Thai Social Security Fund - Retire, refund of contributions, maybe continue for med. benefits; affect on refund?

[scorecard]

I have a full copy of the Thai Social Security Act, in English but trying to get a better understanding of some details.

 

- I'm aware that on retirement members (who are in compliance with some basic factors) can get a refund of their contributions, but also aware that there's options: 1). Refund of Contributions, or 2). No refund but receive a monthly pension for life, which I undertand at the moment is about 2,500Baht a month.

 

- Also, members can elect to remain a member for example to receive Medical and Sickness benefits and pay their monthly member contributions at a bank for transfer to the Social Security Fund. Monthly amount varies but usually around 400 to 450Baht a month. And members have six months to decide if they want to continue membership.

 

HERE'S THE POINT I CAN'T FIND AN ANSWER TO:

 

If the member elects at the date of retirement to continue membership to receive Medical and Sickness benefits for life and pay their monthly member contributions at a bank for transfer to the Social Security Fund. Monthly amount varies but usually around 400 to 450Baht a month. And members have six months to decide if they want to continue membership, is the contributions refund reduced or changed in some way?

 

Over the years a number of ThaiVisa/Asean Now members have mentioned they continued their Thai Social Security membership for the Medical & Sickness benefits and pay each month at a bank.

 

In this situation would you please share what happened in regard to the refund of contributions, was it reduced?

 

And another scenario, did you decide later to continue membership* and in this scenario did you have to repay to the fund part of the contributions refund take immediately on retirement?

 

Thanks.

 

(* From the Social Security Act, Article 39; can take six months to decide whether to continue membership for the Medical and Sickness benefits...) 

[FritsSikkink]

I think you don't get a refund if you want to keep paying into it to stay insured.

[scorecard]

18 minutes ago, FritsSikkink said:

I think you don't get a refund if you want to keep paying into it to stay insured.

Yes that's true if you elect to take the Thai Social Security pension for life, currently around 2,500Baht a month.

 

My question is about electing to maintin membership specifically in terms of receiving Medical and Sickness benefits, as needed. 

 

I've heard that you can take a contributions refund and you can also elect to remain a member specifically/only in terms of receiving Medical and Sickness benefits when needed. 

 

This is where I'm confused; If a member elects to remain a member for the Medical and SIckness benefits only does that mean any contributuons pay out (contributions refund) would be reduced?

 

However keeping in mind that members who have done this (continued their membership for Medical  & Sickness - one a close fiend) must pay a monthly contribution, paid at a bank for transfer to the fund, the amounrt changes but generally around 400 to 450 Baht per month?

 

Further I'm wondering if the all up total of monthly contributions, total, all members who have taken a refund but remained as members for Medical and Sickness benefits only is sufficient to fund these specific benefits? 

 

If true would that mean their retirement payout is not reduced, if they elect to remain as members specificaally/only for Medical and Sickness?

[marin]

2 hours ago, scorecard said:

No refund but receive a monthly pension for life, which I undertand at the moment is about 2,500Baht a month.

Its not much but its higher than that. Its based on how long you have worked. I chose this option and will just say I get a bit more than double that. If you choose this option you lose the medical part, which does not matter to me as I have a great term  insurance policy I am almost 15 years into.

[scorecard]

14 minutes ago, marin said:

Its not much but its higher than that. Its based on how long you have worked. I chose this option and will just say I get a bit more than double that. If you choose this option you lose the medical part, which does not matter to me as I have a great term  insurance policy I am almost 15 years into.

Thanks.

Would you mind sharing whether you received any handout, brochure or whatever (Thai or English) to inform you in advance what your various options were? Much appreciated.

Edited November 4, 2022 by scorecard

[BigStar]

Sheryl earlier explained the difference between the old age benefit contributions and the medical cover:

 

I signed up to continue medical cover. I took the old age benefit as a lump sum. My continuing w/ the medical had no effect on the amount paid for the old age benefit.

 

I got no brochure explaining anything. HR took care of it all. If there were a brochure at that time, it would likely be in Thai and given out to Thais. HR showed me the list of hospitals from which to choose, in Thai, but I simply asked for Sirikit, as it's good and not so far away from my residence.

 

I'd say the total of my medical contributions over the years more than covers the amount they've so far paid out. But that will surely change at some point.

[Neeranam]

On 11/4/2022 at 3:44 PM, scorecard said:

Over the years a number of ThaiVisa/Asean Now members have mentioned they continued their Thai Social Security membership for the Medical & Sickness benefits and pay each month at a bank.

 

In this situation would you please share what happened in regard to the refund of contributions, was it reduced?

not reduced

 

my 432 baht is paid automatically

[Sheryl]

Continuing to payf or medical cover under  after retirement is not considering to be continuing "membership" under SS and I suggest you avoid that terminology which will confuse people.

 

You are no longer a member of the SS scheme once you retire. But you can continue the medical cover only.

 

The medical cover and the old age pension benefits are entirely separate. It is not true that choosing to continue medical cover in any way affects your benefits, though some people have erroneously been told that. (However, if you elected to take the monthly pension - an option only if you were employed 180 months or more - they might choose to deduct the cost of continued medical care out of it).

 

Like I migration, local SS offices often have unclear/differing views of the rules. Any issues, call the head office.

[scorecard]

31 minutes ago, Sheryl said:

Continuing to payf or medical cover under  after retirement is not considering to be continuing "membership" under SS and I suggest you avoid that terminology which will confuse people.

 

You are no longer a member of the SS scheme once you retire. But you can continue the medical cover only.

 

The medical cover and the old age pension benefits are entirely separate. It is not true that choosing to continue medical cover in any way affects your benefits, though some people have erroneously been told that. (However, if you elected to take the monthly pension - an option only if you were employed 180 months or more - they might choose to deduct the cost of continued medical care out of it).

 

Like I migration, local SS offices often have unclear/differing views of the rules. Any issues, call the head office.

Thank you Dr. Sheryl.

[scorecard]

On 11/4/2022 at 11:07 PM, BigStar said:

Sheryl earlier explained the difference between the old age benefit contributions and the medical cover:

 

I signed up to continue medical cover. I took the old age benefit as a lump sum. My continuing w/ the medical had no effect on the amount paid for the old age benefit.

 

I got no brochure explaining anything. HR took care of it all. If there were a brochure at that time, it would likely be in Thai and given out to Thais. HR showed me the list of hospitals from which to choose, in Thai, but I simply asked for Sirikit, as it's good and not so far away from my residence.

 

I'd say the total of my medical contributions over the years more than covers the amount they've so far paid out. But that will surely change at some point.

 

At retirement my understanding is that members have 2 initial options*:

 

Option 1: Take a full refund of contributions, or

Option 2: Take a lifetime monthly pension.

 

I've got a copy of the act but I can't find this in the act.

 

Does anybody have the above as a substantive legal document, would you please share.

 

(* I've learned (from members posts here and in the act that members can continue Injury benefits and Sickness benefits and pay their ongoing monthly contributions by paying their contributions at Krung Thai Bank, and members have six months to decide if they wish to continue these benefits. And this is not affected by taking a contributions refund).