Less than 9 years to retirement..

[Al_Davis 28]

Ok, Its gone by so fucking fast. My company pays out pension to its employees after 25 years of service after a notice of retirement. I'll be in my very late 50"s and will be looking to rent in South Pattaya. I've seen some nice apartments in the 18000B per month range. This will be my budget for lodging nothing higher. From what I've been reading about rent/leasing, cable TV and utilities are included as part of rent. Is that correct? About having 800000B in the bank for 3 months time. Is that 3 months before applying for a retirement visa or 3 months once in Thailand? Once one has the retirement visa, is it only good for 90 days or longer? I plan on attending a Thai language school to try my best to learn so that may understand better the people away from the tourist areas. But if I just can't pick it up, can I still get by living in Thailand without knowing the language? I don't plan on building someone a home or pay for a new cow but If I do meet someone I trust and 2 or 3 years have past, is it still wrong to help her out if in reason? They say the Pattaya hospital has its share of horror stories. Has anyone been a patient there? I know Bangkok has a wonderful Hospital....forgot the name but I know citizens from other countries come for its services.

Edited August 1, 2015 by Al_Davis

[pattysteve 34]

Usually long term condo rentals do not include utilities or in most cases internet access.

 

With regards retirement extension you usually have to convert an O visa to retirement,the O visa gives you 90

days on arrival,so have your 800K in the bank on arrival so when you apply for retirement you can show you have

been living on this cash.On sucessful application you get 12 mnths,only having to report address every 90 days.

 

Good luck with the language though you can get by very easily without it,no doubt if you sucessfully learn Thai

you will probably enhance your time in Thailand.

 

IMHO helping out someone you care for is not a bad thing,the bad thing is spending more than your budget,never

ever get in the habit of overspending.

[nkped 1,208]

Things can change a lot in 9 years but you know that.

 

As to the immigration requirements, a common option and the one I chose was to enter on a tourist visa. I converted it to a NON-IMMIGRANT VISA with an "O" category. A stamp on the facing page said it was "NON-O-RETIREMENT" and that I was admitted for 90 days. Before the 90 days expired, I went to Jomtien immigration and got a one year extension on my period of stay. At different times and places, people have gotten the conversion and the extension at the same time.

 

Or you can apply for a non-immigrant O-A visa for the purpose of retirement while in the U.S. That can be done through the Los Angeles consulate.

[jacko 8,822]

Ok, Its gone by so fucking fast. My company pays out pension to its employees after 25 years of service after a notice of retirement. I'll be in my very late 50"s and will be looking to rent in South Pattaya. I've seen some nice apartments in the 18000B per month range. This will be my budget for lodging nothing higher. From what I've been reading about rent/leasing, cable TV and utilities are included as part of rent. Is that correct? About having 800000B in the bank for 3 months time. Is that 3 months before applying for a retirement visa or 3 months once in Thailand? Once one has the retirement visa, is it only good for 90 days or longer? I plan on attending a Thai language school to try my best to learn so that may understand better the people away from the tourist areas. But if I just can't pick it up, can I still get by living in Thailand without knowing the language? I don't plan on building someone a home or pay for a new cow but If I do meet someone I trust and 2 or 3 years have past, is it still wrong to help her out if in reason? They say the Pattaya hospital has its share of horror stories. Has anyone been a patient there? I know Bangkok has a wonderful Hospital....forgot the name but I know citizens from other countries come for its services.

The 800,000 baht needs to be seasoned for 2 months, 60 days, when it is the first time application for a retirement extension.

It needs to have been there for 60 days prior to the time of application for the retirement extension.

 

The extension allows you to remain in Thailand for one-year, you need only report/confirm your address to immigration every 90 days.

 

I get by with rudimentary Thai, but if you wish to live in rural areas, it would be necessary to be near fluent.

(saying that many survive with little Thai, depending on their partner to do everything for them).

 

The main Pattaya hospital is of a high standard, but it doesn't come cheap, and shall we say they run it more like a business, making money being primary.

 

You will very likely end up with a Thai lady partner, how much you spend on her and her family is your business. It is up to you, and many remain isolated from external advice on this matter.

 

Good luck!

Edited August 1, 2015 by jacko

[Al_Davis 28]

Thank you guys. One more....Health insurance for non citizens. Can I purchase it and does it work the same way as in the states? PPO, HMO etc. Will I be allowed to choose any hospital and Doctor I'd like or are their limitations? I would like to have the piece of mind knowing if I'm in an accident, and survive, I would get drained of my saving.

[nkped 1,208]

Just in case your retirement benefits include health insurance, peruse the plan carefully to see if it provides coverage outside the U.S.

[jacko 8,822]

Thank you guys. One more....Health insurance for non citizens. Can I purchase it and does it work the same way as in the states? PPO, HMO etc. Will I be allowed to choose any hospital and Doctor I'd like or are their limitations? I would like to have the piece of mind knowing if I'm in an accident, and survive, I would get drained of my saving.

Health insurance can be purchased and is recommended. It is open to citizens and Expats alike.

You can visit an insurance broker and let them supply options based on your criteria, or go directly to the provider. BUPA and AXA are present here.

The plans seem to cover most of the hospitals but of course you could preselect a hospital and then just check if it is on the list. A specific doctor is generally not named as they all seem to specialise and you will see different doctor depending on the particular problem. General practitioners are less common here and the insurance and health issues are normally resolved by hospital visits.

There are a couple of Expat Clubs and they offer a discounted member plan that is attractively priced. Likely you can start to research this using the internet.

I cannot say whether it works the same as the States, but likely not..

 

Here is a link to a BUPA plan, I am not recommending it, simply supplying it as an example.

Edited August 2, 2015 by jacko

[Gary 4,119]

I had LMG Pacific health insurance. It had a guarantee that they couldn't cancel you because of age. That sounded pretty good. Unfortunately they said nothing about raising the premiums high enough to price you out. US Medicare is useless here in Thailand so I am now self insured. I use an upcountry government hospital and the costs are ridiculously cheap.

[BigDUSA 71]

I've used Bangkok/Pattaya Hospital twice. I received excellent care.

[Fatboyfat 361]

Although I have been OK myself for insurance purposes, a good friend of mine is finding it almost impossible to get insurance for his retirement, which will take into account his pre-existing conditions. I know Diabetes is one of them, but there could be others; We men don't talk about such things, do we ! He last told me that the best quote he could get (for retirement in Thailand) was circa ￡25,000 per annum, which for him is a no go. Surely there must be better than that available?

[Al_Davis 28]

Is that 25,000 pounds per Year? WOW. As someone sad, 9 years is a long time so I'll keep an ear open on this matter. I'll shoot an email off to my current provider and see what they say about overseas coverage, age and international insurance companies. Thanks.

[pattysteve 34]

Is that 25,000 pounds per Year? WOW. As someone sad, 9 years is a long time so I'll keep an ear open on this matter. I'll shoot an email off to my current provider and see what they say about overseas coverage, age and international insurance companies. Thanks.

Insurance through Expats club would at this time be around 500 or 600 pounds per annum.

[Al_Davis 28]

Thanks. That's a more realistic number, 500/600.

[jacko 8,822]

I had LMG Pacific health insurance. It had a guarantee that they couldn't cancel you because of age. That sounded pretty good. Unfortunately they said nothing about raising the premiums high enough to price you out. US Medicare is useless here in Thailand so I am now self insured. I use an upcountry government hospital and the costs are ridiculously cheap.

I took up an insurance with a French outfit that looked extremely attractive. Reasonable premiums for fully comprehensive (no-limits) coverage. They were a new player in the Oriental market and I got suckered in by their 'loss-leader' approach. After the first year the premiums went up 10% and I sucked that up, the next year it was a bumper 20+% and I said bugger that and went elsewhere. Over 12 months later they chased me up and said I hadn't cancelled my policy (I bloody well didn't pay the premium) and I owed them for 12 months cover!

 

You can't afford to waste years wrt health insurance and you need to get locked in with a good established company before you get to be too old to be accepted. They know you will struggle to go elsewhere beyond 65.

 

As to the £25,000 pa. mentioned above, well likely the exclusions wrt diabetes and complications would mean the insurance covered bugger all, certainly nothing you are worried about, yet they can still churn out a big charge! There is always 'self insurance' for those who can afford it, Put 5 million baht in an account and leave it alone. That actually is only 4 years premium at £25k.

Edited August 3, 2015 by jacko

[Al_Davis 28]

Yes Jacko, I was thinking he'd be better served, for 25,000 annually, to create a health savings account of his own. I just Googled a heart bypass surgery in the States. Its around $150,000 but only 15 to $20,000USD in Bangkok. So in 6 months time, one would have enough for that surgery.

[Fatboyfat 361]

I should just clarify that the ￡25,000 quote was to "include" cover for his pre-existing conditions and also full outpatient/clinic cover, and yes, my suggestion to him was to provide his own "indemnity fund" with at least a 1st class fare back to UK along with a reasonable amount for emergency treatment, and not to use said fund for anything else. If his only condition was the Diabetes, that "should" cover it, but I am not sure that is the case.

The advise to be "settled in" with a company before the age of 65 is very, very wise.

[jacko 8,822]

I should just clarify that the ￡25,000 quote was to "include" cover for his pre-existing conditions and also full outpatient/clinic cover, and yes, my suggestion to him was to provide his own "indemnity fund" with at least a 1st class fare back to UK along with a reasonable amount for emergency treatment, and not to use said fund for anything else. If his only condition was the Diabetes, that "should" cover it, but I am not sure that is the case.

The advise to be "settled in" with a company before the age of 65 is very, very wise.

Thanks for the clarification. Although I wonder how many insurance companies have that approach. When I was investigating Bupa Platinum they did offer a policy with exclusions, yet the premium was the standard amount. My statement, that a policy with exclusions should be cheaper, didn't fly with them.

Edited August 3, 2015 by jacko

[Al_Davis 28]

Question. Lets say a person cashes out his 401K in January and receives a check for 100,000.00( nice round number to make it easier). Now in June of that same year, that person buys a condo in Thailand(he is a US citizen) for 40,000. Would he be liable for taxes in the entire 100,000 or only 60000 because the condo is an investment opportunity?

[DP Gumbypgh 97]

Anything taken out of your 401K is taxable. If you are not 59 1/2 by end of the year you will also pay a 10% penalty. You can set up a SEPP plan but it has to last for 5 years or the 10% penalty will apply.

[midlifecrisis 4,048]

Life is good in retirement but:

 

1. Stay busy

2. Remember you are on a fixed income

3. Eat properly and drink enough, uhm, water.