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BANGKOK 22 May 2019 05:31
Gecko123

Opinion: Mandatory health insurance? Maybe not time to panic just yet.

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Posted (edited)

Jeez...

 

Gotta quick line to the powers that be?

 

You understand that the very same powers that be took away locally contributed "farang" medical and funeral insurance in late 2014?

 

I understand that 2014 is a very long time ago...

Edited by Odysseus123

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Posted (edited)

Im 56 a condo owner and pay $1200 a year for insurance . Most will let you pay monthly so what makes you think it will crash the RE sector?

The people MOST likley to have insurance are condo owners who arrived with between 5 to 10 million baht in cash. The people less likley to have it are the pensioners in chiang Mai so I think you got that back the front

Edited by madmen
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Posted (edited)

Insurance is impossible almost to obtain for over 69 years. Axa at present do a basic policy for 55-60 for only 15k. Having mandatory insurance would be the death knell for many.lets hope if anything was ever introduced they would allow those unable to obtain insurance another avenue of maybe a security bond of x amount. 

As for affecting the housing market, retirees dont really own that much real estate in Thailand compared to overseas investors so it would have a minimal affect if any at all.

Edited by baansgr
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5 minutes ago, madmen said:

Im 56 a condo owner and pay $1200 a year for insurance . Most will let you pay monthly so what makes you think it will crash the RE sector?

What if you're 78 and need care for diabetes, heart disease, or emphezema? Premiums for adequate coverage for those conditions are likely going to be higher. $1200/year, that's 10% of an average annual social security payment. Significant, especially if a person is already paying Medicare premiums on a policy back home. Whatever the premium, if you don't want to buy coverage or don't see it as worthwhile, it's going to affect people's decisions about the desirability of moving here.

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16 minutes ago, Odysseus123 said:

They are far higher than $!200 a year.

 

Plus your conditions are excluded anyway...

 

On the other hand,if you trip over a jingjok,stub your toe,fall down three flights of stairs,shoot up an Me 109 on your way down in your Spitfire (whist wearing a helmet) you may be covered for the paracetamol..

$1200 for a 56 year old Is the cheapest and crappiest policy, most likely less than 1 million baht cover with not much covered . 

 

Anything decent for a 56 year old would be almost double that. 

 

My cover for early 40 is 1500 euro, almost 60000 baht and it does not include outpatient 

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1 minute ago, BestB said:

$1200 for a 56 year old Is the cheapest and crappiest policy, most likely less than 1 million baht cover with not much covered . 

 

Anything decent for a 56 year old would be almost double that. 

 

My cover for early 40 is 1500 euro, almost 60000 baht and it does not include outpatient 

Sure..I understand.

 

I was priced out of the market and figured out that a band aid cost 67,000 baht-at which stage I kinda lost interest.

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I pay 40,000 baht and I'm almost 80.  My policy only covers hospital stays and not the whole thing.  AIA.

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2 minutes ago, Gecko123 said:

But what they better not forget is that this change could be significantly disruptive to Thai society as well.

No it wouldn't. The farang coffin-dodger demographic putting the wife's nieces through Rajabhat is minuscule.

 

3 minutes ago, Gecko123 said:

Another factor the government would be wise to consider is that this policy could severely impact the real estate market particularly in cities like Bangkok, Chiang Mai, Pattaya, Hua Hin, Koh Chang, Koh Samui and Phuket. Not only could there likely be a deluge of condo units suddenly put on the market, but, at the same time, the number of perspective foreign buyers would probably drop as well because the mandatory medical insurance rquirement would make Thailand less desirable as a retirement destination.

There's already an over abundance of empty floorspace in the places you mention. Most of the aforementioned "farang coffin-dodger demographic putting the wife's nieces through Rajabhat" don't live in condos anyway. They have either build a pile in a company or partners name or they rent.

 

The Chinese buy-to-rent 'investors' are taking up the slack and have been for a few years already.

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6 minutes ago, marcusarelus said:

I pay 40,000 baht and I'm almost 80.  My policy only covers hospital stays and not the whole thing.  AIA.

OK Marcus, with whom, and when did you take out the policy?

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Just now, Gecko123 said:

What if you're 78 and need care for diabetes, heart disease, or emphezema? Premiums for adequate coverage for those conditions are likely going to be higher. $1200/year, that's 10% of an average annual social security payment. Significant, especially if a person is already paying Medicare premiums on a policy back home. Whatever the premium, if you don't want to buy coverage or don't see it as worthwhile, it's going to affect people's decisions about the desirability of moving here.

Only if these younger people pondering a relocation to Thailand have any real concern about what their personal health will be when they're 78 with diabetes, heart disease, or emphezema. Personally, my radar has always had a 12 nautical mile limit.

 

Is this thread about mandatory insurance forcing old guys to leave or preventing young guys coming?

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1 minute ago, wgdanson said:

OK Marcus, with whom, and when did you take out the policy?

AIA 6 years ago

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How about they do something similar the the national park entry fee price differential... Take the standard 40 baht that a Thai pays for medical and then apply the 10x price gouging... We pay 400 baht... 

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