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The nursing home. They do that for foreign nursing home residents.
Who handles everything else once your in the home. You will be alone with a lot of money so who oversees everything else you may need. Especially finances.
But in such cases you are self-insured, no? Buying insurance from a local insurance carrier is still a self-insurance. I don't understand your last sentence.
They work with existing old folks coverage in country of origin or better country of residence. Even Tricare:>)
Who handles everything else once your in the home. You will be alone with a lot of money so who oversees everything else you may need. Especially finances.
Plenty of abuse going on. Spain had a big scandal recently.
You need to improve your attitude to taxes They are needed for the services you will be using. I don’t know very much but I think your concern about taxes in Thailand is likely overblown. Read up on Foreign Tax credit: you can claim tax credit for up to $112,000 per year for taxes paid to foreign government while living abroad. I don’t think your Thailand taxes will add up to that much.
I don’t know how much the health insurance is but you might use some of it while living in the nursing home/equivalent in Thailand.
Now, I’d not visit, let alone, move to Thailand as I find it too hot and uninteresting. But, I don’t see why you couldn’t stick to your original plan.
PS: We are considering moving to France and spending some years as expats - leaving the return question open. The US tax treaty with France is quite good.
I think you may be conflating a couple of issues, as the foreign tax credit doesn’t require one to live abroad.
Do you have a link to that $112,000 limitation? I’m not familiar with it.
Who handles everything else once your in the home. You will be alone with a lot of money so who oversees everything else you may need. Especially finances.
The nursing home handles the visa renewals. In the absence of that, my extended family would hire a Thai lawyer to handle it. Again, there are youngsters in my extended family in Europe who'd take care of getting the payments to the nursing home, of monitoring my financial accounts, and of paying my US taxes if I am unable to deal with that (the tax returns would be very simple, since my only sources of income will be soc security, annuities, and some bank interest (plus possibly withdravals from Roth, but I am realistically unlikely to ever need that). It is very easy to communicate across the world nowadays, as well as to move money internationally for any necessary payments.
I already have a family member who is my medical POA, financial POA, the survivor trustee in revocable trust, the sole heir, and the executor of the will. If something disabling happened to me tomorrow, that relative would take care of everything. In the event that something happens to that relative before it happens to me, there are other members of extended family on which I could transfer these functions.
If I ever need a nursing home, that will mean I wouldn't be able to get out of bed, and in that situation, there will not be anything else I may need beyond what will be provided by the nursing home. I will be DNR, and I am not interested in any aggressive medical care even now when I am 64 and healthy, let alone when I might be 94 and paralyzed from stroke.
None of the things you mention are a problem to me; I have worked them out long time ago. Please read my previous posts to see what I consider to be a problem.
They work with existing old folks coverage in country of origin or better country of residence. Even Tricare:>)
I still have no idea what you are talking about. Who works with existing old folks coverage in the country of origin or country of residence? Re insurance in the country of origin, Medicare does not cover healthcare outside the US. Re country of residence, yes, expats can self-insure in the foreign country of residence, but options for that are severely limited by age. But I do not understand what point you are trying to make.
112k is amount of earned income you can make abroad that is us tax exempt. Any foreign taxes paid, get you a non-refundable credit on your us taxes. Self employment taxes apply on foreign earned income, unless you paid into that countries scheme.
I lived in Thailand on a visa for retirement from 2014 to 2021. Medical care is generally better than the US, let alone dating an actual RN. I always did my own visa work...talk about having your Ts crossed and your Is dotted....others pay agents....just like people do to get visas from the various embassies in DC.
Check out www.aseannow.com for the best expat forums in Thailand. The mandatory insurance has been going on for about five years...I had a liberty mutual Thailand policy that worked with immigration, but there did seem to be a catch-22 on max age, making it impossible for over 80.
The Army is the government, the police are the Mafia..and immigration are part of the police. Paying for rank seems to be as old as the oldest profession.
I agree that you're overly concerned about the legislative changes in Thailand. I think it's still a perfectly viable option for you. That said, maybe Malaysia or Indonesia would be possible alternatives? The visa situation is less straightforward, but depending how things develop over the next few years it could work out for you. Also the Philippines? That's more of an unknown for me, but I believe they have an easier retirement visa option and we know they produce plenty of nurses and caretakers.
Quote:
Originally Posted by elnrgby
I still have no idea what you are talking about. Who works with existing old folks coverage in the country of origin or country of residence? Re insurance in the country of origin, Medicare does not cover healthcare outside the US. Re country of residence, yes, expats can self-insure in the foreign country of residence, but options for that are severely limited by age. But I do not understand what point you are trying to make.
You're misunderstanding the term self-insure. Self-insure does not mean taking out an insurance policy for yourself. It means you choose to bear the risks and associated costs yourself rather than getting an insurance policy. It's a simple way of saying I'll just pay out of pocket for whatever needs arise. In the business world, it usually means setting aside funds on a regular basis to cover these anticipated but unplanned costs whenever necessary.
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They are needed for the services you will be using. I don’t know very much but I think your concern about taxes in Thailand is likely overblown. Read up on Foreign Tax credit: you can claim tax credit for up to $112,000 per year for taxes paid to foreign government while living abroad. I don’t think your Thailand taxes will add up to that much.
