Contact

News & Insights

Expats returning to Britain could put a huge strain on NHS

Currently, British pensioners living as expats in EU member countries receive healthcare through a European Union agreement – the EU reciprocal “S1” scheme – which allows them to have the same healthcare rights as the country’s local population.

But this could all change after Brexit. If this reciprocal agreement is dropped, which is likely, it will mean expats would have to return to the UK for healthcare – a far costlier option for the Department of Health.

In fact, unless a deal can be reached that will allow expats to continue receiving their care abroad, then the cost of treating them in Britain could be £1 billion each year – a figure twice the current £500 million it takes to run the S1 scheme.

Financial and human strain

The additional strain on medical resources in the UK is another major concern. It is believed an extra 900 hospital beds (the equivalent of two hospitals) will be needed to accommodate returning expats. Plus, Brexit is set to worsen the staffing problems; an influx of patients would require an extra 1,600 medical professionals to care for them and yet the flow of EU migrant workers, which health and social care services rely heavily upon, is likely to dry up .

The BBC estimates that around 190,000 British pensioners live abroad in EU member countries. One EU member country with a large population of expat pensioners is Spain, where there are approximately 70,000 retired UK citizens using the country’s healthcare system.

Speaking to The Independent, the head of Bremain in Spain, Sue Wilson, was fearful of those living on low incomes who, post-Brexit, would not be able to afford healthcare under the Spanish system and therefore be forced to move back to the UK.

“The biggest fear for people here, many who have been here for a long time, is that they would be forced to go home against their wishes because of the finances,” Wilson said, adding that it’s not a decision many expats would “gladly make”.

The author of the report, Mark Dayan, voiced concerns regarding how this extra cost would cause even more pressure to an already struggling NHS, noting that the healthcare system was already faced with “tight funding settlements and growing staffing problems well before the EU referendum last year”.

Dayan went on to stress how important it is for the government to recognise the NHS as a “significant priority” during Brexit negotiations.

Expat financial care

The years following Brexit are bound to be tough for the NHS, and both expats returning to the UK and those who’ve lived in the UK all their lives are sure to feel the effects. At times like these, when the future is uncertain, one of the best ways you can give yourself peace of mind is by ensuring your finances are well protected.

One of the best ways to do this is by contacting a Blacktower financial adviser. Whether you need help safeguarding your finance in Spain against the uncertainty of Brexit negotiations or require assistance in reaching another financial goal, our advisers will give you all the expert guidance and advice you need to make your money go further.

This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.

Other News

Comparison website ‘misleading’ savers into buying low rates

A leading comparison website’s customers were directed to savings accounts that could leave them £500 worse off than the best possible rates, according to an investigation.

Savers who compared ISA’s and bonds on the site were not offered the best rates on the market. Thousands of savers who used the website to select a savings account were misled, costing them potentially up to £500 a year in lost interest, according to a recent investigation. Channel Four’s Dispatches said that the comparison website advertised poor-value savings. 

Read More

Diversity has the ‘X-Factor’

A lot of my discussions with clients when I first meet them is about their investment experience in the past.  Many express wariness of investing in funds, having been unfortunate with their previous decisions. This is the problem with choosing a fund based on its past performance. No fund can always be top of the table.

Read More

Select your country

Please select your country of residence so we can provide you with the most relevant information:

You are currently viewing the Blacktower Financial Management EU website.

You may be looking for the Blacktower United States website.

Blacktower United States > X Stay on this site

Or choose your country.