Transcript of the above video:

As the title of this video suggests, we are discussing TRICARE in the context of Thai Retirement Visas. This came to my attention via a viewer who sent an email. Quoting directly: "Hi, forwarding an article from Pattaya Today and just to throw this on screen, pattayatoday.net, Adjusted Health Insurance to Attract More Long-term High Spending Expats but again quoting from the person who sent this: "Hi, forwarding an article from Pattaya Today regarding the new 3 million Baht Insurance requirement for retirees. Specifically, the article references the ability to use health insurance from abroad certified by an Embassy in lieu of the 3 million Baht Insurance requirement." Quoting directly and this is quoting from Pattaya Today: “The new rules also make it easier for expats who cannot obtain Insurance in Thailand and thus risk having their application for extension of stay rejected as these applications can now use health insurance from abroad or a government benefit from abroad. However, this must be certified by a relevant Government agency such as a foreign Embassy in Thailand or the country's Ministry of Foreign Affairs." Then quoting from the person who sent this: "I know in the past you have addressed the difficulty of using an existing health insurance policy in lieu of the mandatory Thai health insurance requirements”, (we will get into that in a minute) quoting further: "The Pattaya Today Article seems to imply that it may be easier to do now." (I will get into that in a minute) Quoting further: "I am specifically interested in using TRICARE in lieu of the mandatory health insurance. I would love to see a future video from you addressing any new updates on this topic." Well, here you go.

First of all, “Health Insurance in lieu of mandatory health insurance requirements”, what we have explained before is actually there has always been an alternative technically on the books from a regulatory perspective. However, as we have discussed, as a practical matter in a lot of cases it may end up being in a situation where it is impossible to prove up the coverage of that insurance. We have seen this a lot. Insurance providers don't want to sign off on a document that says that they cover XYZ or something outside of the language of their documentation so it results in a de facto need to obtain Thai Insurance under certain circumstances. Meanwhile, and the issue with TRICARE that I see practically; just specific to TRICARE, and I will get into one other part here in a minute of this analysis, TRICARE is a reimbursement. You are insured but you pay first and then you are reimbursed. The issue and the policy reason for why this insurance requirement came about in the first place back in 2019 was they were concerned about people who were skipping out on their bill, which I don't think was the fundamental concern at the end of the day. I think more the issue was one of what happens if someone passes away in Thailand and they can't get the money? Well with TRICARE where it is a reimbursement thing, I am not certain that it meets the requirement or it meets the policy goals that these folks, these executives, these Government folks were thinking of when they created these requirements. Now another thing that is interesting, quoting directly: "However this must be certified by a relevant Government Agency such as a foreign Embassy in Thailand or the country's Ministry of Foreign Affairs." Now as we have seen, depending on the country, you may or may not be able to get certified documentation pertaining to insurance. As we have discussed in prior videos going back a while now which time has flown, the income documentation, the Income Affidavits used to be readily issued for example by the US Embassy here in Bangkok. They stopped doing that because the Embassy cited that they were unable to certify the veracity of the statement. I think there may be even with TRICARE, although maybe with TRICARE it might be a possibility to get that certified because it is actually issued by a Government Authority or through a Government Authority. That said, just sort of a more general context, certification of insurance documentation by for example the US Embassy or other Embassies here in Bangkok may not be the most straightforward thing. Now in time it may be a possibility. I would not presume we are going to see that happening anytime soon or at least in the foreseeable future because again this veracity of the documentation issue and also because there isn't currently a framework to do that in place. So long story short it remains to be seen. I think it is possible but I would not bank on it any time in the foreseeable future.