Health Insurance in Spain Cost during Retirement

Retiring in Spain can be a wonderful step to take, but it requires a lot of prior planning, particularly in terms of finances. Of course, we need to think about the lifestyle we would like to lead, but what about the more pressing need for healthcare? And how much will health insurance in Spain cost during retirement if you need it? It often depends on your country of origin and age. 

Spanish Pensioners and People from the EU, EEA & Switzerland

Whether you have been living in Spain for a number of years and have decided to retire here, or you have reached retirement age in your home country (EU, EEA and Switzerland) and made the decision to move, you’ll be glad to know that you’re entitled to healthcare in Spain.  In the latter case, you will need to obtain an S1 form in your home country prior to moving.

Although the public healthcare system in Spain is free, both Spanish pensioners and EU citizens who retire are required to pay the following amounts for medication depending on their level of income and wealth registered with the Spanish Tax Authorities:

• Pensioners (and their beneficiaries) with income under €18,000: 10% of the retail price of medication, with a ceiling of €8.23/month.
• Pensioners (and their beneficiaries) with income between €18,000 and €100,000: 10% of the retail price of medication, with a ceiling of €18.52/month.
• Pensioners (and their beneficiaries) with income equal to or more than €100,000: 60% of the retail price of medication, with a ceiling of €61.75/month.

If you have any pre-existing conditions that would require regular medication, or if you simply want to ensure you can cover the monthly ceiling “just in case”, you can calculate how much money you will need for medication throughout your retirement as follows:

e.g. €8.23 (monthly ceiling) x 12 (months) x 20 (number of retirement years for calculation purposes– this will vary depending on a range of factors and your individual circumstances) = €1975.20

Pensioners coming from outside the EU or EEA

The situation becomes relatively more complicated if you are a non-EU/EEA resident, as you will have to provide proof of private health insurance before qualifying for a Spanish visa. You will also have to go through the residency process. The question about your health insurance is, how much will this health insurance in Spain cost and, more importantly, how much will you have to save throughout your lifetime to cover this outgoing expense.

It is difficult to calculate given the complexity of quotes based on a range of factors, but for the sake of obtaining a ballpoint figure, a low-range insurance for a 65-year old could be as low as €105/month, and this figure could jump to a maximum €231, according to a report by La Vanguardia that picked up data from the main price comparison websites. If we take this range into account, we could use the same calculation method as above, replacing the monthly ceiling for the monthly premium.

e.g. €105 (lower end of the scale of monthly premiums) x 12 (months) x 20 (number of retirement years) = €25,200; or €231 (upper end of the scale of monthly premiums) x 12 (months) x 20 (number of retirement years) = €55,440

The same article touches on other options that can cut the cost of the monthly premium. The most common are insurance policies with that provide access to a pool of medical teams with a co-payment system. The range would be €79 to €198. Another option is a policy that excludes hospitalisation cover, which could bring the monthly premium down to as low as €20.

Caser health insurance options in Spain for retirees

Caser Expat Insurance is a reliable insurance company in Spain that caters specifically to expats. For retirees in Spain, we offer a number of suitable plans at an affordable rate. Keep in mind, the age limitation for all Caser health insurance plans is 69 years old, so contracting insurance services before this age is recommended. See suitable healthcare plans for pensioners below:

• Adapta + Dental: This insurance plan is good option for older people because it does not have co-payments. Since you may be at the age where you more frequently visit the doctor, it is best to go with a plan without co-payments to avoid unplanned costs. Another core feature of this plan is that it includes complete dental coverage, which is very important as we grow older. 
  
  
• Prestigio: This insurance plan is for those who want to use any doctor, with complete freedom of choice any doctor is covered, and then request reimbursement for expenses. It also features worldwide coverage, which is particularly useful when travelling back to your country or on vacation. 
  
  
• Other: Caser has 7 healthcare plans of varying coverage. Some feature co-payments or reimbursement, some offer full coverage. Taking into account your budget for health insurance in Spain costs during retirement, along with your age and healthcare coverage needs, you can effectively evaluate each plan. To learn more about each policy, go to the Caser website. 

A final word on health insurance in Spain costs during retirement

According to the World Health Association, healthcare in Spain is one of the best worldwide, so if you’re planning on retiring here, you’re in luck. That said, age can come with many health complications that require greater medical care and, like many other countries, this calls for retirement savings (or enough of a pension to cover the cost). The key to planning your retirement is, believe it or not, planning. By using the 4% rule (which calculates how much you could withdraw from your savings/wealth each year to lead a comfortable life – 4% every year, increased each year with inflation), you can then start to work out how much of that will be spent on healthcare in Spain.

With Caser Expat Insurance, you'll be able to compare costs for health insurance in Spain during retirement and pick the most appropriate plan. Discover our guide below to all Caser health insurance policies.