Social Security and Medicare for Expatriates: What You Must Know
Social Security and Medicare together make up a huge financial asset for American retirees. But if you decide to live abroad as an expatriate, will those programs still be there for you?
In the following video, Dan Caplinger, The Motley Fool's director of investment planning, looks at how Social Security and Medicare work for those living abroad. Dan notes that Social Security benefits are generally available to all U.S. citizens wherever they live, with the only exceptions being places like North Korea, where sanctions prevent money transfers. Medicare, though, doesn't generally provide coverage outside the U.S., with only limited exceptions in cases where a foreign hospital is actually closer than a comparable facility within U.S. borders. Dan points out, though, that with medical costs much lower in certain countries, it can end up being cheaper for many expatriates to go without Medicare coverage.
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The article Social Security and Medicare for Expatriates: What You Must Know originally appeared on Fool.com.
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