The Real Problem With Keeping 800K In Thai Bank

[Pib]

3 hours ago, phuketrichard said:

part B u need pay about $100/month, so you can deny it

I am only in the free part A

More like $135.50 for most folks now...unless having a high income.   For a couple of years when there were no or very low SS COLA increases some people's Part B premium didn't raise as much or at all.  For someone enrolling today the Part B premium starts at $135.50/mo and most of those folks who were paying a little less due to no COLAs for a few years, I expect they are real close to or paying $135.50 now with the recent COLA increases of several percent....this allowed the Medicare folks to raise their premiums to match those enrolling today.

 

[gentlemanjackdarby]

10 hours ago, HuskerDo said:

I believe one is automatically enrolled for Part A upon applying for Social Security benefits, no?

No, Medicare is a separate program from Social Security Retirement, so you'll need to enroll in Medicare either during your initial eligibility period (if you're waiting until age 67 to begin taking Social Security retirement benefits), which is for most people 6 months before they turn 65 and up to 6 months after.

 

With Medicare, there are penalties for not signing up during either one's initial eligibility window (Age 65) or when eligibility starts because of things like still working and covered by an employer plan or waiting to collect SS retirement benefits

 

There are 'wrinkles' in the enrollment period for folks whose birthdays are near the end of the year.

 

As well, there are other options if one is still working and covered by an employer health plan.

 

Social Security Retirement Benefits (pension) eligibility begins at age 62 and, generally speaking, has benefits for NOT starting to receive payments when immediately eligible, i.e, the longer one waits to get benefit payments, the higher the benefit payments will be. But total LIFETIME benefits may be less the longer one waits, simply because none of us live forever and we, most of the time, don't know when we're going to go.

[HuskerDo]

15 hours ago, Pib said:

Depends....see below.

 

Sorry, I should have been clearer. I mean IF a person was already collecting SS prior to age 65. You verified that so thank you.

[HuskerDo]

6 hours ago, gentlemanjackdarby said:

No, Medicare is a separate program from Social Security Retirement, so you'll need to enroll in Medicare either during your initial eligibility period (if you're waiting until age 67 to begin taking Social Security retirement benefits), which is for most people 6 months before they turn 65 and up to 6 months after.

 

With Medicare, there are penalties for not signing up during either one's initial eligibility window (Age 65) or when eligibility starts because of things like still working and covered by an employer plan or waiting to collect SS retirement benefits

 

There are 'wrinkles' in the enrollment period for folks whose birthdays are near the end of the year.

 

As well, there are other options if one is still working and covered by an employer health plan.

 

Social Security Retirement Benefits (pension) eligibility begins at age 62 and, generally speaking, has benefits for NOT starting to receive payments when immediately eligible, i.e, the longer one waits to get benefit payments, the higher the benefit payments will be. But total LIFETIME benefits may be less the longer one waits, simply because none of us live forever and we, most of the time, don't know when we're going to go.

Thank you GMJ!!

[HuskerDo]

11 hours ago, Pib said:

More like $135.50 for most folks now...unless having a high income.   For a couple of years when there were no or very low SS COLA increases some people's Part B premium didn't raise as much or at all.  For someone enrolling today the Part B premium starts at $135.50/mo and most of those folks who were paying a little less due to no COLAs for a few years, I expect they are real close to or paying $135.50 now with the recent COLA increases of several percent....this allowed the Medicare folks to raise their premiums to match those enrolling today.

 

So Pib, since Part A is cost free, is there any penalty for adding Part B and/or D later on in life? For instance, if a person was to live in Thailand until there were 75 or 80 and then return to the US, at that point can they add Part B and D for the current monthly premium or do they jack the cost up on you? Thanks! 

[gentlemanjackdarby]

1 hour ago, HuskerDo said:

So Pib, since Part A is cost free, is there any penalty for adding Part B and/or D later on in life? For instance, if a person was to live in Thailand until there were 75 or 80 and then return to the US, at that point can they add Part B and D for the current monthly premium or do they jack the cost up on you? Thanks! 

Yes, if one chooses Original Medicare and chooses not to enroll in Part B and Part D when eligible, there is a penalty for each part that is calculated based upon the period from initial eligibility until one enrolls.

 

That penalty for each part is added to the premium for that part and it remains for as long as one is enrolled in Medicare.

 

For more detailed information, I'd suggest visiting the Medicare website (it's very user-friendly) because there are a lot of details and situations that can't really be covered adequately in a forum post.

 

If instead of Original Medicare, one chooses Medicare Part C (Advantage Plan), which are plans administered by private health providers and which must, by law, provide the same level of coverage as Part A and Part B (and some plans provide Part D or one can choose a Part D plan from another provider) depending upon the state in which one lives, it's possible to get an Advantage Plan with no (or very low) monthly premium and a cap on the enrollee's share of expenses once deductibles and co-pays are met.

 

Roughly speaking, Advantage Plans are generally similar to the health plans most folks had when employed in the sense that they are much like PPO (Preferred Provider Organization) or HMO (Health Maintenance Organization) plans that most employers provide to their employees. In exchange for low or no monthly premium, the member agrees to share a portion of medical costs and to a (relatively) limited choice in providers, usually in a somewhat limited geographic area, which is well suited for folks like employees or retirees who usually don't move around much.

 

Original Medicare allows an enrollee to go to any health care provider offering services to Medicare enrollees anywhere - great for those travel or those who split the year in several areas.

 

One thing to keep in mind about Original Medicare is that there are no caps on the enrollee's share of medical expenses - Medicare does not pay the entire costs of medical services. That's why most folks who choose Original Medicare also choose a MediGap plan (not to be confused with Medicare Advantage) which, for a monthly premium, picks up the enrollee's share of medical costs.

 

 

 

 

 

[HuskerDo]

57 minutes ago, gentlemanjackdarby said:

Yes, if one chooses Original Medicare and chooses not to enroll in Part B and Part D when eligible, there is a penalty for each part that is calculated based upon the period from initial eligibility until one enrolls.

 

That penalty for each part is added to the premium for that part and it remains for as long as one is enrolled in Medicare.

 

For more detailed information, I'd suggest visiting the Medicare website (it's very user-friendly) because there are a lot of details and situations that can't really be covered adequately in a forum post.

 

If instead of Original Medicare, one chooses Medicare Part C (Advantage Plan), which are plans administered by private health providers and which must, by law, provide the same level of coverage as Part A and Part B (and some plans provide Part D or one can choose a Part D plan from another provider) depending upon the state in which one lives, it's possible to get an Advantage Plan with no (or very low) monthly premium and a cap on the enrollee's share of expenses once deductibles and co-pays are met.

 

Roughly speaking, Advantage Plans are generally similar to the health plans most folks had when employed in the sense that they are much like PPO (Preferred Provider Organization) or HMO (Health Maintenance Organization) plans that most employers provide to their employees. In exchange for low or no monthly premium, the member agrees to share a portion of medical costs and to a (relatively) limited choice in providers, usually in a somewhat limited geographic area, which is well suited for folks like employees or retirees who usually don't move around much.

 

Original Medicare allows an enrollee to go to any health care provider offering services to Medicare enrollees anywhere - great for those travel or those who split the year in several areas.

 

One thing to keep in mind about Original Medicare is that there are no caps on the enrollee's share of medical expenses - Medicare does not pay the entire costs of medical services. That's why most folks who choose Original Medicare also choose a MediGap plan (not to be confused with Medicare Advantage) which, for a monthly premium, picks up the enrollee's share of medical costs.

 

 

 

 

 

Medicare, Medigap, Medicare Advantage, Part A, Part B, Part C, Part D. Hmmmm… I wonder if there were any politicians involved with putting this all together.  :0)  

 

 

 

[Pib]

14 hours ago, HuskerDo said:

So Pib, since Part A is cost free, is there any penalty for adding Part B and/or D later on in life? For instance, if a person was to live in Thailand until there were 75 or 80 and then return to the US, at that point can they add Part B and D for the current monthly premium or do they jack the cost up on you? Thanks! 

Basically a 10% Part B premium increase for each "full" year you wait to sign up after 65.  Wait 10 years and your premium will be 100% higher than the standard premium....wait 15 years and 150% higher.

 

https://www.medicare.gov/your-medicare-costs/part-b-costs/part-b-late-enrollment-penalty

 

And late enrollment for Part D comes with a healthy penalty also and different plans have different premiums.  See below Medicare webpage.

https://www.medicare.gov/drug-coverage-part-d/costs-for-medicare-drug-coverage/part-d-late-enrollment-penalty

 

[ubonjoe]

24 minutes ago, Pib said:

Basically a 10% Part B premium increase for each "full" year you wait to sign up after 65.  Wait 10 years and your premium will be 100% higher than the standard premium....wait 15 years and 150% higher.

I wonder if they would consider a person not living in the US and chose to opt out of it since it is of no use to them to waive all or part of the penalty.

[Pib]

1 hour ago, ubonjoe said:

I wonder if they would consider a person not living in the US and chose to opt out of it since it is of no use to them to waive all or part of the penalty.

There are a few "special cases" like below for examples.  But like in the cases below I expect a person "did" qualify for SS benefits/pension when turning 65 since only 10 years (40 credits) of work wages during a person's lifetime qualifies him for SS benefits starting as early as age 62.  So, the Part B late penalty enrollment would not be waived.  Other cases of still working outside the US and being covered by an employer's medical program is another possible way if the employer's medical coverage program meets Medicare requirements.  But if  you are just a retiree in Thailand on your retirement visa/extension...cast off the bonds of working years ago...then I doubt there any any special rules that would waive the later enrollment penalty of 10% for each full year.

 

 

[Number 6]

On 2/3/2019 at 7:56 PM, BritManToo said:

I was more worried about a civil war, were all foreigners get escorted to the airport, and the banks were all closed.

It happened next door in Cambodia, not so long ago.

Really? Not so long ago. When? April May 1975 after a Communist revolution when the entire region was quaking. Oh yeah, then.

[marcusarelus]

7 minutes ago, Number 6 said:

Really? Not so long ago. When? April May 1975 after a Communist revolution when the entire region was quaking. Oh yeah, then.

Thais weren't quaking.  They were so secure they even asked the entire American Army and Air force to leave. 

[neek]

On 2/4/2019 at 7:25 PM, baansgr said:

Utter tripe....isnt the 400/800 supposed to be for living?

My understanding is that the 400/800 is to prove that should you fall on hard times and become financially unstable for whatever reason you have a support buffer of your own funds that would sustain you through the aftermath of said hard times.  I've lived here for 11+ years and the simple options I've seen out of dire straits are to resolve your finances in the time you have left which would include the cost of living during that period, or leave the country which would cost money.  If you run out of money while still in the country and cannot afford basic things like accomodation, visa fees or air fair, you are going to end up engaging Thai public services (police, immigration) to sort your life out.  Ultimately the point of the "money in bank" proof is that if life turns sour you can remove yourself from the country before you incur the country costs.

 

All this is quite nuanced, so I struggle to understand how you wrap this up as "living" :)

[Neeranam]

Never heard of any stories of monies disappearing in 25 years. It's a bank <deleted>.