As a retiree abroad, it is important to know some important insurance policies. Here are some things you should know about insurance and some of the different types available.
Some factors to consider are your age, income, and assets. Also, check with your insurance company about the specific benefits available to you.
Why should you have insurance in mind as a retiree abroad?
There are a number of risks that can arise when retiring abroad. These risks can include injury, theft, and even death. When it comes to insurance, you need to know the different types of policies and choose one that will best protect you.
The benefits of insurance can be many different things. For example, if you get injured, you may be able to get help from insurance. If you lose your money while traveling, you may be able to get reimbursed or compensated. And if something happens to you while you are retired abroad and you cannot return to Switzerland, insurance may be able to help you.
Health insurance
Special rules apply to pensioners living in the EU/EFTA. If you only receive a pension from Switzerland, you are still required to have Swiss health insurance (you will need Form S1 to register in your new country of residence). It is possible to be exempt from insurance in certain EU countries. Detailed information can be found on the website of the Federal Office of Public Health (see in particular the leaflets “Persons living in an EU/EFTA country” and “Subordination to health insurance”) and on the KVG website.
Medical and hospital costs are sometimes exorbitantly high in other countries, which is why adequate health insurance coverage is crucial. Before reaching retirement age, this issue must be clarified with the health insurance company. If you move to a third country (outside the EU/EFTA), you are no longer entitled to statutory health insurance in Switzerland (KVG basic insurance). It is important to distinguish between basic insurance and private insurance alternatives.
Adequate insurance coverage is essential. It is advisable to thoroughly clarify the question of sufficient insurance coverage, for example through private insurance. After a certain age, international insurance solutions can be prohibitively expensive, and reservations must be made (depending on the state of health). It’s a promising idea to look into different service options. Also, check with host country authorities to see if local health insurance is required.
Please consider the following suggestions:
Visiting public (usually less expensive) hospitals may be difficult in some countries due to lack of language skills.
On the other hand, it is usually essential to know the exact coverage for services (especially when seeking services in private clinics).
In most cases, proof of sufficient insurance coverage is required for the issuance of a residence permit.
Accident insurance
Only those who are gainfully employed in Switzerland are liable for accident insurance under the UVG; all others are insured under the KVG. Therefore, it must first be checked whether there is continuous insurance in Switzerland according to KVG (e.g. if you are established in the EU/EFTA). If this is the case, the pensioner is insured under the statutory accident insurance. However, if the pensioner decides against the mandatory basic insurance, he must take out accident insurance himself. The accident risk is often covered by private health insurance. You should also find out whether accident insurance is mandatory where you live. Private accident and life insurance are available worldwide, but they are quite expensive.
Homeowner’s and liability insurance
For legal reasons, these plans are canceled and new policies must be purchased overseas. This is because each state has its own rules about who can and cannot buy insurance. Insurance advice or instructions may be given, especially by international insurers. Check with a preferred insurer for your coverage and sum insured requirements.
Insurance for automobiles
Essentially the same applies to liability and homeowners insurance. In rare cases, you may be able to continue your insurance with a branch of the same company in another country.
Retirement insurance
Retirement insurance is an important decision if you are thinking about retiring abroad ahead of time. If you’re not sure you have the coverage you need, it’s best to speak with a professional about your specific needs. Many travel insurance policies include retirement benefits, so it’s important to make sure you’re covered if something happens to you abroad.
Thanks to this post, you now know which insurance policies are paramount if you’re planning to retire abroad. And being insured in case of an emergency always pays off. In principle, it is always better to be safe than sorry.
If you still have questions about insurance that will make it easier for you to retire abroad, we would be happy to hear from you. All you have to do is send us a message – we will then reply as soon as possible.
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