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Visa & Ins turning 70


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13 minutes ago, tinca tinca said:

a frend of mine (71) has had to pay over 3100 G B P for his health insurance...!!

That sounds pretty good. About what I am paying at 63. Of course it depends on the details of the policy. I’m from the US so insurance expectations are probably completely different than for someone from the UK.

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On 1/14/2020 at 2:49 PM, billsmart said:

I have proposed the "self insure" option to over 40 insurance companies in the form of a method that is used in the USA. It's called a "surety bond in lieu of insurance." Without going into all the details, it would amount to your having to deposit THB440K in a year-long bond, like with an insurance company or a government agency, and then use that money to pay any health bills during the year. If it was with an insurance company, you could file claims and they would just pay them out of your money, not theirs. At the end of the year and to renew your bond, you'd have to replenish it back up to the THB440K. If you were to die, or at the end of the year not renew, the remainder in the account would be refunded to you or your beneficiary. Of course the insurance company or other agency would charge you a fees for all of this, but it should come out much less than paying an insurance policy if you are 70 or more. Also, this could be used by people of any age and with any kind of medical history.

So far, out of about 40 inquiries, I've only received two replies saying they'll look into it. I don't know if that's a real promise or they're just being polite.

So, if anyone else knows any agency that offers, or would consider offering, this kind of service, please let me know. I can send them an email explaining how it works and why its good for everyone concerned: Thailand (medical bills will be paid), the insurance company (they earn fees without any risk), and of course the Falang (can meet the Thai THB440K insurance requirements no matter what age or what their medical condition is as long as they have the money to post the bond).

I have come up with this idea... a Government Health Bond. It would be like previous Thai savings bonds, except that it can be used to pay hospital bills. Could be open to Thais as well as farangs. For farangs it can only be withdrawn if the holder leaves Thailand. All the infrastructure is in place, no insurance companies involved, hospitals get paid.

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23 hours ago, Momofarang said:

Your idea is smart, Bill. But, are you sure that the 40/400 limit is yearly or yearly per Illness?

It would be whatever Thai Immigrations require. The insurance company holding the bond wouldn't care since they're not paying it out of their money. They're paying it out of yours. But, I assume this would be for one year for any and all medical costs.

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13 hours ago, Brahmz said:

I have come up with this idea... a Government Health Bond. It would be like previous Thai savings bonds, except that it can be used to pay hospital bills. Could be open to Thais as well as farangs. For farangs it can only be withdrawn if the holder leaves Thailand. All the infrastructure is in place, no insurance companies involved, hospitals get paid.

Yes, that is very close to what I am proposing. In fact, it might be a better idea. In your way, you wouldn't have to file claims and could just "pay as you go" as far as your health expenses are concerned and not even touch the money in this bond. It could be accruing interest, and only be used if you need to dip into it, or, as you say, you leave Thailand, or you die. It, like my insurance-oriented suggestion, could be replenished and renewed every year.

Again, if anyone knows of an government agency or insurance company, or other type of company, that I could contact to pitch this to, please let me know.

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On 1/16/2020 at 8:51 AM, billsmart said:

Yes, that is very close to what I am proposing. In fact, it might be a better idea. In your way, you wouldn't have to file claims and could just "pay as you go" as far as your health expenses are concerned and not even touch the money in this bond. It could be accruing interest, and only be used if you need to dip into it, or, as you say, you leave Thailand, or you die. It, like my insurance-oriented suggestion, could be replenished and renewed every year.

Again, if anyone knows of an government agency or insurance company, or other type of company, that I could contact to pitch this to, please let me know.

We need to get the Immigration Dept. onboard, then take it to the BOT... https://www.bot.or.th/English/DebtSecurities/Information/SamplePictures/Pages/GovtSavingsBond2550.aspx

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