Planning to Retire in Thailand

[phantom51red]

On 2/21/2023 at 5:28 PM, proton said:

Basically just for sex tourists with thousands of prostitutes and not a very pleasant place with poor beaches, horrible traffic and no real town planning as it developed, so quite unattractive. 

Initially thats what attracted me,well the first bit???? and  after 12 years what made me move to hua hin 5 years ago,no regrets.

[connda]

Retire somewhere else.  You'll thank me.

[GinBoy2]

On 2/21/2023 at 9:28 AM, ChintaHuma said:

Yes, that is always in my mind. I have a two options I am exploring and all suggestions are welcome.
Option 1. If I get SS at FRA and I can fully enroll in Medicare for $300 (current prices) in many places in the USA. In emergency I will go to USA. But right now I don't have a place in the USA to stay. I can buy a small house in many states in USA (still looking) for $50K with 10K down payment but I need an income. Life is not easy.
Option 2. India is cheap for medical purposes. May be I can use my credit cards if need arises. Not sure how long banks will keep my available credits now that they will know I am divorced. 

Now as I have said in a previous post health insurance is tricky.

 

Often you will hear the phrase 'I self insure' thats just nonsense, it just means that you are going to pay everything out of pocket.

Even in a podunk government hospital, which is going to be nothing like you have ever experienced in the US, you could eat through ฿5M in a week if something serious hits the fan.

 

Private health insurance is just that. It uses underwriters to determine risk, and the older you get that risk goes up exponentially, and consequently premiums, which often results in just pricing folks out of the market at a certain point.

 

Obviously I have no idea of you medical history, but bear in mind there is no version of ACA and pre-existing conditions will not be covered.

 

We lived in Singapore prior to moving to Thailand, and while there my wife had a ruptured ovarian cyst which turned septic and required surgery.

 

At the time of the surgery in Singapore she was in her late 30's, but upon disclosure to then Bupa, now Cigna they excluded ALL gynecologic issues, which for a woman is very common.

 

You are right you will not be able to enroll in Part B or D without a US residence.

But have a heart attack, or something equally immediate, do you think you are going to get on a plane for 24 hours to get back to the US?

 

Lot to think about

[kokesaat]

I apologize for jumping late onto the train.  I've been married to the same Thai woman for 50 years and we have lived in Thailand for the past 26 years.  We are days away from relocating back to the US for our own personal reasons.  We could just as easily live out our days here.

My advice is you're not financially able to retire in Thailand based on the numbers you provide.  You'd probably do fine on your numbers with normal daily living expenses,   But if you're already exploring the use of an agent to get you over the visa hump, then I'd say you shouldn't retire here.   You're at that point in life (somewhere between ?55-65?) where you need to be thinking about medical care.  Not cheap in Thailand.  You don't have the option of having a serious medical problem/accident in Thailand and choosing to get medical care in the US.  Even at 65, medicare doesn't cover any expenses overseas (unless you're retired military).

With your savings, consider coming over every year or two for a few weeks.........relax and enjoy.  But whether you choose to stay in the US or come to Thailand, you're going to need substantially more money to make your retirement enjoyable.

 

[Jingthing]

1 hour ago, GinBoy2 said:

Now as I have said in a previous post health insurance is tricky.

 

Often you will hear the phrase 'I self insure' thats just nonsense, it just means that you are going to pay everything out of pocket.

Even in a podunk government hospital, which is going to be nothing like you have ever experienced in the US, you could eat through ฿5M in a week if something serious hits the fan.

 

Private health insurance is just that. It uses underwriters to determine risk, and the older you get that risk goes up exponentially, and consequently premiums, which often results in just pricing folks out of the market at a certain point.

 

Obviously I have no idea of you medical history, but bear in mind there is no version of ACA and pre-existing conditions will not be covered.

 

We lived in Singapore prior to moving to Thailand, and while there my wife had a ruptured ovarian cyst which turned septic and required surgery.

 

At the time of the surgery in Singapore she was in her late 30's, but upon disclosure to then Bupa, now Cigna they excluded ALL gynecologic issues, which for a woman is very common.

 

You are right you will not be able to enroll in Part B or D without a US residence.

But have a heart attack, or something equally immediate, do you think you are going to get on a plane for 24 hours to get back to the US?

 

Lot to think about

No!

You absolutely 100 percent CAN enroll and pay for Medicare Part B with a foreign address!!!!!

If already on social security the fee is taken from your check.

If not pay directly. 

If social security has a foreign address on record you must actively opt in.

Contact Manilla FBU.

Of course you can't use the benefits abroad but there is still a good reason to pay anyway.

If you do repatriate there are severe lifetime financial penalties for each year you didn't enroll from age 65.

 

[Jingthing]

I think he probably does have enough even with an early SS claim and a little luck.

But as far a health coverage I still recommend Colombia over Thailand.

Where he definitely has enough if he avoids Medellin, Bogota and Cartegena.

[DrJack54]

Ridiculous thread.

Travel log.

Nothing to do with this forum. 

Just chit chat about one Thai location vs other options.

General discussion forum at best. 

 

[blazes]

1 hour ago, Jingthing said:

I think he probably does have enough even with an early SS claim and a little luck.

But as far a health coverage I still recommend Colombia over Thailand.

Where he definitely has enough if he avoids Medellin, Bogota and Cartegena.

Doesn't leave an awful lot in the enjoyable city department, does it?

[EVENKEEL]

I took my SS at age 62, now 3 yrs on and I have no regrets. I'd recommend putting your money in a safe account. Banks are paying close to 5% now and live on your SS.

[Mickeymaus]

13 minutes ago, EVENKEEL said:

I took my SS at age 62, now 3 yrs on and I have no regrets. I'd recommend putting your money in a safe account. Banks are paying close to 5% now and live on your SS.

Just don't forget to deduct the inflation... 

[FreddieMercury]

On 2/21/2023 at 11:17 PM, ChintaHuma said:

Why? Can you please elaborate it more. Thanks

I agree. Hua Hin is beautiful for the type of lifestyle you are looking for.

[DrJack54]

10 minutes ago, FreddieMercury said:

I agree. Hua Hin is beautiful for the type of lifestyle you are looking for.

Who cares. 

You don't need a visa or work permit to live in HH.

This travel log thread is ridiculous. 

[Jingthing]

33 minutes ago, Mickeymaus said:

Just don't forget to deduct the inflation... 

Social Security does have colas.

[Mickeymaus]

3 minutes ago, Jingthing said:

Social Security does have colas.

"recommend putting your money in a safe account. Banks are paying close to 5% now" 

 

I meant the interest payments on the savings account.

[metisdead]

As the OP is no longer allowed to participate in this discussion, topic is now closed.