Comparison website ‘misleading’ savers into buying low rates

British expats abroad have taken heart from the announcement that the government has introduced a bill to replicate the European Health Insurance Card (EHIC), meaning that expats should continue to receive healthcare abroad even in the event of a no-deal Brexit.

As it stands, EHIC entitles Britons to state health care when in an EU or EEA country (European Economic Area) for treatments that are “medically necessary” as well as those for pre-existing conditions. Furthermore, as long as a person has not travelled abroad with the specific intention of giving birth there, they are also entitled to routine maternity care.

Although the Healthcare (International Arrangements) Bill does not replace EHIC it clears a pathway to a fast-track bill that will “provide the powers that are needed” in the event of British citizens’ healthcare rights being threatened by Brexit. It also means that, contrary to the fears of many expats, affording private medical insurance may not be an issue they will need to discuss with their expat financial services provider.

The pension freedoms of 2014 radically altered the way many expats are now able to access their retirement funds. The changes, which came into force in April 2015, ended the age of annuity-by-default and allowed people to take multiple tax-free sums, have flexible options regarding income drawdown and provided more scope for expat pensions and transfers into schemes such as SIPPs and QROPS.

However, although these changes have been empowering, they do place a greater emphasis on the need for trusted expat financial advice, particularly for those who wish to maintain the same standard of living they have enjoyed while working once they are retired and have to live entirely of the retirement income generated by their pensions and other assets.