Most expats don’t buy travel insurance for trips home because they assume they are entitled to free/subsidised health services provided by the government. In most countries, the access to government-provided medical ceases as soon you migrate and stop paying taxes.
Here is the NHS position on the matter for the British Expats; the rules are the same whether you are living in Spain or Japan. It is much the same for other expats too, so do check with your country’s respective authorities before deciding against travel insurance. Besides the medical travel cover; you are protected against cancellations, loss, theft, and much more, so it makes sense to have a good travel insurance.
HolidayGuard provides single and annual travel insurance for expats and is open to residents of all countries except US & Canada.
UK Foreign Office video on the very same matter!
Annual Multi Trip Insurance 
This is great to know so that people will be clear about whether or not they have insurance.
hi tracy. glad you found it useful. but is is surprising how many people are unaware of this! ben