5 Things to Consider Before Retiring in China

China is not typically the first country that springs to mind when it comes to retirement. Most people would consider the likes of Thailand, Bali, Malaysia, Panama, Malta, and Vietnam to be the selection of choice when it comes to choosing a destination for retirement.

Interestingly, China will come as a surprise for many and shouldn’t be brushed off easily for being a potential country to retire in. The country is steeped in history, culture, religion, and gastronomy stretching back thousands of years.

The experience of modern-day living with well-preserved traditions makes China a particularly wonderful country to spend the best years of a retiree’s life in.

For those fascinated by the wonderful offerings of China, it pays to know beforehand what to expect when living in China. Here are 5 things to consider before retiring in China by Pacific Prime.

Expect to be Jostled About

China is an enormous country with a population size of over 1.42 billion people based on the United Nations projections. Most of the population in China live in cities and regions that offer work and opportunities which means overcrowding is a normal sight.

For retirees considering an urban retirement spot like Beijing and Shanghai – be warned – there will be a lot of jostling about to get from A to Z. There will be times when waiting at the bus stop or on the platform of a busy train station where people may barge of shove past. The immediate feeling will be discontent, however, this experience is a more or less acceptable experience for all commuters and travelers.

The recommendation is to avoid areas where a lot of people are traveling to and from. Proceed to destinations during times before or after the rush hour period. Planning ahead can help avert the unfortunate experience that comes without an orderly queue and system.

Modes of Public Transport are Extensive

If the pushing and shoving don’t cause much bother and annoyance, then using public transport to get around is definitely amazing. Most major cities have extensive bus and subway networks and are incredibly cheap to use.

Beijing has a very efficient subway system with prices beginning as low as USD $1 or even less! In addition, buses themselves are even cheaper, but they may be a little difficult to navigate without being able to read Chinese.

All in all, traveling around may need getting used to, especially the crowds. Again, the recommendation is to do the research, know the location, make backup plans, and know what to do in case of an emergency.

Health is Key to a Good Retirement

Ever wondered what healthcare is like in China? Before considering the best retirement experience in China, it is imperative to learn fully well about the healthcare system, structure, offerings, and services that China has to offer.

Nowhere is worse than being in a country that is far from the comfort of home, that speaks a different language, and without the same healthcare experience. Fortunately, China’s healthcare system has grown immensely over the last 40 years as explored below:

Healthcare in China

Healthcare is a significant point to consider in China for expats and soon-to-be retirees. Treatment is widely available in public hospitals or private hospitals that specialize in treating expats and retirees with private medical insurance.

Public Healthcare in China

For retirees considering public hospital treatment and care in times of ill health or emergency, the public healthcare system is generally considered substandard.

While this may not be the case with every public hospital or clinic, the language barrier, slow service, lack of sophisticated equipment, and long queues may dissuade most retirees in the first place.

A few points worth noting is that many hospitals are in fact up to Western standards, even though the methods of treatment are different. Patients may be expected to keep their own medical records and be charged very little for consultations.

Again, this varies from hospital to hospital and treatment to treatment.

Private Healthcare in China

Private healthcare facilities are mainly located in major monolithic cities such as Beijing, Shanghai, and Guangzhou. These generally offer access to state-of-the-art equipment and English-speaking medical staff with Western training and approach.

Not to mention the high standards and excellent service-oriented features of treatment on offer as well.

Getting treatment is easy, however, when it comes to receiving the medical bill to offset the cost of treatment, care, and healthcare service, it isn’t quite an easy thing to comprehend. Private healthcare cost is high no matter which country or part of the world a retiree goes to.

However, certain countries will be cheaper than others, but overall, the final bill is most definitely higher than those of public facilities. This is why pragmatic retirees that plan for a good retirement in China will consider securing international health insurance before moving over.

Other Things You Should Know

While we touched upon a few things about China, there are some others that you should also consider. Let’s explore other important factors such as the cost of living and visa requirements.

Cost of Living

According to Yahoo Finance, both the cost of living and rent are cheaper when compared to the United States. However, if you’re looking to buy a property in one of the major cities, then it’s another story as it’s more expensive.

Visas

Retirees looking to settle in China are fortunate, as they do not need a specialized visa. China offers various options for long-term residency, making it accessible for retirees to fulfil their retirement dreams.

Among the available choices, the most prevalent and appealing option is obtaining a permanent residency visa.

Another avenue open to retirees is the F-class business visa, which caters to individuals who have initiated or financed a business in China or have made significant investments. Additionally, China provides spousal visas to retirees who marry Chinese residents, ensuring a smoother transition and settlement process.

Secure International Health Insurance

Nothing is worth appreciating more than having international health insurance coverage, critical illness cover, and/or a medical evacuation plan for times of uncertainty and protection against financial difficulty.

No matter which Chinese city you may choose to retire in, whether it’s Beijing or in the countryside far from the nearest city, having health insurance will ensure that all matters relating to health expense is well and truly covered.

Additionally, for retirees that put health above anything else, securing a medical evacuation plan that allows repatriation back home, where loved ones can help provide support and care, is a recommended option.

Retirees with a pre-existing condition, a condition that has occurred in the past or currently persisting, may not be covered if a claim is made. Alternatively, there may be an increase in the premium paid, due to the increased risk.

As an insurance intermediary, we can also help you start your married life on a healthy note by securing health insurance, including maternity insurance so that you can access medical care in China with peace of mind. What’s more, you can also get health insurance for your expat family in China.

Contact us today to learn more about insurance and discover your options!

Disclaimer: Pacific Prime China solely represents, operates and manages locally regulated insurance products and services in the territory of PR China. Any references to Pacific Prime Global Company or Group, the international services, insurance products or otherwise stated written or verbally, is for introduction purposes about our overseas network only as each entity is fully independent.