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

[Yellowtail]

1 hour ago, sirineou said:

As I understand it, unless you enroll when you become eligible, there is a big fine if you need to enrollee later on.

And you never know when you might have to go back when you get older and all the old age associated problems start to happen. $165 a month for insurance that covers preexisting conditions does not sound to me that much, but I also have my trade union pension, I understand and sympathise that others might not be so fortunate, but if you can afford it I think it is a good deal. and a good strategy. .   

But were it just a fine! It is crazy how much the month premium goes up if you delay part B. 

 

Best to sign up for it from the start.

 

[jerrymahoney]

1 hour ago, sirineou said:

As I understand it, unless you enroll when you become eligible, there is a big fine if you need to enrollee later on.

Unless you qualify for the Part B penalty exemption.

 

https://www.uhc.com/news-articles/medicare-articles/how-to-avoid-the-medicare-part-b-late-penalty

[Yellowtail]

1 hour ago, mania said:

Yes but they also have Medicaid which will pay your Medicare part B & also part D for you if you fall under $X amount of income which is nice benefit for those who do.

Yes, contrary to popular belief, it's all free in the US if you're skint.

[Yellowtail]

2 minutes ago, jerrymahoney said:

Unless you qualify for the Part B penalty exemption.

 

https://www.uhc.com/news-articles/medicare-articles/how-to-avoid-the-medicare-part-b-late-penalty

Do you qualify? 

[jerrymahoney]

46 minutes ago, Yellowtail said:

Do you qualify? 

Yes.

 

Deficit Reduction Act of 2005 Section 5115 All CMS Provisions As of February
28, 2006

 

Waiver of part B late enrollment penalty for certain international volunteers.

 

Provides for the waiver of the Part B late enrollment penalty and establishment of a special enrollment period for beneficiaries who are volunteering outside of the U.S. through a 12 month or longer program sponsored by a tax exempt organization defined under section 501(c)(3) of the Internal Revenue Code and who  have other health insurance coverage.

 

https://www.cms.gov/RegulationsandGuidance/Legislation/LegislativeUpdate/Downloads/DRA0307.pdf

 

obsolete link

[jerrymahoney]

to the above: 

https://www.federalregister.gov/documents/2008/06/27/E8-14040/medicare-program-special-enrollment-period-and-medicare-premium-changes

 

ACTION:

Final rule. 

SUMMARY:

This final rule provides a special enrollment period (SEP) for Medicare Part B and premium Part A for certain individuals who are sponsored by prescribed organizations as volunteers outside of the United States and who have health insurance that covers them while outside the United States. 

[Yellowtail]

45 minutes ago, jerrymahoney said:

Yes.

Congratulations 

[jerrymahoney]

4 minutes ago, Yellowtail said:

Congratulations 

Thank you. When reaching around age 65, I was back in the USA for a visit and talked on the phone to an SSA agent.

 

She said, with my insurance (BUPA) and 501c3 affiliation, I definitely qualified. I said that I spoke to a few agents before her and none of them knew what I was talking about. She said that so few persons actually qualify that most agents have never had to deal with it.
 

[Yellowtail]

15 minutes ago, jerrymahoney said:

Thank you. When reaching around age 65, I was back in the USA for a visit and talked on the phone to an SSA agent.

 

She said, with my insurance (BUPA) and 501c3 affiliation, I definitely qualified. I said that I spoke to a few agents before her and none of them knew what I was talking about. She said that so few persons actually qualify that most agents have never had to deal with it.
 

You're one in a million! 

 

 

[jerrymahoney]

12 minutes ago, Yellowtail said:

You're one in a million! 

Let's just say in this context, unique. I became involved with an NGO here in Thailand working with disadvantaged persons which I used to help set-up the US NGO or 501c3, The NGO is in the sphere of so-called Access to Knowledge or A2K.

 

But not so active now as per 10 years ago.

 

However, given the topic here, though I never thought about it, I would lose the qualifications for the waiver if I ever went back to the USA without an active health insurance policy covering me while in Thailand.

 

And that is worth about $2000 every year.

[Mikkihiiri]

If you put aside the same yearly amount you would pay to an insurance company you will not be covered enough if something serious will happen. I am 65 yo and have a 5,000,000 THB coverage insurance with PACIFIC CROSS. The premium is around 52,000 THB per year with no coverage below 50,000 THB of hospital bill. You get a 10% on the yearly premium if you did not use the insurance the previous year.

[TravelerEastWest]

Is teh Pacific Cross travel insurance a good plan?

 

I need to make a 2 or 3 week trip to the US next year...

[Sheryl]

52 minutes ago, TravelerEastWest said:

Is teh Pacific Cross travel insurance a good plan?

 

I need to make a 2 or 3 week trip to the US next year...

I woukd suggest a US based plan. Just make surf it goes not ecxlude US citizens livingcdbroad. Prior to becomjng eligible for  Medicare I used to get IMG

[TravelerEastWest]

1 hour ago, Sheryl said:

I woukd suggest a US based plan. Just make surf it goes not ecxlude US citizens livingcdbroad. Prior to becomjng eligible for  Medicare I used to get IMG

Sheryl,

 

Thank you  They are about double the price for about five times the coverage and probably a lot better service...

[Sheryl]

7 minutes ago, TravelerEastWest said:

Sheryl,

 

Thank you  They are about double the price for about five times the coverage and probably a lot better service...

If I recall this was the plan I used to get

https://www.imglobal.com/img-insurance-plans/patriot?gad=1&gclid=Cj0KCQjwwISlBhD6ARIsAESAmp77VmQATq_fGzWsQe5uY4bHs8s71SwJbbxHIVkdO0so1lTUAAa7PLQaAqbrEALw_wcB

 

I don't recall it being very expensive...but I may have taken a high deductible on it.

[mania]

14 hours ago, Yellowtail said:

Yes, contrary to popular belief, it's all free in the US if you're skint.

Well yes & no

Many things are not based on anything but income. So you can own your home outright, have saving etc but low income is the qualifier for many things.

 

Which is nice/fair of them. Many US citizens paid all their life  so it is nice if in their older age on reduced income they get a break. ????

[Sheryl]

32 minutes ago, mania said:

Well yes & no

Many things are not based on anything but income. So you can own your home outright, have saving etc but low income is the qualifier for many things.

 

Which is nice/fair of them. Many US citizens paid all their life  so it is nice if in their older age on reduced income they get a break. ????

Not quite....savings count and above a certain low threshold you'll be required to spend that first. You can keep a home and 1 car. 

 

And income limit is really low. As little as $1,500 a month for a married couple in some places.

[TravelerEastWest]

On 7/2/2023 at 11:23 PM, Sheryl said:

If I recall this was the plan I used to get

https://www.imglobal.com/img-insurance-plans/patriot?gad=1&gclid=Cj0KCQjwwISlBhD6ARIsAESAmp77VmQATq_fGzWsQe5uY4bHs8s71SwJbbxHIVkdO0so1lTUAAa7PLQaAqbrEALw_wcB

 

I don't recall it being very expensive...but I may have taken a high deductible on it.

Thanks again - reasonable - I may go with them.

[jerrymahoney]

I note the above link to IMG Global. They have a 317 area code and HQ in Indianapolis, IN which for some reason seems to be a city specialized in this type insurance.

 

While you are discussing travel insurance, they also offer a full medical coverage similar to CIGNA Global. And this from their brochure:

 

Note the 6-month restriction: Dead giveaway this is a Lloyd's of London syndicated policy. And their Bermuda-based underwriter is indeed linked to a Lloyd's syndicate.

[Reginald Prewster]

On 6/29/2023 at 1:44 PM, FriendlyFarang said:

Everything under 5 million baht you can't really call "self insured".

Good number given @FriendlyFarang. 5 Million Baht is the absolute minimum for ONE serious case.

 

With that the Hospital might be able even to stabilize you for a transport back into your home country where you may get a free coverage. 

 

Everything less than the suggested 5 Mil you life a scary life, because GoFundMe might get you a 10000 EUR if you can come up with a heart weakening story about what happened...

Otherwise its more likely under 1000 EUR, which not even covers a bitten off dick...

(just to make you aware you are thinking the wrong way when living in a foreign country.

YOU are responsible for yourself, so make sure it not ends up "som nam na" when the crap hits the fan )

[scubascuba3]

2 minutes ago, Reginald Prewster said:

Good number given @FriendlyFarang. 5 Million Baht is the absolute minimum for ONE serious case.

 

With that the Hospital might be able even to stabilize you for a transport back into your home country where you may get a free coverage. 

 

Everything less than the suggested 5 Mil you life a scary life, because GoFundMe might get you a 10000 EUR if you can come up with a heart weakening story about what happened...

Otherwise its more likely under 1000 EUR, which not even covers a bitten off dick...

(just to make you aware you are thinking the wrong way when living in a foreign country.

YOU are responsible for yourself, so make sure it not ends up "som nam na" when the crap hits the fan )

Give us your workings for the 5m baht? be good to see the detail

[Reginald Prewster]

Just now, scubascuba3 said:

Give us your workings for the 5m baht? be good to see the detail

If anyone in Pattaya has known the owner of the first Titty Twister on Darkside?

His wife got hit on a Songkran night by a Motorcycle in front of the new TT bar and became a permanent case.

The Thai inurance of his wife covered 400k

He put up another 3 Millon from donations, sold belongings and savings

after the bill added another 2 Million she was kicked out of hospital and the Hospital tried to claim him. 

 

That was all for 3 month approximately... 

[Sheryl]

5 million is about right for the most likely to be incurred in a single hospitalization in a private hospital (worst case scenario, but worst case is what one should  plan for).

 

If using only government hospitals can be 1.5 - 2 million.

 

And of course need a way to replenish these funds as used.

[scubascuba3]

Those people with excluded pre-existing conditions will need to keep big funds for self insurance anyway, I wonder how many people do?

[mania]

2 minutes ago, scubascuba3 said:

Those people with excluded pre-existing conditions will need to keep big funds for self insurance anyway, I wonder how many people do?

I do not think that would be a high percentage

[TravelerEastWest]

30 minutes ago, scubascuba3 said:

Those people with excluded pre-existing conditions will need to keep big funds for self insurance anyway, I wonder how many people do?

I wonder how much cash I need - normally except for day to expenses and immigration bank balances I keep funds in dividend stocks... could take a few days to sell...

[Yellowtail]

8 minutes ago, TravelerEastWest said:

I wonder how much cash I need - normally except for day to expenses and immigration bank balances I keep funds in dividend stocks... could take a few days to sell...

Do you not have a credit card? 

[scubascuba3]

2 hours ago, TravelerEastWest said:

I wonder how much cash I need - normally except for day to expenses and immigration bank balances I keep funds in dividend stocks... could take a few days to sell...

That's where the 800k in the bank non Imm O might come in useful for a medical emergency, will get them to treat you. Waiting to sell shares etc is too long

[jerrymahoney]

38 minutes ago, scubascuba3 said:

That's where the 800k in the bank non Imm O might come in useful for a medical emergency, will get them to treat you. Waiting to sell shares etc is too long

Is that the same 800K that some have in their Bangkok Bank account via their agent for microseconds?

[FruitPudding]

On 6/29/2023 at 11:35 AM, Scouse123 said:

Guys, I am at the 61 years old mark. I don't smoke, I do drink but not for the next few months as I am on a health kick. I only drink wine or beer and not heavy stuff or spirits.

 

I get regular health checks which I pay for. A recent one, the doctor stated my vitals and bloods were good as were all my organs.

 

I also get annual health check at Bangkok hospital, Khonkaen and try to stay in a reasonable condition. My check last year was a decent result considering my age and just a few age related areas to keep an eye on.

 

I need to be a bit more active exercise wise, which I will be doing this week and get back into a health routine.

 

I have a number of long term friends in Thailand that basically self insure, this is mainly due to the fact that they are late seventies and early eighties and they tell me they are in fact not insurable, due to age or premiums that are simply unaffordable.

 

After seeing recent postings on this board of insurance companies doing anything to get out of paying and null and voiding accounts with ' small print clauses ' I am wondering if these premiums are a waste of time and would I be better off just putting those fees in a separate ' health account '

Out of interest, where do you get the check up?