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ResourcesVisa & Immigration LawThailand Immigration Law"Self-Insurance" Now Allowed for Retirees in Thailand?

"Self-Insurance" Now Allowed for Retirees in Thailand?

Transcript of the above video:

As the title of this video suggests, we are discussing new Retirement Visa "self-insurance" possibilities with respect to the new insurance rules that will be coming online in October of 2022. Let me be clear, this is not immediately coming into effect so those who have the relevant Visa you don't need to deal with this instantly, you can wait a little bit; you have got time till October of 2022. 

A recent article from the Pattaya Mail, that is, I urge those watching this video go check out this article: Long stay retirees in Thailand to be allowed to self-insure. A lot of information in here, I am quoting this excerpt. Based on our research on these newly promulgated regulations, this is a pretty on point quote so I thought I would go ahead and use it because that is how I found the information to begin with. Quoting directly: "For the first time in Thai Immigration history, applicants for the O-A Visa or extension who are unable to obtain comprehensive medical insurance because of old age, infirmity or pre-existing conditions, will be able to self-insure. They will be required to show at least 3 million Baht of assets which can include cash in a Thai or Foreign Bank." Interestingly Thai or Foreign Bank; it remains to be seen on the practicalities of this and we are not going to really see the rubber hit the road on this till the 4th quarter of 2022. So I will be interested to see how foreign bank accounts work with respect to that. "Ownership of property or similar funds." Again ownership of property remains to be seen, what exactly does that mean? Quoting further: "Alternatively, they can show evidence that their hospital bills in Thailand will be paid for by the Home country of the applicant." So interesting that they bring that up. We have seen in the past things like Income Affidavits. Now for most of the Common Law countries I am aware of, places like the UK and the United States Income Affidavits are probably still not going to be possible but there are governments out there, for example I know some of the continental countries in Europe that their Embassies actually will certify documentation pertaining to things like health coverage and pension coverage, again circumstantially dependent.

So again, a lot of interesting news on this point but interestingly enough, yeah it does look like evidence of at least 3 million Baht of assets will start being used from the end of 2022 onward, or I should say start being "usable". Now exactly how this plays out remains to be seen.