By: Paulo Andres Vallejo
Edited by: Pedro Gomez
January 03, 2024
Why is Spain’s healthcare system becoming a preferred choice for American expats?
Curious about retiring abroad? In recent years, an increasing number of Americans have been drawn to expatriate elsewhere. Spain has picturesque landscapes, antique architecture, a vibrant culture, and an outstanding healthcare system. This is one of the reasons why it is a preferred choice among the American expat community. Spain’s healthcare system is known for its comprehensive coverage, accessibility, and quality of care.
This blog will demonstrate why Spain’s healthcare system is favored among American expats there. We will show the key factors contributing to its appeal and how it might align with your specific needs. The financial implications of not choosing the correct primary care provider can alter your retirement plans, cost of living, and quality of life. That is why today we will briefly focus on the healthcare system of Valencia, Spain. Why Valencia, Spain? Because it is a popular retirement destination, according to Best Countries for a Comfortable Retirement | U.S. News (usnews.com).
U.S. Healthcare: High Costs and Mixed Outcomes
The U.S. healthcare system, a blend of private and public sectors, is known for its high expenditure. Despite this, according to the Organization for Economic Cooperation & Developement, OECD Health Statistics 2023, the U.S. often falls behind high-income countries in health outcomes, such as life expectancy and chronic disease management. This discrepancy is attributed to the high costs of services, drugs, and administration. You can learn more about these costs at the Centers for Medicare & Medicaid Services. In addition, you can learn about Forbes‘ insight on the U.S. healthcare model. In this article, you can also find the Numerof & Associates 2024 U.S. healthcare delivery outlook.
Spain’s Healthcare: Universal Coverage and Impressive Outcomes
Spain offers a universal healthcare system, noted for its efficiency and quality. Universal healthcare is provided by obtaining an EHIC / European Health Insurance Card. Organizations like WHO rank the Spanish system highly, with Spain enjoying one of the highest life expectancies among OECD nations. This success is due primarily to its robust primary care system. You may research more at The Spanish Health Ministry.
Travel Insurance vs. International Health Insurance
Travel Insurance is basic insurance if there is an emergency while visiting or traveling to a country. These trips or visits can be for pleasure or business. However, if you plan to reside or live in more than two countries permanently, semi-permanently, or seasonally, then International Health Insurance might be more convenient. These coverages and costs depend on the countries you will be residing in.
Coverages usually cause the rates to fluctuate and are higher than just coverages from the host country alone. In addition, having one health insurance instead of two or three is less stressful and cheaper. There are many international health insurance providers, such as Cigna Global, Top Expat Insurance, Bupa Global, and others, so do your research to find the best one for you.
Healthcare for American Retirees in Spain
Retiring in Spain means navigating a new healthcare landscape. American retirees can access healthcare in Spain by becoming legal residents. This allows them to register with the local health center where primary care is given or provided. Private health insurance is also an option. They offer quicker access to services, and most provide services in English. This could be significant for those who need to be more fluent in Spanish. Here are ten essential bullet points when choosing healthcare insurance.
- Is your coverage suitable for your visa?
- What is the scope of your coverage?
- Does it include dental care or optometry?
- What network providers do they offer?
- Do they have English speakers?
- What are all the premiums, deductibles, copays, and other out-of-pocket expenses?
- Are there any policy limits or exclusions?
- What is the customer service and customer support like?
- Are there any additional benefits or features tied to the coverage?
- What is the company’s reputation and ethics like?
What’s the Healthcare Like in Valencia?
Not only do we consider Valencia one of the top retirement destinations in Spain, it is becoming one of the most popular destinations in the world. One of the most significant considerations for a retirement destination is its access to top healthcare facilities. Valencia enjoys world-class healthcare facilities with high patient satisfaction, such as:
1. Hospital Universitari i Politècnic La Fe: Known for its state-of-the-art facilities and diverse medical services.
2. Hospital Clinico Universitari de Valencia: Renowned for quality patient care and a wide range of specialties.
3. Quirónsalud Hospital Valencia is a preferred choice for expatriates, offering advanced healthcare services with English-speaking staff.
These hospitals are benchmarks in healthcare quality in Spain and globally. Rankings and reviews place these institutions at the forefront of medical care. You can also check out the Medical Directory for other doctors, clinics, or hospitals.
Healthcare Costs in Valencia
Understanding healthcare costs is vital for financial planning. In Spain, 57% of the hospitals are private, while 43% are public. There are five factors to consider when determining the costs for the different healthcare insurance packages.
- Current health status, prior medical history or preexisting conditions, and age.
- The scopes of the coverages.
- Copays and deductibles.
- The number of family members included.
- Any referral or company discounts.
It is important to note that higher deductibles usually lead to lower monthly premiums. However, these come with more out-of-pocket expenses when being hospitalized. Check with all the insurance providers’ packages to budget correctly.
Here’s a breakdown of the average costs:
Public Healthcare Costs
EHIC / European Health Insurance Card are for citizens and legal residents. EHIC covers you even if you have preexisting conditions. Another benefit of an EHIC card is that it allows you to have healthcare services in European Union countries like Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland
Registration and Basic Coverage: Generally free for citizens and legal residents.
Prescription Costs: The majority of prescription medications in Spain are subsidized by the government. They average between a few euros and €60 depending on the drug. Over-the-counter medicines are usually not covered.
Additional Services:
Dental – Emergency dental care services are usually covered with EHIC. However, services like check-ups, yearly cleanings, whitening, dental implants, fillings, veneers, root canals, tooth extractions, dentures, and crowns may vary or apply.
The average dental costs:
- Check-ups – €20
- Fillings – €50 – €80
- Teeth whitening – €80 – €300
- Tooth extractions – €30 (€90 for wisdom teeth)
- Dentures – €400 – €650
Caser Expat Insurance, SegurCaixa Adeslas, and Sanitas are three dental insurance providers, among others.
Optometry – If you need supplemental insurance for optometry, Allianz Care and Cigna Global provide eye care insurance, among others.
Private Healthcare Costs
Insurance Premiums: These vary by age, coverage, current health status, prior medical history or preexisting health conditions, and the number of dependents. In addition, it may cover other services that state healthcare doesn’t provide, like faster service on treatments, procedures, or physical therapies.
- For a single person aged 74, the average price for ”Standard Coverage with No Copayment” is €230 per month or €2753 annually.
- For a family of 3, the average price of ”Comprehensive Coverage with No Copayment” is €150 per month or €1,793 annually.
Procedure-Specific Costs
– Doctor Visits:
– Specialist Consultations:
- Free with EHIC (however, with potentially long wait times of 75 days to see a specialist and 121 days for surgeries)
- €150 at private facilities.
– Hospital Stays:
- Free with EHIC
- The average is between €200 / 200 euros and $424 / 424 dollars per day in Spain’s private facilities, while in the USA, the average is $5,220 per day.
You can find average pricing for medical procedures at PlacidWay.
Quality vs. Cost: Balancing Healthcare in Valencia
Balancing costs and receiving the best quality service is essential for budgets. That is why public healthcare is highly affordable. However, private healthcare offers expedited services and additional comfort at a higher financial commitment. You can talk to other expats in Spain and ask for their insights, experiences, and opinions on ”healthcare in Spain for expats” at ExpatForum.com.
Financial Implications for Early Retirement
It is essential to consider several factors when planning to retire. A Certified Financial Planner Professional™ can help you start building your retirement plan. If you are not working with one already, Brickell Financial Group specializes in working with Americans interested in retiring abroad.
Furthermore, working with a Certified Financial Planner Professional™ can help determine your retirement readiness and how critical decisions like retiring abroad would impact your budget, cost of living, and quality of life. If you are not already working with a trusted financial advisor, you can learn more about me and my advisory firm, Brickell Financial Group.
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