October 2022 – By Ryan Boyle, CRPC®
Winter is right around the corner, and for Midwesterners who aren’t fond of the cold, it’s time to get out of town or even the country! This month’s article will cover some areas for you to review should you be planning to leave the country.
Review the current exchange rates & consider exchanging your dollars for your destination currency – The U.S. dollar has begun to rise in value in comparison to other world currencies, and that can be credited to the rising interest rates that we are using to combat inflation. As a result, you can have a chance to get more bang for your buck when converting your dollars into your foreign denomination of choice.
Depending on how long you are gone, look into private health insurance – Should you be travelling for an extended period, it might make sense to pick up a form of travel medical coverage, as most insurance providers limit their coverage to being solely in the United States, or its surrounding territories. Medicare would be one of the forms of insurance that would require an international health insurance policy, as Medicare typically will not cover incidents that occur overseas. While there are minor exceptions to certain destinations, such as Canada, it still might be beneficial to review any uncertainties with your current insurance.
Provide a notice to your financial institutions & ensure your bills are being taken care of – Even if you picked up a travel friendly credit card or debit card, you would want to notify your banks and credit card companies of your travel plans. This can help prevent any hiccups while you are abroad, as most financial institutions will flag accounts should any transactions occur in unknown countries. If you plan to be abroad for an extended period, you will also want to make sure any forms of automatic payments continue to flow to their destination.
For those who are finally looking to travel after not being able to do so for the past two years, we are here to help. We can help build out your travel goals into your overall plan to see their impact on your goals, while also reviewing your current insurance coverage with you to see if there would be any cause for concern on needing coverage while abroad.
This material is for informational purposes only. It is not a recommendation or solicitation to buy or sell any securities. Vantage Financial is not a tax advisor; please consult your tax advisor prior to making any investment decisions. Vantage Financial is an Investment Advisory Firm registered with the Securities and Exchange Commission (“SEC”). SEC registration does not imply any particular level of skill or expertise.