When does it become time to put money aside in a separate account and self insure?

[Gottfrid]

1 hour ago, Scouse123 said:

19-25 would have been a non starter considering I am British and we had the NHS.

 

Of course we would have given no attention at all to private or self insurance when our hospital costs were free

You missed the point! That´s the age you start to save for things later in life. Might it be self-insurance, better pension or for a house and much more. It´s called a great plan and being aware of reality. 

[Scouse123]

46 minutes ago, Gottfrid said:

You missed the point! That´s the age you start to save for things later in life. Might it be self-insurance, better pension or for a house and much more. It´s called a great plan and being aware of reality. 

I already did all that and that's why I was able to move to Thailand in my very early thirties and I still have income and properties in the UK.

 

However, we were talking about self insuring regards health insurance, not life goals and planning. At least I was when I opened this thread.

[Yellowtail]

Just now, Scouse123 said:

I already did all that and that's why I was able to move to Thailand in my very early thirties and I still have income and properties in the UK.

 

However, we were talking about self insuring regards health insurance, not life goals and planning. At least I was when I opened this thread.

I think if you maintain an account with at least three million baht in Thailand I think you are okay. 

 

I pay as I go and spend a lot less on care than I would on insurance. 

 

I also have a few credit cards that would cover about B6M more. I generally pay with a credit card, and told my wife that if I die in the hospital pay with the US cards and then don't pay the bill.

[spidermike007]

I have been self insuring for a decade now. I do not trust insurance companies, and consider most of them to be gangsters. Anything to get out of paying a claim. I despise insurance companies. I have car insurance, and accident insurance. And term life insurance for my woman, in case something happens to me. But, I gave up health insurance after my premium went up 22%, after ten years without claims. No thanks. 

[Yellowtail]

1 minute ago, spidermike007 said:

I have been self insuring for a decade now. I do not trust insurance companies, and consider most of them to be gangsters. Anything to get out of paying a claim. I despise insurance companies. I have car insurance, and accident insurance. And term life insurance for my woman, in case something happens to me. But, I gave up health insurance after my premium went up 22%, after ten years without claims. No thanks. 

This has not been my experience. All of the insurance companies I have dealt with have been great for my family, and we had quite a lot of expensive medical care, including two knee replacements at Bumrungrad and they paid without a peep. 

 

 

[jerrymahoney]

16 minutes ago, spidermike007 said:

I have been self insuring for a decade now. I do not trust insurance companies, and consider most of them to be gangsters.

People who self-insure get to say how smart they are so long as nothing real bad happens.

 

People who buy health-insurance only get to say how smart they are (if they so choose) when something real bad happens and their claims paid out far exceeds their premiums paid in or they will ever pay in.

[bamboozled]

I don't have insurance and like to appease myself with the thought that the vast, vast, vast majority of the world also does not have health insurance. That won't save my life or reduce my pain but adds a certain perspective. I'm in good company. At least a LOT of company.

 

As other contributors have pointed out, death will get us all in the end. We might be better off meditating on it and getting more comfortable with it. Yes, this is all easy to say being in relatively good health, currently.

 

And chances are your insurance WILL be a waste of money. Let's hope so, right? Risk vs. reward.

[Yellowtail]

3 minutes ago, jerrymahoney said:

People who self-insure get to say how smart they are so long as nothing real bad happens.

 

People who buy health-insurance only get to say how smart they are (if they so choose) when something real bad happens and their claims paid out far exceeds their premiums paid in or they will ever pay in.

I do not think anyone is claiming they are smart for buying or not buying insurance, I certainly am not. The insurance I had was great, I used the heck out of it, and I reviewed over twenty years of medical bill for me, my wife and my son. I looked at what I would have to pay to continue my coverage after I retired, and it did not seem like a good bet. It has been a good bet for five years, but clearly that could change.

 

 

[jerrymahoney]

11 minutes ago, Yellowtail said:

I do not think anyone is claiming they are smart for buying or not buying insurance,

I disagre.

[Yellowtail]

In May I tripped in the parking lot of Chula hospital after taking my wife to an appointment. 

 

I banged my shoulder and split my forehead open. They took me to emergency. Several x-rays of the shoulder, CT scan of the brain, taped the split, bandages and meds, 14,500. 

 

[Henryford]

I started doing it 15 years ago, probably saved around 1 million baht, which would pay for a lot of health care. If you are a non smoker and in good health well worth doing. I was always dubious that even if i had health insurance would they pay up? If it's in YOUR bank account no problem.

[scubascuba3]

4 hours ago, Gottfrid said:

You missed the point! That´s the age you start to save for things later in life. Might it be self-insurance, better pension or for a house and much more. It´s called a great plan and being aware of reality. 

Correct, i started saving, investing and contributing to a pension from 18

[scubascuba3]

3 hours ago, Yellowtail said:

This has not been my experience. All of the insurance companies I have dealt with have been great for my family, and we had quite a lot of expensive medical care, including two knee replacements at Bumrungrad and they paid without a peep. 

 

 

Early days though, premiums start spiralling out of control later

[bradiston]

3 hours ago, Yellowtail said:

In May I tripped in the parking lot of Chula hospital after taking my wife to an appointment. 

 

I banged my shoulder and split my forehead open. They took me to emergency. Several x-rays of the shoulder, CT scan of the brain, taped the split, bandages and meds, 14,500. 

 

I had an almost identical accident. My total costs for all the same things you mentioned were in the same ballpark, about 12k THB. I cracked a rib and had 3 stitches over my eye. I looked like Rocky, final round. No problem there with pay as you go. But to cover big RTA, or major surgery/care for whatever reason, I'm ok with paying 10k pm. It's called Peace of Mind.

Edited June 30, 2023 by bradiston

[3NUMBAS]

tricky question as numerous body scan and brain scans maybe needed if you have a stroke

[scubascuba3]

4 minutes ago, 3NUMBAS said:

tricky question as numerous body scan and brain scans maybe needed if you have a stroke

Looking at 1m baht+ for scans, and clotbuster etc, cheaper to change diet and reduce risk of stroke

[3NUMBAS]

i was taking statins but still had a stroke when i was driving ,it was nearly fatal

[msbkk]

4 minutes ago, scubascuba3 said:

Looking at 1m baht+ for scans, and clotbuster etc, cheaper to change diet and reduce risk of stroke

To reduce the risk is great but of course absolutely no guarantee. Even people with proper diet and exercise can be unlucky. You need a plan for unexpected emergencies and this means a lot of money or an insurance. 

[Gottfrid]

6 hours ago, scubascuba3 said:

Correct, i started saving, investing and contributing to a pension from 18

That´s the right way. That´s why we can live problem free know. 

[Gottfrid]

19 hours ago, Scouse123 said:

I already did all that and that's why I was able to move to Thailand in my very early thirties and I still have income and properties in the UK.

 

However, we were talking about self insuring regards health insurance, not life goals and planning. At least I was when I opened this thread.

Strange, you say that you did all that, and still you do not know that saving up money for self insurance is a part of the goals in life and a part of planning.

Edited June 30, 2023 by Sheryl
civility

[Mike Teavee]

9 hours ago, Gottfrid said:

Strange, you say that you did all that, and still you do not know that saving up money for self insurance is a part of the goals in life and a part of planning.

You clearly don’t have a clue about Health Care in the UK.

 

 It’s “Free” (won’t go into how it’s funded or how I had to pay additional tax for it as my company gave me Private Health Insurance as a “Benefit in Kind”, never used it but thanks for taking the 40% tax from me for having it)

 

So none of us (myself included) thought about it until we came to not live there.

 

Is your Country that much different (Not that I would comment on your countries Health provisos as, I wouldn’t have a clue)

 

 

Edited June 30, 2023 by Sheryl
quote edited for civility

[Gottfrid]

2 hours ago, Mike Teavee said:

You clearly don’t have a clue about Health Care in the UK.

 

 It’s “Free” (won’t go into how it’s funded or how I had to pay additional tax for it as my company gave me Private Health Insurance as a “Benefit in Kind”, never used it but thanks for taking the 40% tax from me for having it)

 

So none of us (myself included) thought about it until we came to not live there.

 

Is your Country that much different (Not that I would comment on your countries Health provisos as, I wouldn’t have a clue)

 

 

No, it´s free in my home country as well. However, start to save up for safety and all eventualities is still a normal thing for me. You never know where you will end up. Even if you stay in your home country, savings will not be a waste to have. That´s the point. Meaning what you know need for self-insurance, would have another place in another country.

[Scouse123]

9 hours ago, Gottfrid said:

Strange, you say that you did all that, and still you do not know that saving up money for self insurance is a part of the goals in life and a part of planning.

You talk nonsense.

 

I had no idea at 25 years old that I would end up in Thailand. I did save and have substantial assets in Thailand and the UK.

 

However, that has nothing to do with this thread.

 

Up until now, I have always used insurance companies for health insurance since I have lived here. What I am saying is that now I have hit 61 they are going up at a rapid rate.

 

No, as a reasonably healthy individual on the whole, I didn't think about health insurance premiums too much but I am doing now.

 

I did not give it much thought as a 25 year old young man and most of my circle of friends at that age, do not really think about life at 61!

 

Saving for the future and building assets is part of life, it was for me as a young businessman as is looking after both a UK family and a Thai family.

 

Nobody on this board no matter how much money they have wants to get hit with a disaster and end up with a bill of millions of baht because they didn't have insurance.

 

So, it's a calculated risk.

 

Some feel they can jump on a plane and fly back to their country of origin, but you cannot do that if you have a severe road accident or say, a brain aneurysm,which a friend of mine suffered in Pattaya at the age of 65.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Edited June 30, 2023 by Sheryl
civility

[Mike Teavee]

36 minutes ago, Gottfrid said:

No, it´s free in my home country as well. However, start to save up for safety and all eventualities is still a normal thing for me. You never know where you will end up. Even if you stay in your home country, savings will not be a waste to have. That´s the point. Meaning what you know need for self-insurance, would have another place in another country.

Agree 100% but you can’t blame a young guy for not including Health Insurance in that.
 

I honestly did not even think about Private Health Insurance ( Except for the tax I paid on my BUPA insurance from 26) until I was 53

 

Even working in Singapore my company gave me Health Insurance so it was only when I retired that it came on my radar (& even then only because they were making it compulsory for Non-IMM OA holders, I’m No -IMM O).

 

Call me Stupid (you wouldn’t be the 1st) but I bought my 1st Health Insurance at 54 & at that time it was very Alien to me…

 

 

 

 

Edited June 30, 2023 by Mike Teavee

[save the frogs]

55 minutes ago, Gottfrid said:

Even if you stay in your home country, savings will not be a waste to have.

Ideally, it's good to have savings. 

But a lot of people don't have massive savings. And if health insurance is covered, they don't need to as hospital costs are the greatest unexpected expense.

 

[Sheryl]

On 6/29/2023 at 2:07 AM, scubascuba3 said:

a "claim denied" is likely and common.

 

 

Not with reputable international insurers

[Sheryl]

Several posts have been edited for civility.

 

No name calling, please.

[CANSIAM]

On 6/29/2023 at 11:44 AM, Jingthing said:

This is a hard question. You could develop a condition that would exclude you from decent coverage or coverage at all tomorrow. It sounds like right now you can have a clean application. If I were you I would do lots of research on the best agents and best companies and apply for the insurance. No guarantees but it would be a fair enough bet if your record is really as clean as you present it here.

I agree, if one is considering health insurance, apply if and when you have clean bill of health, many have % discounts for yearly 'no-claims' as well but of course premium rate increases at age intervals.......

[scubascuba3]

2 hours ago, Sheryl said:

 

Not with reputable international insurers

Don't forget  @simon43 claim denied for April Intl (France), he contested that decision with the Consumer Protection body, i know you said previously he didn't declare everything he should have

Edited July 1, 2023 by scubascuba3

[Sheryl]

2 minutes ago, scubascuba3 said:

Don't forget  @simon43 claim denied for April Intl (France), he contested that decision with the Consumer Protection body, i know you said previously he didn't declare everything he should have

 

The claim was denied (and his policy voided) because the insurer discovered he had pre-existing BPH which he had not declared on his application.