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Corporate CEOs raking in money as overseas health insurance rates soar
| Published: | 2 Jun at 6 PM |
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Tagged: Spain, USA, UK, Citizenship, Money, Jobs, Working Abroad, Euro, Pension Transfer, England, Health Insurance
Expat overseas health insurance, once considered an essential, is becoming less affordable by the month whilst product providers’ profits are heading into the stratosphere.
Overseas retirees on pensions are the worst affected, with thousands now unable to afford the increased premiums. Meanwhile, the salaries and bonuses of health insurances’ CEOs are reaching undreamed-of heights.
Recent research has revealed that several CEOs of USA-based companies are earning some $90,000 every day of the year, and others are seeing salary increases of over 100 per cent on last year. At the same time, expat professionals working abroad are finding that salary and benefit packages are excluding healthcare for their families, or that coverage is being slashed.
Even Brits heading for new jobs in European Union member states are being forced to cut back on their lifestyles in order to afford health insurance, as Spain and other EU countries are now refusing to honour their reciprocal agreements with the UK’s NHS. At the same time, unofficial medical tourism to the UK has soared, with the British health services bearing the brunt of extra costs and waiting times for treatment of UK citizens increasing as a result.
For expats, the most sensible way forward would be to adopt the healthiest lifestyle possible, relying on local hospitals used by nationals for common ailments and accidental injuries, thus saving money. Brit expats, however, should remember that returning to the UK for urgent treatment is likely to open a large can of bureaucratic worms including requests to prove you’re coming home to stay.
Overseas retirees on pensions are the worst affected, with thousands now unable to afford the increased premiums. Meanwhile, the salaries and bonuses of health insurances’ CEOs are reaching undreamed-of heights.
Recent research has revealed that several CEOs of USA-based companies are earning some $90,000 every day of the year, and others are seeing salary increases of over 100 per cent on last year. At the same time, expat professionals working abroad are finding that salary and benefit packages are excluding healthcare for their families, or that coverage is being slashed.
Even Brits heading for new jobs in European Union member states are being forced to cut back on their lifestyles in order to afford health insurance, as Spain and other EU countries are now refusing to honour their reciprocal agreements with the UK’s NHS. At the same time, unofficial medical tourism to the UK has soared, with the British health services bearing the brunt of extra costs and waiting times for treatment of UK citizens increasing as a result.
For expats, the most sensible way forward would be to adopt the healthiest lifestyle possible, relying on local hospitals used by nationals for common ailments and accidental injuries, thus saving money. Brit expats, however, should remember that returning to the UK for urgent treatment is likely to open a large can of bureaucratic worms including requests to prove you’re coming home to stay.
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