might be classified as an exempt asset so you can qualify for Medicaid and Social Security benefits.
3. Versatility–Your beneficiaries will have the money they need to take care of medical bills or other expenses that may come up.
4. Building Value Over Time–As you put aside funds in advance, the death benefit will grow at an expected rate of growth, similar to a savings account.
5. No Headaches at Tax Time–If you move funds from an investment, there is no need to worry about taxation or growth.
6. A Customized Plan For All–You can pick a plan for your needs explicitly associated with cost and health conditions.
7. Customer Friendly Plan–Some plans may return any funds that are left over after paying your funeral costs to you, your beneficiaries, or your estate. You get to decide.
8. Consideration Period–Ask if you have a window of time where you can change your mind. Some plans may offer a 30-day money-back guarantee, which you can cancel and get a full refund.
9. Smart Planning–It’s just a wise decision. Planning is supported by lawyers, trust officers, and financial service professionals as a sensible way to provide for final expenses and protect your wealth for your beneficiaries.

The Bottom Line

Burial insurance is a must-have to protect your family properly. Do you want to leave them scrambling to make ends meet after you’re gone? No, you don’t.

You want them to be able to come together for a time of grieving, healing, and love. You don’t want to complicate that with financial struggles and arguing. It can destroy your funeral and ruin your memorialization.

Let’s find out what works best for you. I offer free consultations and will be happy to walk you through the options available to you. I believe giving yourself and your family the peace of mind in regards to their financial future is the best gift you can give.

Call me today to arrange your complimentary consultation at 877-549-1212. Believe it or not, I actually answer my own phones.