Pension Woes For British Expats
As the growing number of retirees migrating to other countries continues, the issue on pensions being frozen by the government has been getting louder. By mere migrating, the UK government saves funds as the retirees won’t be utilizing social and medical services. However, if the pensioner migrates to a “frozen” country, they won’t have access to their basic state pension.
“Politicians and the media alike are currently fixated on Britain’s aging population. According to the Government, the UK will have 626,900 people aged 100 or more by 2080, 53 times the current number of centenarians.This type of shock statistic was released with a very concrete objective – to sweeten the pill of controversial public sector pension reforms.”
Read More From The Telegraph
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Despair Looms Over British Expats Affected by the Tsunami
Inquiries regarding British nationals’ whereabouts are rising as Japan’s worst hit areas are being scoured to locate the affected expats. The British embassy has also sent delegates to assist on the forage.
“At least 14 Britons are listed as residents of Sendai, and others live in surrounding areas. Most of them have homes in areas that escaped the worst of the damage.
The Foreign Office said there were no confirmed casualties from Britain, but they have received more than 3,200 calls from concerned friends and relatives.”
Read More From The Telegraph
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New Zealand Health Care 101
Not only does New Zealand promise an endless adventure for the thrill-seeking travelers, but also an outstanding Health Care system for expats with excellent emergency care for visitors.
“Life expectancy at birth is 80.2 years, six-months longer than the UK. New Zealanders generally get value for money. The country spent less on health care than 14 developed countries in a 2010 study – and expenditure does not necessarily correlate to outcomes. Expenditure per head was a mere US$2,510, (£1,547) compared to the US at US$7,290.
This relatively efficient performance is partly due to a mix of public and private health care. There is strong uptake of private health insurance (as in Australia), partially triggered by long waits for state hospital treatment.”
Read More from the Telegraph UK
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Increase In Health Insurance Premiums Woes Expats
With the stubbornly increasing health care cost and rising of claims, many expats will feel the pinch of insurance premiums up to 15 percent.
Insurers typically chose around April to begin raising rates, so if you haven’t purchased a policy yet, now may be just the time.
“The rises reflect not only “medical inflation” – such as the introduction of new scanning procedures – but a rise in the volume of claims.
Health care costs had shot up in parts of the world that had been stable in the past, said Mr Apps. “More insurers will look at places with very high costs – such as Hong Kong – and adjust prices.”
Read More From The Telegraph
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Saving for Retirement
Many people choose to retire when they are eligible for private or public pension benefits, although some are forced to retire due to physical inabilities.
But as we we enjoy life in our youth, are we making the right decisions for the future? It seems that very few people actually save for fulfilling twilight years.
“More than half of the over 55s who earn between £20,000 and £30,000 a year have saved less than £30,000 for their retirement, which would give them around £165 a month to live on, according to research from insurance giant Aviva.
Clive Bolton, the ‘at retirement’ director for Aviva, said: ‘Babyboomers have enjoyed rising house prices and final salary pension schemes, but unfortunately many may still struggle to fund the retirement lifestyle they desire. People should think about how they want to spend their days, and how much this will cost.
This research also opens up an interesting debate around who should fund retirement. There may be an expectation for younger generations to foot the bill in one way or another.’”
Read More From The Telegraph
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US Health Reforms
US Health Care system is about to be overhauled. Although it will take time to see the results, many believe that there will still be a large number of Americans going abroad to seek treatment, some even think this number might increase. “The long-awaited United States healthcare reform package became law last week. Asian hospitals treating American medical travelers will have to wait longer to see whether the bill will have a significant impact on their businesses, but US insurers will feel the reforms’ impact more quickly, and that could lead them to look more closely at international options.”
Read More from Asia Times Online
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