When you think about your future, do you picture retiring in some tropical location somewhere on a sandy beach? Or maybe overseas somewhere off the beaten path, with a lower cost of living and less stress. If so, you may want to consider how retiring abroad can affect your long term care insurance (LTCI) policy.
International long term care coverage varies greatly carrier to carrier, so it is important to speak to a specialist on what your policy will and will not cover should you retire in let’s say, Europe. Long term care insurance can cover care in a nursing home, an assisted living facility or even at home. So what would home care, or facility care look like internationally?
Many LTCI plans do cover care that is received internationally, however, usually on a limited basis. For example, one carrier we work with will reimburse 50% of your daily or monthly benefit. Other carriers cover all costs outlined in the plan, but just for a one year period, while others will allow no international reimbursements.
A bit confusing, right? That is why we recommend speaking to someone who specializes in long term care planning who will know the ins and outs of each carriers’ plans.
Your dream of retiring in the Tuscan Villa or beachside in Costa Rica can still be true by planning ahead and buying the right long term care plan that will pay should you need it.
LTC Consumer is an independent, free online service to help consumers understand what long term care insurance is, how it works, and how to evaluate coverage options. Our mission is to provide an educational, no-pressure resource for learning about long term care planning, with the opportunity to speak with specialists who can help them.