Health Insurance in Thailand

[Owen` 2]

Guys, a general point.

 

The odds are high, not 100% because there ARE exceptions, but very high that you WILL be going back to your home country about age 65. Insurance companies cannot stay in business if they try to cover you past that age when you are guaranteed to start running up medical costs. Across the whole population they would be paying out more than they are bringing in and that just doesn't work.

 

So when you do these investigations, it will ease your peace of mind if you at least partially realize that you will probably go back to the home country at age 65. This does NOT make the whole "move to Thailand" concept stupid. If you make the big move in your early or mid 50's, that gives you over 10 years to spend little to live great, save the difference and let it accumulate compound interest, and be able to fund a similar great lifestyle back in the home country from 65 to death. So, try to relax. The health care insurance problem you are trying to solve really only exists until 65. A solution becomes obvious after that.

 

Health insurance is not going to get cheaper. Period and full stop. Loopholes are going to close. Companies covering past 65 will stop. More and more companies will try to evade claims -- which are guaranteed past 65. The one hope the US and UK BMs may have is the NHS and Medicare past 65 may decide to be willing to send money for medical reimbursement outside the country. I would not bet on this. The medical lobbyists have no reason to stand quietly while such a law is passed.

 

A last point. In the US, early retirees usually try to get a "High Deductible" plan. This is the "no bells and whistles" plan mentioned above. It will not cover anything until you spend $2500 during the year, but it will thereafter protect you from catastrophe. Premiums are low for this sort of plan and it has merit because the reason you have insurance is to protect you from disaster that threatens your life savings. Not from casual doctor visits because a laceration got infected or you needed a blood pressure prescription. You CANNOT come out ahead on insurance. They design it to make a profit, and that is at it must be. So . . . a high deductible plan protects your nestegg from a $250,000 USD hospital stay and it does so for $1500 premium per year.

 

Until age 65 when it stops.

[RWB 0]

Damn Owen, you have such comforting advice...lol. I do hope that people pay attention, so many times people just do not prepare for the future.

 

I am 62, will be 65 or right at it when I move. I don't plan on moving back to the states. There is nothing here for me that I can afford. I figure a few pretty good years baring the unexpected and then who knows. I won't lay around waiting to die in some fucking nursing home. Sooner or later when death comes knocking again he is going to get in my door. When he does my kids that can't remember they have a dad, can try and figure out what to do with my body or not, I won't care.

[Owen` 2]

In three years, maybe options will appear. The demand for insurance past 65 is going to grow so maybe some company will find a way to spread risk over all age groups and lower premiums for older folks.

 

To an extent, this is a hope, but not a probability. Demand WILL be there. Maybe a company will find a way to meet it and stay in business.

[jackcorbett 2]

Owen.......If you sign on with Bupa after you are sixty you will be covered until you are seventy. However, if you sign on before you turn sixty and you continue to pay your premiums you will be covered for life. This should give you an idea of costs. I have only hospital inpatient coverage. I have 5 million with the Platinum Plan and my premium right now at 60 is 54700 baht. Up to age 65 I would be paying 64779 baht. Compare this to in the U.S. where I was paying $3600 annually with a $5000 deductible several years ago (which I'm sure is higher now). With Bupa I get a 10 percent discount if I do not use my benefits for the year. I have now had my premium discounted twice.

 

Hey.....Look at it this way. If one has to die in a hospital I sure as hell don't want to die in a U.S. hospital. Pattaya Bangkok is the way to go. It might be high priced (for here) but they have all sorts of cute chicks running around the place. There's a cheerful atmosphere inside. Maybe I can have someone here run massage girls into my hospital room to give me Thai massages, oil massages, etc.

 

Tell you how bad the U.S. health care system actually is. I have a letter right in front of me from Bupa. It states that if I have an accident in the U.S. I have coverage but ONLY FOR ACCIDENT. Bupa will cover me for illness in every country in the world except the U.S. What this means is BUPA considers health care to be affordable in every country in the world except the U.S.

Edited July 5, 2007 by jackcorbett

[Owen` 2]

Correct. Most overseas plans will not cover in the US because of prices. The reason I said people wind up back in the US is Medicare, which covers 80% past 65.

 

Your description of BUPA is encouraging, unless they exclude pre-ex conditions (and I'm sure they do). There are some plans that will allow pre-ex conditions provided there has been no treatment for anything relevant to that condition within the past X years, sometimes 3 sometimes 5.

 

As for coverage all the way to death, great. For guys already in that plan, that is great provided it does not change, but of course anything can change. I am surprised to hear that they do that. Thanks for that data.

Edited July 5, 2007 by Owen`