If you’re a senior from Canada considering moving to the U.S., securing health insurance is critical to protect your financial well-being. Our new eBook, “Health Insurance Options for Canadian Seniors Moving to the U.S.,” offers comprehensive guidance to help you navigate this complex process.
As you plan your move, it’s essential to understand that the U.S. healthcare system differs significantly from Canada’s. While Medicare is a well-known option for seniors, eligibility requirements can be stringent. Medicare Parts A, B, and D cover hospital stays, outpatient care, and prescription drugs. However, qualifying for Medicare may take time if you’re not already eligible.
The Affordable Care Act (ACA) provides an alternative during this interim period. ACA policies are available through federal or state exchanges and do not deny coverage for pre-existing conditions. Yet, these policies can be costly, particularly for those in their 50s and 60s, with monthly premiums potentially exceeding $1,000.
Short-term health insurance or indemnity plans might be viable options for healthier individuals, but they come with underwriting limitations and potential coverage gaps. Faith-based plans and international health insurance are also worth exploring, but they require careful consideration of out-of-pocket expenses and regulatory differences.
In addition to health insurance, engaging in cross-border tax planning is crucial. Partnering with a cross-border advisor ensures that your transition to the U.S. is financially sound and that your health insurance choices do not adversely impact your long-term financial goals.
Download our eBook today to start your journey to a secure and well-planned retirement in the U.S.