Health a worry for Britons hoping to retire abroad
Half of UK employees would like to retire abroad, according to a new survey from Aon.
Of the 1,000 UK workers polled for the employee benefits consultants' European-wide survey, just under 50% said they would be happy to stay in their home country, compared to almost 90% in Spain, which is the first choice for a foreign retirement location.
The survey also highlights that health concerns are the top fear for employees contemplating their retirement. While employees in the UK were the least worried about health problems across the sample, it was still a worry for about a third of respondents.
The two findings highlight the value of international private medical insurance intermediaries offering advice to Britons planning to retire abroad.
International private medical insurer ALC Health has a dedicated office in Spain and offers health cover indefinitely as long as the policy is started before the age of 74. Director Andrew Apps advises Britons looking to retire abroad to take care when choosing a policy.
"The health side tends to get put to the bottom end of the list of things to do," he said. "People assume that because we are part of the European Community it will be like being part of the UK. Spain is an interesting example of where it is just not like that. You do need to get insurance. It can be quite scary. For example, hospitals may not treat you unless you present a credit card for pre-payment.
"When choosing a policy you need to be very careful. There are some where you get to age 65 and you cannot renew your policy. You should also think about what support you are getting locally. For example, does the insurer have English speaking people based locally?"
Oliver Rowlands, head of retirement Europe, Middle East and Africa at Aon Consulting, said: "There are financial implications that people thinking about retiring overseas need to consider. Cost of living may be higher in the country of choice, and so people planning on retiring abroad need to factor that in to their savings plan. There can also be tax implications both at home and in a new country of residence, so it is certainly worth investigating that in advance so there are no nasty surprises later on. And finally healthcare benefits can vary widely for expatriates and this will be a major concern for retirees as they grow older."
The Aon Consulting European Employee Benefits Benchmark survey involved 7,500 workers from 10 countries including the UK. It was carried out earlier this year.
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