I’ve had clients ask me if they should buy Medicare Insurance if they live or travel extensively outside the USA.

You need to consider the potential costs, because Medicare typically will not pay expenses outside the United States.

I have recommended that those who travel maintain a US address, and you can find services that will accept your mail, scan it and then email it to you. You are less likely to lose your benefits if you maintain a US address. We talked about traveling in an RV in a previous article.

Many times you can obtain care in other countries for a fraction of what it would cost in the United States.

The Part B premium in 2017 is $134 or more if you are a high income earner. That can be very expensive for people on a fixed income.

Not only that, but when you start Part B, your ability to get a Medicare Supplement Insurance Plan if you have a pre-existing condition might be limited to six months. After that, you might not be able to get it but could get Medicare Advantage, which is typically an HMO

Ask your self the following questions:

1. Will you return to the USA to live?

2. If you do return to the USA, will you be able to get a short term policy that will cover you until you are able to get Medicare?

3. Have you calculated your Part B penalty for not enrolling when you were first eligible?

4. Did you calculate the Part D (drug plan) penalty?

5. Do you intend to return to the USA for extended visits?

6. Are you eligible for Social Security?

As long as you know about the penalties and stumbling blocks, you should be able to decide whether to purchase Medicare Part B or go without. aTalk with your financial adviser about your specific situation. For more on Medicare, go to http://MedicareQuick.com

This article is not intended to be legal or financial advice. Please discuss your personal situation with an attorney or financial adviser.