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My private health insurance monthly premium cost is killing me .

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So I now find my self is a worrying and stressful situation where my private health insurance monthly cost has just increased to a point where its now becoming a financial burden thats making me think about terminating my private health insurance policy .

 

I’m a 75 years old retired expat who has lived permanently in Thailand for 20 years and has a wonderful Thai wife and no children .

 

So this is my current situation .........

 

I receive a British state pension and a small private pension amounting to a total of 30,000.00 Baht a month. The British state pension has been frozen for 20 years. I have no other income .

I have a Thai bank savings account balance of just over 2 Million Baht.

My private health insurance monthly payment has just increased to 18,500 Baht a month.

I have had my private health insurance ( with a company called Cigna / inpatient only ) for over 10 years and I have never made a claim .

Due to my financial situation we live a quite and simple village life in the house I had built 20 years ago.

My Thai wife is disabled so not able to work.

For my visa situation, I use the retirement option extended every year , and need to have 800,00.00 Thai Baht in my Thai bank account.

Personally I am in good health , and have never had a serious illness or had to be admitted to hospital as an inpatient .

The recent private health insurance cost increase to 18,500 Baht a month ( 222,000,00 Baht a year ) is causing a very stressful and worrying situation , to the point where now I’m considering terminating my private health insurance .


 
Monthly total income ( pension payments ) = 30,000.00 Baht , minus – 18,500 Baht private pension payment leaves a monthly balance of 11,500.00 Baht. So as you can see the monthly amount I’m left with after paying the private health monthly payment , is very small .

 

Currently I am having to withdraw money from my Thai bank savings account every month to make up any shortfall and we try to keep our spending to the minimum. 

 

Taking into consideration my poor current financial situation , I can think of no other option but to terminate my private health insurance , and just keep my fingers firmly crossed that should I need hospital medical inpatient treatment , the treatment cost involved would not empty my Thai bank savings account balance.  

 

If I did terminate my current private health insurance policy , that would leave me in the position of having 30,000.00 Baht income every month , which I’m sure we could live on without too many problems, or having to use money from my Thai bank savings account .

 

As a side note, I have though about returning back to the UK or the Philippians to try and get my British state pension un frozen, but at my age ( 75 ) and the cost / effort involved , seemed not worth it.

 

 So any thoughts or constructive advice on my above situation would be very welcome .

 

.
 

 

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  • Ditch it straight away.    Keep 800,000 in the bank for the visa Invest the 1.2 million left over. Perhaps a condo in a nearby city to rent out, or investment account paying monthly or

  • Yes,  health insurance cost here compared to the coverage you get is very expensive for the aged expat. You have a couple options here that could help.    Change to a marriage extension of s

  • At 79, I could no longer afford even the worst insurance plan. The one I had cost me 12,000 a month, covered virtually nothing, with a 300,000 deductible, and I only had it because it was required by

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Ditch it straight away. 

 

Keep 800,000 in the bank for the visa

Invest the 1.2 million left over. Perhaps a condo in a nearby city to rent out, or investment account paying monthly or annually. 

 

5% return on the 1.2 million is 5,000 per month, added to your 30,000 pension. Giving you 35,000 per month.

 

Make the 1.2 million investment easy enough to turn to cash and that will be your insurance should you need it before passing away. 

 

 

  • Popular Post

A lot depends on your general health up to now. If it's good, and you've taken good care of yourself, you might never have a need for it, and if something happens, your savings could cover many things but not all, so you have to weigh that in. Have you tried shopping for a suitable but less expensive policy here? I'm guessing your home country has the equivalent of Medicare in the US with NHS right? 

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  • Popular Post
6 minutes ago, Packer said:

Ditch it straight away. 

 

Keep 800,000 in the bank for the visa

Invest the 1.2 million left over. Perhaps a condo in a nearby city to rent out, or investment account paying monthly or annually. 

 

5% return on the 1.2 million is 5,000 per month, added to your 30,000 pension. Giving you 35,000 per month.

 

Make the 1.2 million investment easy enough to turn to cash and that will be your insurance should you need it before passing away. 

 

 

 Thanks, The idea of investing some of the 2 million Baht in my savings account , has gone through my mind, but it felt a bit scary.

  • Author
7 minutes ago, fredwiggy said:

A lot depends on your general health up to now. If it's good, and you've taken good care of yourself, you might never have a need for it, and if something happens, your savings could cover many things but not all, so you have to weigh that in. Have you tried shopping for a suitable but less expensive policy here? I'm guessing your home country has the equivalent of Medicare in the US with NHS right? 

Thanks, My health has always been very good, no real health problems or having to be an inpatient in a hospital, and my blood pressure has always been in the normal range. As for searching for a less expensive health insurance provider, at my age it was sorry , no or the premium cost was far higher than I'm currently paying 

  • Popular Post
16 minutes ago, Canoodler said:

So I now find my self is a worrying and stressful situation where my private health insurance monthly cost has just increased to a point where its now becoming a financial burden thats making me think about terminating my private health insurance policy .

 

I’m a 75 years old retired expat who has lived permanently in Thailand for 20 years and has a wonderful Thai wife and no children .

 

So this is my current situation .........

 

I receive a British state pension and a small private pension amounting to a total of 30,000.00 Baht a month. The British state pension has been frozen for 20 years. I have no other income .

I have a Thai bank savings account balance of just over 2 Million Baht.

My private health insurance monthly payment has just increased to 18,500 Baht a month.

I have had my private health insurance ( with a company called Cigna / inpatient only ) for over 10 years and I have never made a claim .

Due to my financial situation we live a quite and simple village life in the house I had built 20 years ago.

My Thai wife is disabled so not able to work.

For my visa situation, I use the retirement option extended every year , and need to have 800,00.00 Thai Baht in my Thai bank account.

Personally I am in good health , and have never had a serious illness or had to be admitted to hospital as an inpatient .

The recent private health insurance cost increase to 18,500 Baht a month ( 222,000,00 Baht a year ) is causing a very stressful and worrying situation , to the point where now I’m considering terminating my private health insurance .


 
Monthly total income ( pension payments ) = 30,000.00 Baht , minus – 18,500 Baht private pension payment leaves a monthly balance of 11,500.00 Baht. So as you can see the monthly amount I’m left with after paying the private health monthly payment , is very small .

 

Currently I am having to withdraw money from my Thai bank savings account every month to make up any shortfall and we try to keep our spending to the minimum. 

 

Taking into consideration my poor current financial situation , I can think of no other option but to terminate my private health insurance , and just keep my fingers firmly crossed that should I need hospital medical inpatient treatment , the treatment cost involved would not empty my Thai bank savings account balance.  

 

If I did terminate my current private health insurance policy , that would leave me in the position of having 30,000.00 Baht income every month , which I’m sure we could live on without too many problems, or having to use money from my Thai bank savings account .

 

As a side note, I have though about returning back to the UK or the Philippians to try and get my British state pension un frozen, but at my age ( 75 ) and the cost / effort involved , seemed not worth it.

 

 So any thoughts or constructive advice on my above situation would be very welcome .

 

.
 

 

Yes,  health insurance cost here compared to the coverage you get is very expensive for the aged expat. You have a couple options here that could help. 

 

Change to a marriage extension of stay which has a lower acct balance required could help financially.  Keep the extra money as a safety net for health issue or whatever emergency.

 

Stop the insurance. Bank an amount monthly thats reasonable into your " safety fund" and let it build up for those emergencies. It may take time to get your safety fund up higher but it splits the balance of funds into a more favorable situation for you

5 minutes ago, Canoodler said:

Thanks, My health has always been very good, no real health problems or having to be an inpatient in a hospital, and my blood pressure has always been in the normal range. As for searching for a less expensive health insurance provider, at my age it was sorry , no or the premium cost was far higher than I'm currently paying 

Yes, I was thinking of that after I sent that last comment. Do you have NHS, which covers certain things if you're a UK citizen? I'm not up to speed on the UK's policies, as I have Medicare in the US, but would have to return for any procedures as they don't accept it here. And possibly do what Dan O said, switching to a marriage extension which only involves a tad different paperwork but that you qualify for. Edit: I just saw that NHS doesn't cover you if you live here so that's out.

Switch to marriage extension which requires 400K in the bank, but only for a limited time around extension renewal.

 

I believe not possible to use combined monthly pension income + bank deposit for your extension financials.  Embassy no longer does income letters, so have to use bank statements as proof.  Could you park your cash outside, then transfer your pension plus extra each month to meet the 40K/month requirement?

 

What is your medical deductible?  Select a higher deductible to reduce your premium.  I wouldn't cancel, as the probability of needing insurance soon after cancellation.......

  • Popular Post
11 hours ago, Canoodler said:

 Thanks, The idea of investing some of the 2 million Baht in my savings account , has gone through my mind, but it felt a bit scary.

 

There are no Guaranteed Income Certificates paying out at least 4% in your country?

Those are usually insured by the govt.

If they exist, they are the safest investments. You cannot lose your capital. 

Tie up small amounts that will terminate at different times, so you can withdraw some in case of an emergency.

 

 

  • Popular Post

Changing health insurance companies at age 75 would be difficult. Even if a new insurer would entertain an application, any conditions which have arisen while you have been insured by Cigna, and which Cigna is now covering, would be excluded under a new policy. These conditions may only be discovered when taking a physical exam, which would likely be mandatory with any new insurer.

 

You don't mention the deductible on your current plan with Cigna. If it is nil, or a low amount, perhaps increasing it would give some relief on the premium. This is ok as long as you have money set aside to meet the deductible in case of a claim.

  • Popular Post

At 79, I could no longer afford even the worst insurance plan. The one I had cost me 12,000 a month, covered virtually nothing, with a 300,000 deductible, and I only had it because it was required by my visa status.

I was in Chiang Mai Ram for a week a few years ago, and the insurance didn't cover a cent of it!

I've been in good health since then, and I prefer to pay out of pocket. It's less expensive in the long run.

I changed my visa status. 
Unless one starts young or has lots of money coming in, good coverage old-age insurance is simply too expensive.

 

  • Author
18 minutes ago, Dan O said:

Yes,  health insurance cost here compared to the coverage you get is very expensive for the aged expat. You have a couple options here that could help. 

 

Change to a marriage extension of stay which has a lower acct balance required could help financially.  Keep the extra money as a safety net for health issue or whatever emergency.

 

Stop the insurance. Bank an amount monthly thats reasonable into your " safety fund" and let it build up for those emergencies. It may take time to get your safety fund up higher but it splits the balance of funds into a more favorable situation for you

 

 
Thanks, The changing from a retirement visa option ( 800,000.00 Baht ) to a married visa option ( 400,000.00 Baht ) is an option I had not thought of , doing that would release 400,000.00 Baht back into my Thai bank savings account. The other option that went through my mind , and I understand it can be some what risky , would be to use a ‘’ Visa Agent ‘’ that may cost around 25,000.00 Baht  each year. Doing the visa ‘’ agent ‘’ would then free up the 800,000.00 Baht that was being used for a retirement visa. 

  • Author
23 minutes ago, fredwiggy said:

Yes, I was thinking of that after I sent that last comment. Do you have NHS, which covers certain things if you're a UK citizen? I'm not up to speed on the UK's policies, as I have Medicare in the US, but would have to return for any procedures as they don't accept it here. And possibly do what Dan O said, switching to a marriage extension which only involves a tad different paperwork but that you qualify for. Edit: I just saw that NHS doesn't cover you if you live here so that's out.

 

From what I understand if I return back to the UK and seek medical attention using the British NHS , to comply to access medical treatment , I may have to reside in the UK for a previous 6 months. The other thorn in my side would be locating accommodation in the UK ( all my family have passed away ) and paying for accommodation could be expensive 
 

3 minutes ago, Canoodler said:

 

From what I understand if I return back to the UK and seek medical attention using the British NHS , to comply to access medical treatment , I may have to reside in the UK for a previous 6 months. The other thorn in my side would be locating accommodation in the UK ( all my family have passed away ) and paying for accommodation could be expensive 
 

That's what I was thinking, that you would have to move back for it to work. I have to return if I need Medicare, but will be moving back anyway asap, and then I need to get Medicare part B, which covers the doctor visits and referrals. 

53 minutes ago, Canoodler said:

 

The recent private health insurance cost increase to 18,500 Baht a month ( 222,000,00 Baht a year )

 

what is your deductible ?

 

If you're using health insurance for major accidents or surgeries you should consider paying a much higher deductible to bring your premium down

 

  • Author
20 minutes ago, Etaoin Shrdlu said:

Changing health insurance companies at age 75 would be difficult. Even if a new insurer would entertain an application, any conditions which have arisen while you have been insured by Cigna, and which Cigna is now covering, would be excluded under a new policy. These conditions may only be discovered when taking a physical exam, which would likely be mandatory with any new insurer.

 

You don't mention the deductible on your current plan with Cigna. If it is nil, or a low amount, perhaps increasing it would give some relief on the premium. This is ok as long as you have money set aside to meet the deductible in case of a claim.

 

With my Cigna policy I have a deductible amount that I have to pay upfront of 1,000 GBP ( around 42,000.00 Baht )  . The Cigna policy covers me for up to 14 million Baht in any 1 year  .
 

  • Author
9 minutes ago, NickyLouie said:

 

what is your deductible ?

 

If you're using health insurance for major accidents or surgeries you should consider paying a much higher deductible to bring your premium down

 

 

With my Cigna policy I currently have a deductible  amount that I have to pay upfront of 1,000 GBP ( around 42,000.00 Baht ) and below is other amounts on offer ......

£2000 ( 85,935.86 Thai Baht ) deductible = £389.36 per month.

£5000 deductible ( 214,839.65 Thai Baht ) = £345.15 per month.

£6650 deductible ( 285, 736.73 Thai Baht )  = £307.70 per month.
 

  • Author
23 minutes ago, FolkGuitar said:

At 79, I could no longer afford even the worst insurance plan. The one I had cost me 12,000 a month, covered virtually nothing, with a 300,000 deductible, and I only had it because it was required by my visa status.

I was in Chiang Mai Ram for a week a few years ago, and the insurance didn't cover a cent of it!

I've been in good health since then, and I prefer to pay out of pocket. It's less expensive in the long run.

I changed my visa status. 
Unless one starts young or has lots of money coming in, good coverage old-age insurance is simply too expensive.

 

 Thanks, If only I could turn the clock back in Time.

  • Popular Post

I would not qualify for any type of health insurance in Thailand. Too old, too many pre-existing conditions. I maintain full private health cover in Australia.

 

I have self-insured for about 15 years in Thailand. I have about 900,000 baht available for medical emergencies.

 

I have been hospitalized twice here, with a broken elbow, and bacterial pneumonia. Both times in a government hospital, where the care was very good, and the cost surprisingly inexpensive.

 

Having said that, I doubt I could have negotiated the hospital bureaucracy without the support of my Thai GF.

 

IMO the OP should ditch the insurance immediately. The financial stress is not worth it.

 

Medical conditions have warning signs. I'd suggest the OP could benefit from regular blood tests and an EKG, say once every 6 months.

 

My blood tests at Mengrai Labs cost 1200 baht. My EKG at a clinic of a cardiologist is 2500 baht.

 

The OP has several options. Good luck.

  • Author
28 minutes ago, NoDisplayName said:

Switch to marriage extension which requires 400K in the bank, but only for a limited time around extension renewal.

 

Check if possible to use combined monthly pension income + bank deposit for your extension financials.

 

What is your medical deductible?  Select a higher deductible to reduce your premium.  I wouldn't cancel, as the probability of needing insurance soon after cancellation.......

 

Ive been very lucky so far where my health is concerned. But I have a funny feeling that one week after I terminate my Cigna health insurance policy, I will be taken sick and admitted to hospital , thinking to my self, what a fool I was to ditch my Cigna private health insurance policy. On the other hand its now a struggle to keep paying the Cigna monthly payments .

Surely increasing your deductible on the health insurance is the way to go. 

 

I'm age 76 & healthy. With Pacific Cross on 3million baht health insurance but a deductible currently (I think) of 40K. Which means I pay the first 40K baht of any claim. Total annual cost in the range 70-80K. And I'm thinking of increasing the deductible to 60 or 80K when I renew next month.

  • Popular Post
22 minutes ago, Canoodler said:

 

From what I understand if I return back to the UK and seek medical attention using the British NHS , to comply to access medical treatment , I may have to reside in the UK for a previous 6 months. The other thorn in my side would be locating accommodation in the UK ( all my family have passed away ) and paying for accommodation could be expensive 
 

 

 

Not true.

 

Emergency medical treatment is immediately available....for anything non-urgent you just advise them that you have returned to live in England. In all honesty I doubt that you want to go back.

 

Absolutely no offence but you came to Thailand with inadequate financial resources. Only now is that appearing to be the case and you have managed 20 years on those resources. It is situation that is fairly typical of British expats..... state pension, minimal occupational pension and a bit of cash savings from selling up in the UK. You have enough without the insurance premium costs.

 

I am sure that 20 years ago you thought that you were well set for the future......especially with the exchange rate then around the 70 mark. The rate dropping to 40 represented a 40% decrease and would take a 75% increase to back to previous levels - that ain't going to happen. 

 

You are OK, but need an act of faith where continuing good health is concerned.

 

Live your life and enjoy the years you have left,

2 minutes ago, Canoodler said:

 

Ive been very lucky so far where my health is concerned. But I have a funny feeling that one week after I terminate my Cigna health insurance policy, I will be taken sick and admitted to hospital , thinking to my self, what a fool I was to ditch my Cigna private health insurance policy. On the other hand its now a struggle to keep paying the Cigna monthly payments .

OTOH, you could also live for another 10 years without any health issue, and accumulate a lot of buyer's remorse over the money you have wasted.

 

You have been with CIGNA for 10 years. How much have you spent in that time on something you never needed?

  • Author
12 minutes ago, Lacessit said:

I would not qualify for any type of health insurance in Thailand. Too old, too many pre-existing conditions. I maintain full private health cover in Australia.

 

I have self-insured for about 15 years in Thailand. I have about 900,000 baht available for medical emergencies.

 

I have been hospitalized twice here, with a broken elbow, and bacterial pneumonia. Both times in a government hospital, where the care was very good, and the cost surprisingly inexpensive.

 

Having said that, I doubt I could have negotiated the hospital bureaucracy without the support of my Thai GF.

 

IMO the OP should ditch the insurance immediately. The financial stress is not worth it.

 

Medical conditions have warning signs. I'd suggest the OP could benefit from regular blood tests and an EKG, say once every 6 months.

 

My blood tests at Mengrai Labs cost 1200 baht. My EKG at a clinic of a cardiologist is 2500 baht.

 

The OP has several options. Good luck.

 

I do have 6 monthly blood tests that generally show no problems , I take my blood pressure at home on a weekly basis , and its always within a normal range . At 75 years of age and never ever suffering from a serious medical condition or being a hospital inpatient , I have no idea compared to friends of the same age, just why I have been very lucky so far health wise. Having said all that I do constantly worry about my financial situation , which is giving me anxiety and sleepless nights. 

3 minutes ago, hotandsticky said:

 

 

You are OK, but need an act of faith where continuing good health is concerned.

 

 

IME good health can be managed much better with diet and exercise.

Just now, Canoodler said:

 

I do have 6 monthly blood tests that generally show no problems , I take my blood pressure at home on a weekly basis , and its always within a normal range . At 75 years of age and never ever suffering from a serious medical condition or being a hospital inpatient , I have no idea compared to friends of the same age, just why I have been very lucky so far health wise. Having said all that I do constantly worry about my financial situation , which is giving me anxiety and sleepless nights. 

What is your BMI and pulse rate?

 

I recommend an EKG at least once, BP testing does not show up other heart conditions.

  • Popular Post
2 minutes ago, Lacessit said:

IME good health can be managed much better with diet and exercise.

 

 

Absolutely. 

 

Something that I have focused on and I am happy that all my indicators (from quarterly blood tests and an annual health check) are on the right side. That doesn't mean that I won't fall over tomorrow but I am trying to give myself the best chance I can have of not using my medical reserve.

 

Few people have the foresight to set up adequate health insurance when they move to Thailand. I was 50 years old and gave no thought to future health insurance. I quickly realised that I needed to 'self insure' as I didn't trust the available insurers where claims, exclusions and future premiums were concerned. I have allocated 1.5m Baht equivalent of my savings for medical contingencies.

  • Popular Post
8 minutes ago, Canoodler said:

 

I do have 6 monthly blood tests that generally show no problems , I take my blood pressure at home on a weekly basis , and its always within a normal range . At 75 years of age and never ever suffering from a serious medical condition or being a hospital inpatient , I have no idea compared to friends of the same age, just why I have been very lucky so far health wise. Having said all that I do constantly worry about my financial situation , which is giving me anxiety and sleepless nights. 

 

 

I try to avoid worrying about the things that I have no control over. 

 

 

Not everyone's view but I would be inclined to forego the medical cover if it stopped me worrying about my finances. None of get out of this adventure alive and all have to go sometime; the secret is to enjoy the years that we have left. Hopefully you have a few more years left yet and I would seek to remove any stress that is preventing decent sleep - if all else fails try half a cannabis biscuit an hour or so before bedtime.

  • Popular Post
10 minutes ago, hotandsticky said:

 

 

Absolutely. 

 

Something that I have focused on and I am happy that all my indicators (from quarterly blood tests and an annual health check) are on the right side. That doesn't mean that I won't fall over tomorrow but I am trying to give myself the best chance I can have of not using my medical reserve.

 

Few people have the foresight to set up adequate health insurance when they move to Thailand. I was 50 years old and gave no thought to future health insurance. I quickly realised that I needed to 'self insure' as I didn't trust the available insurers where claims, exclusions and future premiums were concerned. I have allocated 1.5m Baht equivalent of my savings for medical contingencies.

As I said in another post, government hospitals are surprisingly inexpensive.

 

Examples: 14 days in quarantine with COVID, did not pay a single baht.

 

Two nights in the Chiang Rai government hospital with bacterial pneumonia.

 

Intravenous IV. X'ray and ECG. 4 bedside consults with doctors who spoke very good English. 4-hourly nursing checks. Take home meds.

 

7000 baht, which I thought was a screaming bargain.

 

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