Mike, I know you get a lot of joy from doing TH-cam (Meeting new people - like me, Networking opportunities, helping Janet build a Brand of her own, etc.) but it does seem like it's getting to be More than a full time job with new websites and all. As you wrap up this month with the Budget stuff, I hope you can carve out more time (like you said) for you and Janet. Take good care brother. Peace and Love, B Goat
I have beeb here 2 years, I am 72 abd last yesr I had a disasterous run in with Pneumonia 4 times in 5 months and hospital twice the cost of the whole episode wiped out my emergency funds over 300K+ so now I may have to liquidate my remaining small shares or cash out my SRRV or sell my investment house... I was way too seiously ill to fly bacl to AUstralia so be prepared.
This is a very valuable video - Resolve any IRS problems before relocating to another country - Long story short, I owed over 100K in Taxes in 2021 - Submitted "Offer In Compromise" to the IRS for 10% of taxes owed - Matter settled for $12,657.00 in 2022 !
contact the IRS and ask them to send you the forms. they will stop trying to collect money from you when you apply but there is a time limit to get the forms back to the IRS
@@Anthony__420 I downloaded Form 656 Offer In Compromise directly from the IRS website. I filled out the form and attached a Personnel Check for $12,657.00 made out to the IRS and mailed it. Then I waited for about six months and received letter of approval. Pretty straight forward procedure.
@@mikesphilippineretirement thanks Mike. My preparer is double checking this as it’s impossible I even bought a new Tesla which gets a 7,500 tax credit last year along with heat pump water heater which also gets a tax rebate. Crossing my fingers as I don’t want to dip into my stock portfolio to pay this
Excellent content and honesty for our sake. You have such a huge heart and I respect that. You help so many Mike. I gently suggest be more gentle on yourself. We are all human. You’re ok. Everything is a training as my deceased wife used to tell me. I’m launching permanently after my third extended trip to SE Asia. Each was a test of my system. I also learned how to deal with things when they fall apart abroad. Everything is in place. What a contrast. In the US when things fall apart we are all alone. In SE Asia I’m always supported. You’re a very good honorable man Mike who I respect. Enjoy this day. We don’t get it back 🙏🏼
Good video Guy !! Lots to unpack there , but I totally understand , I’ve been to Cebu and travelled around different islands a lot and there’s good facts there , Thanks so Much ❤
I have not filed taxes in 12 years because I have no taxable income, military disability and SS only. Your videos have convinced me that Dumaghete is the place I want be, nothing I have seen from some vloggers with their negative headlines will discourage me.
Regarding Medicare...if one cancels Medicare and then years later needs to reinstate it, a penalty of 10% per year delayed will be applied to get back in and that's only after Medical Underwriting approves your Medicare application. If you are not approved due to some medical issue, then one can't get back into Medicare or if they can, they'll have a very large premium due to their medical issues. The only time everyone can get guaranteed acceptance into Medicare is when they turn 65.
@@mikesphilippineretirement Yes, it sucks. Paying into Medicare our whole lives and then not getting accepted into Medicare after delaying signing up due to a medical issue that needs treatment. My Part B will be about $400/month which is why I was thinking of delaying it until I need it but getting denied acceptance when I really need it worries me.
I am a health & Medicare insurance agent in California. Original Medicare does not underwrite and exclude you from enrolling for any pre-existing conditions - EVER. Neither do Medicare Advantage plans. You are thinking of Medicare Supplement plans. However, Original Medicare does have special election periods that must be met to enroll. If you were previously covered by Medicare, then dis-enrolled form Part B, and subsequently return to the USA and want to re-enroll, you would have to wait until the Medicare General Enrollment Period - January 1-March 31. Your Medicare coverage now will start the first of the following month (It used to start July 1 of that same year). The only exception was if you were covered by a group health insurance plan while working/living overseas, this plan was considered by Medicare to be "Creditable Coverage," and you were required to maintain the group plan as a condition of employment. In those cases you would have a 60 day SEP. to enroll in Medicare Part B (and A if somehow you were not enrolled already), and you would have periods to enroll in additional coverages. The idea that you could return to the USA in April, say, with your "Stage 2-3-4" diagnosis, slip right back into Medicare, and get coverage - this does not hold up.
@@MJFisher76 Yes, I'm referring to Medicare supplement plans. The delayed signup penalties still apply to Part B as well. Also, many people coming from USA to Philippines do so at age 62 and without post-employment medical insurance coverage that's considered acceptable to Medicare, (COBRA is not, nor are most private insurance plans). Having to go through medical underwriting and get accepted when someone has a medical issue that's expensive to treat can be a major problem. Some states (I think New York) either don't require underwriting or aren't as strict about it. Also, so far, everyone I've talked to that has Medicare Advantage has hated it due to them denying almost every claim they had.
On a 7 year plan and thanks to you and Old Dog I know what I need to do. Appreciate all the advice. Already looking for land to start the retirement home.
try slimming down. you're not huge but like most of us, you could slim down. it will help energy levels, cause way less stress to be on your heart, lungs and joints, especially knees and back. being thinner also means your organs can perform better. it even means you fight illnesses and cancer better (we all get cancer cells but we normally fight them off). good luck and thanks for a good video.
I have been immersed in the pinoy culture for 42 years. I speak fluent bisaya and have been to all by 8 provinces. Mike is 100% right in this video I will add ...that you really do need 2k a month clear income with zero rent and debts if you want to live even a slightly Western life and travel a little in SE Asia. YES you can live on 1K and rent but you will have to totally change the way you handle money and live very much like a local, and not many guys can do that or want to. 1K US is only 56,000 pesos ...not a lot. Buying a condo and having no rent is a very good idea. I am totally against renting long term in Pinas. Not many Xpats stay in Pinas past early 80's ...almost all leave and go back to their home countries and this has to do with family and healthcare. SO you need to have a return home plan that INCLUDES a place to live back home for cheap. For heavens sake do NOT not get Medicare plan B ...that would be super stupid indeed ! If $176 a month will negatively impact you retirement in Pinas then DO NOT RETIRE IN PINAS and work until you are at least 65 and build your SS and save more money, and especially money for medical care in Pinas. I highly recommend 100K USD and 50K would be absolute minimum for an emergency medical fund and DO NOT TOUCH IT. Private hospitals are not cheap in Pinas even though way cheaper than in the USA. So I tell people that they need to clear at least 1000 USD per month, after you play medicare plan B, and 50 grand minimum for a medical fund, and 100 grand to buy a modest condo in cash and 3K for a real motorcycle like a Honda enduro CFR 150 with real shocks (not a scooter because they are shit for long trips) ,and better yet a truck for 15 grand , as well as money for furniture etc etc ...and then have another 50 grand back home in your home country AT LEAST ! All I have said are bare minimums . PLAN GUYS PLAN...LONG TERM !
Gents, this video should be listened to until it is fully memorized. Life is serious business. Elderly life is intense, if unplanned for. Things are changing fast now. What you expect and have assumed is simply not still the case. There are now threats you MUST address now, or suffer complete loss. Mother nature is a bitch. God does not forgive sloth, stupidity or the sloppiness of neglect at all. Not for a moment. Mike just created a Masterpiece. Memorize it. share it. TODAY.
Thanks Mike for all the excellent advice. Many of the things that you are speaking of are ideas and plans that I would have completely forgotten anout. Again , THANKS & GOD BLESS !!! Really looking forward to hearing from you again way over her in Hampton Virginia USA !!! 🙏🙏🙏
Dear mike and Janet thank you for sharing your knowledge of living in the phllipines, if u decide stop TH-cam shows so many of us will miss you soooo much,, but I understand, maybe u could return for a cameo appearance once and a while 😊
Although I live in the U.S. with my Philippine wife of over 25 years, I make sure my wife does our taxes and knows where every number comes from. Use the H&R Block software or other software. Every few weeks, I make her log into our bank, brokerage, SSI accounts, medical insurance accounts. I also make her pay the bills thru online bill paying. She will know how to do everything if I end up in the hospital.
Our tax advisor suggested we keep Medicare A and not Medicare B which we plan to do when we are closer to that age. But we will be self insuring ourselves when we move there in June. We've been married for 37 years so some of these issues you're talking about is not an issue for us as we share most everything (passwords, etc.,). For you older gentlemen who move there and married Filipinas this content is very helpful so listen up.
I enjoy these videos and thank you for the time and effort. You illuminated real life issues that could and some that probably will affect anyone who plans on staying overseas for a period of time. Your delivery concise, rational , easy to understand, and well thought out.
Thank you, Mike, you covered a lot of my fears. I don't care how young or old you are, nothing is quaeritated when it comes to health and because ot that, it's my biggest fear.
@RetiredArmy2012 - I turn 65 in 3 months. Have you noticed your retirement military ID expires the month before you turn 65. It's a reminder you must enroll in Medicare.
HI MIKE , trying to catch up on videos. Very good advice concerning should a guy get sick , such as stroke , and not remember passwords etc. Very scary being with no money in a medical emergency. GOD BLESS CIAO
Thank you Mike for the great informative videos. You always cover important topics that can help many thinking about visiting or living in the Philippines.
Thanks Mike for the info. Just briefed my family based on your advice. Gonna do my Will & trust. My teacher union helps teachers do it for free I’m told here in the USA
G’day mate, great post, as you get older, it’s hard to keep active so please keep your post going. I believe if you relax too much you get lazy. Cheers 🎼🤘🏻
I had the same thing happen to me with my 13A, what a shock my NBI clearance did not go through. There were 2 different charges to 2 different cases from guys with the same name as me. Wow what a hassle, but good thing I had a guy doing my visa that had connections at the NBI in Quezon City. You might call him a "fixer" but he got the job done. Cost 2 more months and a few more peso. I have copies of everything with me at all times when traveling in case it comes up at immigration check-ins/outs.
medicare part A and B is what you pay $175 a month for, Medicare part D is the prescription that is extra. I took the Medicare part A and B but declined the part D when I turned 65. I wouldn't worry too much about the Filipino family helping you when you need help getting around when you are older. They will always help getting you to the ATM machine to get money out.
@@mikesphilippineretirement I don't think so Mike, that's why you moved to the Philippines, as you didn't want to die alone. I have my grandkids that are five blocks away that are at my house all the time. 13 year old grandson is here with me building a model railway in my dining room. I have two side-by-side's that we all go camping in the Arizona desert and go trail riding and have a blast. having a barbecue at my house Easter Sunday which is next week so no, I am not alone by any means. And my retirement is 3 1/2 times what you make so I don't need a TH-cam channel to tell people how to budget their money as if they are 12 year old kids who don't know that they have to pay for their girlfriends dinner when they go out or to make extra money to live a lifestyle that you want. Single older men do not leave their family and grandkids, and move to the Philippines, unless they are very unhappy at home and want to try again. I could easily move to the Philippines, like you did, and find myself a child bride. (Thank you world zoom for being honest.) I would follow your template and find a young girl have her quit her job so she's dependent on you, buy her a scooter or a car, so she really thinks you're something special, then I would tell her I am bored in this town, and we need to move away, that way you get her away from her family and friends, and now she is totally dependent on you for everything. You might want to deny that, but that is exactly what you did.
Your part B will only cover 80% of your claims. You still need a supplement ( Part G ) to cover the rest. Part D is for drug coverage. Should you need expensive prescriptions you will find yourself up a creek without a paddle if you don't have it but of course this is up to you.
@@douglasmichel1000 thank you Douglas for the information, I should've mentioned. I also have Tricare for life that covers anything that Medicare does not cover including prescriptions. But I appreciate your comment. Thank you.
I been using Turbo Tax online for the last 7 years with no problems. Cost I think it was about $40 for their basic service including, they E-file your return. With SSI, I did know until last year that you can have SSA withhold a % of you monthly for federal tax, sure makes it easy in case you owe, but if you don't owe much then you get a return. I have 7% deducted each month for federal tax. Super easy. but if your one of those who are stuck in the last century and can't get over submitting your personal info, like SSN online, well fly back to the USA and mail it personally on a paper return...lol. But personally, I think the SSA will make it all E-file and or online, A lot less hassle and less paperwork. I filed mine right from my desk here in the province with no issues. Just have good internet connection, oh a printer would be a plus, but they email your return in a PDF so no worries. Willie & Bernadette Bacolod City
Truth Mike. Many people don’t want to think of the inevitable or the possible. For me I don’t have family that I would trust with my banking information. Perhaps the only way I could do it is open a separate account at a different financial institution and transfer in enough money for an emergency fund and living expenses for a year and give that to a Filipina if I ever found a good one. That way if I ever get scammed by I am not at risk of losing life savings.
Hey Mike. El Guapo gave you and your lovely wife Janet a big shoutout on his site. He emphatically stated how generous you both were. I like hearing about content creators working together. Peace.
If I were 55 or over I would never be more than 2 miles from a descendant hospital. I now live 1 mile from Makati Med. in Makati. It provides a lot of security. Thanks for your useful vid .
My Wife has all of my passwords. If I didn’t trust her, I wouldn’t have married her! The family and I are a good team, and I trust them, too. We just finished a long conversation about “eventualities”, since I received word, this morning, that my best friend/next door neighbor passed on Friday! I’m trying to help his wife with things, and when I get home on the 28th, I’ll be helping her, in person. Folks, we don’t know when our expiration date is, so always think and plan ahead
Medicare Part B is only going to pay for 80% of your medical bill should you need attention. You are going to need a supplement ( Part G ) and a drug plan ( Part D ) or some kind of Medicare Advantage Plan. The later has a lot of restrictions on where the care may be administered within the United States.
Social Security can be garnished for child support. I know from experience. It was for back support. I ended up having my future child support being offset by having my ex-wife applying for the dependent benefit. She ended up getting more than she did when I worked. I didn't get the excess amount.
Thanks Mike! These are great things to consider and plan for. I’m at the beginning of planning everything out for my early retirement. I have had enough of the corporate life in the states.
I don't know about Filipino law. But in the U.S. you should get a durable power of attorney for a person you trust. He/she will be able to access your accounts if you become incompetent due to stroke or other reasons. If they don't have your passwords, the notarized POA will give them the power to reset passwords and allow access. But, again, make it someone REALLY trustworthy!!
ABSOLUTELY ! As I have said, if 176 dollars a month is a financial burden for you do NOT retire yet unless you are at least 65 ! Supplemental is also a very good idea. 99% of us will not be dying in Pinas but will return to our home countries in advanced old age. THINK men! The other option is to actually stay in Pinas until death BUT you need at least 100 grand for a medical fund which you will use to pay for emergencies for you and your woman.
budget of my time has always been an Issue with me. Trying to keep busy and get things done. I am relaxed and sitting here loving the Philippines with a cup of coffee and looking over the mountain
As a healthcare professional, I would say Bumrungrad Hospital in Bangkok, Thailand; they're JCI certified and one of the top ranked international hospitals. Guam has questionable healthcare too. Good luck with medical care in Philippines.
That's an excellent point mike!! as much as I have no desire to be involved in (expat drama) being without contacts in case I'm not able to conduct basic financial services! would be a bad move!! Ps living on social security I have not filed taxes in years/ if,,,you have additional income (utube) whatever probably different story ( Ofcourse verify with SS office) ..thank mike good reminder!!
Mike I don’t know how much truth in it. But I am considering traveling abroad. I contacted Medicare to see if I would be covered under part B while traveling abroad. They told me I would not be covered.
Contact Humana or other healthcare services under Medicare. My monthly payment goes directly to Humana. If I’m really sick overseas, I pay the bills. Humana will reimburse me on receipt of the paid receipts. Terms and conditions! Meet with a Humana salesperson for details and restrictions. They cover most pharmacy items proscribed by your USA doctor.
Mike's videos are good, and he brings attention to some things that other Vloggers do not. As an American planning to spend more and more time in the PH and ultimately reirie there, it's great to see videos covering topics like this that no one likes to think about, but all of us must. And, I'm pretty sure it was actually Winston Churchill who uttered the famous words "We have nothing to fear bur fear itself."
My mother had lung cancer and brain tumor in late 80s. The illnesses came suddenly. Luckily she is in remission and the tumor was removed successfully, but she lost short term memory. Medicare paid 100%. Pharmacy is paid about 90% from Medicare Rx. You probably should move back to the states if you have possible terminal disease.
Here in Subic and Pampanga, at the RAO, we have Jim Boyd, an IRS Acceptance Agent. He can help answer tax questions you may have. While living overseas we get an extra month to file our taxes.
Any one that thinks they are going to outrun the IRS is a fool. When not IF, but WHEN they catch up with you, you not only owe the taxes you owe, but also interest on what you owed, that started from the day you owed the taxes.
@@mikesphilippineretirement Very simple service. Enroll, set up secure account, upload your 1099s, W2s and any other income statements such as dividends, interest earned, etc. Mine was simpler- just uploaded my 1099s from military retiree accounting dept. and from Social Security- have a tax expert review them, then schedule an online Google Meet session. The tax return reviewer may ask any questions, and I could ask questions as well. The tax preparer fills in the blanks on the 1040, completes, and states whether or not you have a refund coming, or owe tax. If a refund coming, Turbo Tax will electronically file for you after you have agreed to the prepared 1040. They also had me fill in my bank informaton for the direct deposit, and gave me the projected date of the Treasury's direct deposit into my bank account. I also received a PDF of my 1040 filing for my record. And, next year, Turbo Tax will have most of the information it has from its own record of my 1040. The time frame from filing to expected deposit of my refund is about 3 weeks. The normal fee for my simple filining is $169.00, payable using debit/credit card. But they are offering $100 off for those who file with Turbo Tax prior to March 31st. So, my cost was $69.00. Last year, I paid 10k Pesos for a private tax preparer to do mine. and I had to mail my return to IRS myself.
I am 62 and don't qualify for Medicare yet and I am paying 1100 dollars a month for shitty insurance with 4500 deductible and 8500 co-pay. So in 3 years when I am 65, even if I am in PH I would gladly pay the 172 dollars.
I think everyone should keep their medicare. Its only 174 per month but it can save save your life. It will also keep you from losing your life savings. Please keep your coverage.
Don’t plan on traveling to USA if you have a heart attack - forget it - they won’t let you travel and you won’t survive the trip - I can tell you first hand
You have to have systems that work and your wife needs to know how to do things,,if not you’re just SOL.. makes no sense that the spouse is not up to speed on things..maybe a very educated relative who can help if you give them the opportunity to always know the details about your accounts..😊
Irs you can do on line or RAO office in the Philippines have tax service. Costs depends on the amount of documents you need.. pay your taxes like he said you will not get away with this..😊
I’ve seen Jeepney drivers pull out in front of an ambulance with siren and emergency lights flashing. Most people in the Manila are totally ignore emergency vehicles. Pull out in front of them, stop to pick up passengers in front of them. It’s crazy. Never saw it in Angeles City or any of the other cities I’ve visited but I’d have to be in Manila or one of the many small cities that help make up the metro area. You can walk faster than the traffic during the busiest part of the day.
our password driven society is ok when your faculties are working. but the system is cruel & unforgiving when this changes through stroke or dementia. an uncomfortable topic i for one avoid. might have heaps of funds but the banks or financial institutions won’t give access because you have no support person with a password access. in the past there was more trust between banks & clients & people usually had support persons who would vouch for your authenticity. nowadays everyone wants to be independent & live alone. a solution will slowly evolve as it must. meanwhile how many persons rich & poor will die miserably in poverty because institutions rigid “security systems” prevent client access to needed funds at times of crises.
There is a mechanism in place for that. It's called "Power of Attorney". If you don't have a family or friend that you can trust, then you have to at least have an attorney that you can provide Power of Attorney.
Definitely a stroke or some other serious health issue is something any expat needs to be aware of. These countries can be lovely to visit or even live in, but they almost all suffer from mediocre to poor infrastructure, weak medical support. If this offends anyone, too bad but its fact and has a direct impact on you. Now, far as family goes 09:42 just remember that its nice if they look out for you but make sure you don't have vultures.
The Philippines has very good healthcare IF YOU CAN PAY....so if a person really wants to live in Pinas you better have at least 100 grand set aside for a real medical emergency. The private hospitals are not cheap and the public hospitals are absolute shit.
@@mikesphilippineretirement YES absolutely Mike because it's not just US it is US and the wife/girl at a minimum . If she has kids you also have to pay for any medical emergencies for them too. A heart attack with stents or bypass with full medical care n Pinas will run you at least 30 K US when all is said and done...300K in the USA. Heart disease is the leading cause of death for men in the United States and in Pinas, killing about 1 in every 4 males
Medicare will not pay in the Philippines, I believe there is a bill in Congress that will allow payment in some countries but has not been voted on as of yet.
i made a call to call to my old ssdi lawyer and they told me im not allowed to have all 3 im sticking with tricare and va i turned down medicare when i got ssdi
I just watched a video from old dog where they were talking about ins. and medical stuff. It sounds like Thailand has world class hospitals and health care for a fraction of the cost of the U.S. Couldn't you just fly there for any major medical procedures?
"RETIRED" Monthly social Security income from the US govt, one does NOT have to file new yearly income tax with this at all no matter where they live. That is a fact. This is something not to be concerned with as one is living as an expat. This concerns the SS amt that they have determined one will get monthly from them. If one earns money on the side if it goes higher than a determined amount, then yes one would be taxed, plus your SS benefit will be changed (in all likelihood lowered).
True if your only income is your social security check you do not need to file a tax return every year the ss notify the irs of your income and they send you an official tax declaration.form every year January.
Mike, I know you get a lot of joy from doing TH-cam (Meeting new people - like me, Networking opportunities, helping Janet build a Brand of her own, etc.) but it does seem like it's getting to be More than a full time job with new websites and all. As you wrap up this month with the Budget stuff, I hope you can carve out more time (like you said) for you and Janet. Take good care brother. Peace and Love, B Goat
I have beeb here 2 years, I am 72 abd last yesr I had a disasterous run in with Pneumonia 4 times in 5 months and hospital twice the cost of the whole episode wiped out my emergency funds over 300K+ so now I may have to liquidate my remaining small shares or cash out my SRRV or sell my investment house... I was way too seiously ill to fly bacl to AUstralia so be prepared.
Thanks for sharing
300K USD or Pesos?
Good video Mike, really important points. Thank you for sharing this
You're very welcome
This is a very valuable video - Resolve any IRS problems before relocating to another country - Long story short, I owed over 100K in Taxes in 2021 - Submitted "Offer In Compromise" to the IRS for 10% of taxes owed - Matter settled for $12,657.00 in 2022 !
How do you do this. I just found out I owe 45 thousand in back taxes
contact the IRS and ask them to send you the forms. they will stop trying to collect money from you when you apply but there is a time limit to get the forms back to the IRS
@@Anthony__420 I downloaded Form 656 Offer In Compromise directly from the IRS website. I filled out the form and attached a Personnel Check for $12,657.00 made out to the IRS and mailed it. Then I waited for about six months and received letter of approval. Pretty straight forward procedure.
@@mikesphilippineretirement thanks Mike. My preparer is double checking this as it’s impossible I even bought a new Tesla which gets a 7,500 tax credit last year along with heat pump water heater which also gets a tax rebate. Crossing my fingers as I don’t want to dip into my stock portfolio to pay this
Excellent content and honesty for our sake. You have such a huge heart and I respect that. You help so many Mike. I gently suggest be more gentle on yourself. We are all human. You’re ok. Everything is a training as my deceased wife used to tell me. I’m launching permanently after my third extended trip to SE Asia. Each was a test of my system. I also learned how to deal with things when they fall apart abroad. Everything is in place. What a contrast. In the US when things fall apart we are all alone. In SE Asia I’m always supported. You’re a very good honorable man Mike who I respect. Enjoy this day. We don’t get it back 🙏🏼
Best one yet Mike! This one feels like it came from your heart. Thanks for the great advice.
Thank you
Good video Guy !! Lots to unpack there , but I totally understand , I’ve been to Cebu and travelled around different islands a lot and there’s good facts there , Thanks so Much ❤
Thank you George
Don’t live on the beach, much too hot, get up in the mountain with ocean view, much cooler.
I have not filed taxes in 12 years because I have no taxable income, military disability and SS only. Your videos have convinced me that Dumaghete is the place I want be, nothing I have seen from some vloggers with their negative headlines will discourage me.
I would keep that Medicare Mike! I’m fortunate and have two pensions besides social security thank god for the teamsters!
good job getting ready for your retirement
Life is always about ups and downs. Hang in there. Continued success.
thank you
Regarding Medicare...if one cancels Medicare and then years later needs to reinstate it, a penalty of 10% per year delayed will be applied to get back in and that's only after Medical Underwriting approves your Medicare application. If you are not approved due to some medical issue, then one can't get back into Medicare or if they can, they'll have a very large premium due to their medical issues. The only time everyone can get guaranteed acceptance into Medicare is when they turn 65.
hmmm did not know that
@@mikesphilippineretirement Yes, it sucks. Paying into Medicare our whole lives and then not getting accepted into Medicare after delaying signing up due to a medical issue that needs treatment. My Part B will be about $400/month which is why I was thinking of delaying it until I need it but getting denied acceptance when I really need it worries me.
I am a health & Medicare insurance agent in California. Original Medicare does not underwrite and exclude you from enrolling for any pre-existing conditions - EVER. Neither do Medicare Advantage plans. You are thinking of Medicare Supplement plans. However, Original Medicare does have special election periods that must be met to enroll. If you were previously covered by Medicare, then dis-enrolled form Part B, and subsequently return to the USA and want to re-enroll, you would have to wait until the Medicare General Enrollment Period - January 1-March 31. Your Medicare coverage now will start the first of the following month (It used to start July 1 of that same year). The only exception was if you were covered by a group health insurance plan while working/living overseas, this plan was considered by Medicare to be "Creditable Coverage," and you were required to maintain the group plan as a condition of employment. In those cases you would have a 60 day SEP. to enroll in Medicare Part B (and A if somehow you were not enrolled already), and you would have periods to enroll in additional coverages. The idea that you could return to the USA in April, say, with your "Stage 2-3-4" diagnosis, slip right back into Medicare, and get coverage - this does not hold up.
@@MJFisher76 Yes, I'm referring to Medicare supplement plans. The delayed signup penalties still apply to Part B as well. Also, many people coming from USA to Philippines do so at age 62 and without post-employment medical insurance coverage that's considered acceptable to Medicare, (COBRA is not, nor are most private insurance plans). Having to go through medical underwriting and get accepted when someone has a medical issue that's expensive to treat can be a major problem. Some states (I think New York) either don't require underwriting or aren't as strict about it. Also, so far, everyone I've talked to that has Medicare Advantage has hated it due to them denying almost every claim they had.
On a 7 year plan and thanks to you and Old Dog I know what I need to do. Appreciate all the advice. Already looking for land to start the retirement home.
You can do it!
try slimming down. you're not huge but like most of us, you could slim down. it will help energy levels, cause way less stress to be on your heart, lungs and joints, especially knees and back. being thinner also means your organs can perform better. it even means you fight illnesses and cancer better (we all get cancer cells but we normally fight them off). good luck and thanks for a good video.
thank you easier said than done
Wonderful advice. thank you Sir
Most welcome!
I have been immersed in the pinoy culture for 42 years. I speak fluent bisaya and have been to all by 8 provinces.
Mike is 100% right in this video I will add ...that you really do need 2k a month clear income with zero rent and debts if you want to live even a slightly Western life and travel a little in SE Asia.
YES you can live on 1K and rent but you will have to totally change the way you handle money and live very much like a local, and not many guys can do that or want to. 1K US is only 56,000 pesos ...not a lot.
Buying a condo and having no rent is a very good idea. I am totally against renting long term in Pinas.
Not many Xpats stay in Pinas past early 80's ...almost all leave and go back to their home countries and this has to do with family and healthcare. SO you need to have a return home plan that INCLUDES a place to live back home for cheap.
For heavens sake do NOT not get Medicare plan B ...that would be super stupid indeed ! If $176 a month will negatively impact you retirement in Pinas then DO NOT RETIRE IN PINAS and work until you are at least 65 and build your SS and save more money, and especially money for medical care in Pinas.
I highly recommend 100K USD and 50K would be absolute minimum for an emergency medical fund and DO NOT TOUCH IT. Private hospitals are not cheap in Pinas even though way cheaper than in the USA.
So I tell people that they need to clear at least 1000 USD per month, after you play medicare plan B, and 50 grand minimum for a medical fund, and 100 grand to buy a modest condo in cash and 3K for a real motorcycle like a Honda enduro CFR 150 with real shocks (not a scooter because they are shit for long trips) ,and better yet a truck for 15 grand , as well as money for furniture etc etc ...and then have another 50 grand back home in your home country AT LEAST ! All I have said are bare minimums . PLAN GUYS PLAN...LONG TERM !
Gents, this video should be listened to until it is fully memorized. Life is serious business. Elderly life is intense, if unplanned for. Things are changing fast now. What you expect and have assumed is simply not still the case. There are now threats you MUST address now, or suffer complete loss. Mother nature is a bitch. God does not forgive sloth, stupidity or the sloppiness of neglect at all. Not for a moment. Mike just created a Masterpiece. Memorize it. share it. TODAY.
Great advice Mike. Thank you for sharing sir!
You are very welcome
Thank you for this information.
For Mike:
Excellent information. I think I’m 11 years away from being invalid.
Thank you.
Will.
Yes you are! 11 years
Thanks Mike for all the excellent advice. Many of the things that you are speaking of are ideas and plans that I would have completely forgotten anout.
Again , THANKS & GOD BLESS !!!
Really looking forward to hearing from you again way over her in Hampton Virginia USA !!! 🙏🙏🙏
Glad it was helpful!
Thank you, Mike...alot to consider prior to my move.
you're welcome
All good points Mike. Informative video
Thanks 👍Anthony
A horrifying reality worth discussing. Good video.
thank you
Dear mike and Janet thank you for sharing your knowledge of living in the phllipines, if u decide stop TH-cam shows so many of us will miss you soooo much,, but I understand, maybe u could return for a cameo appearance once and a while 😊
I will keep doing them.. Just take more family time to relax
Although I live in the U.S. with my Philippine wife of over 25 years, I make sure my wife does our taxes and knows where every number comes from. Use the H&R Block software or other software. Every few weeks, I make her log into our bank, brokerage, SSI accounts, medical insurance accounts. I also make her pay the bills thru online bill paying. She will know how to do everything if I end up in the hospital.
Training her to do that is very smart.
good job Tas
Our tax advisor suggested we keep Medicare A and not Medicare B which we plan to do when we are closer to that age. But we will be self insuring ourselves when we move there in June. We've been married for 37 years so some of these issues you're talking about is not an issue for us as we share most everything (passwords, etc.,). For you older gentlemen who move there and married Filipinas this content is very helpful so listen up.
thank you for sharing my friend
Thanks Mike for such a valuable info! 👍
My pleasure!
This is really important for the Expats to know and understand and to plan for before the day arrives !
I enjoy these videos and thank you for the time and effort. You illuminated real life issues that could and some that probably will affect anyone who plans on staying overseas for a period of time. Your delivery concise, rational , easy to understand, and well thought out.
I appreciate that!
Thank you, Mike, you covered a lot of my fears. I don't care how young or old you are, nothing is quaeritated when it comes to health and because ot that, it's my biggest fear.
I completely agree with you
Unfortunately, retired military have to pay Medicare in order to maintain our Tricare insurance.
are you sure about that
@RetiredArmy2012 - I turn 65 in 3 months. Have you noticed your retirement military ID expires the month before you turn 65. It's a reminder you must enroll in Medicare.
great info guys
Great content Mike, many don't plan for that day.
Thanks Duke
Awesome video Mike. Much appreciated. Very important subject matter to be considered 🙌😃
Glad you think so! Michael
Great video Mike thanks for all your hard work 💯👍👍👍
My pleasure!!
Thanks for the infos. You made me think. Thanks. God Bless you and your family.
Thank you
HI MIKE , trying to catch up on videos.
Very good advice concerning should a guy get sick , such as stroke , and not remember passwords etc.
Very scary being with no money in a medical emergency.
GOD BLESS CIAO
Very scary
Great Video Mike, I have been telling my friends this for years and they laugh about it.
Much respect for your efforts and information. I needed to hear this. I’m retiring here.
Glad it was helpful! Bruce
Thank you very much for the education. It will help me
Thanks for watching and supporting the channel
Hi Mike,.. great 👍 video with great advice.
Take care and keep up the great work.
Thanks 👍
Enjoyed the info.....
Glad you enjoyed it
Great advices for us seniors as we get older and older , thanks
VERY VERY WISE
thank you
solid advice my friend
Appreciate it!
I use a VPN to use Turbo Tax. I even managed to submit a joint tax return. For my wife, I applied for an ITIN number.along with my tax return
Thank you Mike for the great informative videos. You always cover important topics that can help many thinking about visiting or living in the Philippines.
Thanks Mike for the info. Just briefed my family based on your advice. Gonna do my Will & trust. My teacher union helps teachers do it for free I’m told here in the USA
G’day mate, great post, as you get older, it’s hard to keep active so please keep your post going. I believe if you relax too much you get lazy.
Cheers 🎼🤘🏻
I had the same thing happen to me with my 13A, what a shock my NBI clearance did not go through. There were 2 different charges to 2 different cases from guys with the same name as me. Wow what a hassle, but good thing I had a guy doing my visa that had connections at the NBI in Quezon City. You might call him a "fixer" but he got the job done. Cost 2 more months and a few more peso.
I have copies of everything with me at all times when traveling in case it comes up at immigration check-ins/outs.
Thanks for sharing
medicare part A and B is what you pay $175 a month for, Medicare part D is the prescription that is extra.
I took the Medicare part A and B but declined the part D when I turned 65.
I wouldn't worry too much about the Filipino family helping you when you need help getting around when you are older. They will always help getting you to the ATM machine to get money out.
spoken like a man who will die alone
@@mikesphilippineretirement I don't think so Mike, that's why you moved to the Philippines, as you didn't want to die alone. I have my grandkids that are five blocks away that are at my house all the time. 13 year old grandson is here with me building a model railway in my dining room. I have two side-by-side's that we all go camping in the Arizona desert and go trail riding and have a blast.
having a barbecue at my house Easter Sunday which is next week so no, I am not alone by any means. And my retirement is 3 1/2 times what you make so I don't need a TH-cam channel to tell people how to budget their money as if they are 12 year old kids who don't know that they have to pay for their girlfriends dinner when they go out or to make extra money to live a lifestyle that you want.
Single older men do not leave their family and grandkids, and move to the Philippines, unless they are very unhappy at home and want to try again. I could easily move to the Philippines, like you did, and find myself a child bride. (Thank you world zoom for being honest.) I would follow your template and find a young girl have her quit her job so she's dependent on you, buy her a scooter or a car, so she really thinks you're something special, then I would tell her I am bored in this town, and we need to move away, that way you get her away from her family and friends, and now she is totally dependent on you for everything. You might want to deny that, but that is exactly what you did.
Your part B will only cover 80% of your claims. You still need a supplement ( Part G ) to cover the rest. Part D is for drug coverage. Should you need expensive prescriptions you will find yourself up a creek without a paddle if you don't have it but of course this is up to you.
@@douglasmichel1000 thank you Douglas for the information, I should've mentioned. I also have Tricare for life that covers anything that Medicare does not cover including prescriptions. But I appreciate your comment. Thank you.
@@patd4u2 great post so many low value expats do this
I been using Turbo Tax online for the last 7 years with no problems. Cost I think it was about $40 for their basic service including, they E-file your return. With SSI, I did know until last year that you can have SSA withhold a % of you monthly for federal tax, sure makes it easy in case you owe, but if you don't owe much then you get a return. I have 7% deducted each month for federal tax. Super easy. but if your one of those who are stuck in the last century and can't get over submitting your personal info, like SSN online, well fly back to the USA and mail it personally on a paper return...lol. But personally, I think the SSA will make it all E-file and or online, A lot less hassle and less paperwork. I filed mine right from my desk here in the province with no issues. Just have good internet connection, oh a printer would be a plus, but they email your return in a PDF so no worries.
Willie & Bernadette
Bacolod City
thanks for the info
Truth Mike. Many people don’t want to think of the inevitable or the possible. For me I don’t have family that I would trust with my banking information. Perhaps the only way I could do it is open a separate account at a different financial institution and transfer in enough money for an emergency fund and living expenses for a year and give that to a Filipina if I ever found a good one. That way if I ever get scammed by I am not at risk of losing life savings.
thanks for sharing
Hey Mike. El Guapo gave you and your lovely wife Janet a big shoutout on his site. He emphatically stated how generous you both were. I like hearing about content creators working together. Peace.
wow That was so nice of El Guapo we have been a big fan of his for about 1 year and he was so kind to Janet. Thank you for your nice comment
If I were 55 or over I would never be more than 2 miles from a descendant hospital. I now live 1 mile from Makati Med. in Makati. It provides a lot of security. Thanks for your useful vid .
Mike, I just paid my federal taxes today, but the state owes me.
ok hope it is a big return
My Wife has all of my passwords. If I didn’t trust her, I wouldn’t have married her! The family and I are a good team, and I trust them, too. We just finished a long conversation about “eventualities”, since I received word, this morning, that my best friend/next door neighbor passed on Friday! I’m trying to help his wife with things, and when I get home on the 28th, I’ll be helping her, in person.
Folks, we don’t know when our expiration date is, so always think and plan ahead
Sorry to hear that. Yes why marry if you do not trust her
Medicare Part B is only going to pay for 80% of your medical bill should you need attention. You are going to need a supplement ( Part G ) and a drug plan ( Part D ) or some kind of Medicare Advantage Plan. The later has a lot of restrictions on where the care may be administered within the United States.
Poor Monty. He is doing better now except his wife’s family is draining him lately
Social Security can be garnished for child support. I know from experience. It was for back support. I ended up having my future child support being offset by having my ex-wife applying for the dependent benefit. She ended up getting more than she did when I worked. I didn't get the excess amount.
yes it can.
Thanks Mike! These are great things to consider and plan for. I’m at the beginning of planning everything out for my early retirement. I have had enough of the corporate life in the states.
Definitely some sobering thoughts we should all give attention to.
Thanks Dave
OMG another Dave Smith
I don't know about Filipino law. But in the U.S. you should get a durable power of attorney for a person you trust. He/she will be able to access your accounts if you become incompetent due to stroke or other reasons. If they don't have your passwords, the notarized POA will give them the power to reset passwords and allow access. But, again, make it someone REALLY trustworthy!!
thanks for the info
Better keep that part B. Part B covers 80% your on the hook for 20%. Better have supplemental too.
ABSOLUTELY ! As I have said, if 176 dollars a month is a financial burden for you do NOT retire yet unless you are at least 65 ! Supplemental is also a very good idea. 99% of us will not be dying in Pinas but will return to our home countries in advanced old age. THINK men! The other option is to actually stay in Pinas until death BUT you need at least 100 grand for a medical fund which you will use to pay for emergencies for you and your woman.
It is amazing to see that a retired person is running out of time and need to RE-retire and relax...lol
budget of my time has always been an Issue with me. Trying to keep busy and get things done. I am relaxed and sitting here loving the Philippines with a cup of coffee and looking over the mountain
The IRS can mess anyone up. Lived it in my 20s.
yes they can be tough
@@mikesphilippineretirement good solid information and advice you're giving. Thanks for your efforts Kuya.
As a healthcare professional, I would say Bumrungrad Hospital in Bangkok, Thailand; they're JCI certified and one of the top ranked international hospitals. Guam has questionable healthcare too. Good luck with medical care in Philippines.
thank you
It's the most expensive in Thailand also.
absolutely
yes
That's an excellent point mike!! as much as I have no desire to be involved in (expat drama) being without contacts in case I'm not able to conduct basic financial services! would be a bad move!! Ps living on social security I have not filed taxes in years/ if,,,you have additional income (utube) whatever probably different story ( Ofcourse verify with SS office) ..thank mike good reminder!!
Mike even GOD rested on the seventh day take the day off tomorrow!
Monday is my off day ..thank you
Mike I don’t know how much truth in it. But I am considering traveling abroad. I contacted Medicare to see if I would be covered under part B while traveling abroad. They told me I would not be covered.
That is what they told me
Contact Humana or other healthcare services under Medicare. My monthly payment goes directly to Humana. If I’m really sick overseas, I pay the bills. Humana will reimburse me on receipt of the paid receipts. Terms and conditions! Meet with a Humana salesperson for details and restrictions. They cover most pharmacy items proscribed by your USA doctor.
Mike's videos are good, and he brings attention to some things that other Vloggers do not. As an American planning to spend more and more time in the PH and ultimately reirie there, it's great to see videos covering topics like this that no one likes to think about, but all of us must. And, I'm pretty sure it was actually Winston Churchill who uttered the famous words "We have nothing to fear bur fear itself."
Roosevelt did.
@@MannetteE. Actually, on further reflection, you are correct, of course. I recall hearing his voice saying that now, in his radio broadcast.
The important thing is to have Cialis available.
Take Health Advantage HMO Humana, and be sure to ask for overseas protection.
Thanks for your insight
Thankyou Mike
It’s kind of scary knowing that it can take over an hour for an ambulance to get to the hospital. You could easily pass away in a major emergency.
My mother had lung cancer and brain tumor in late 80s. The illnesses came suddenly. Luckily she is in remission and the tumor was removed successfully, but she lost short term memory. Medicare paid 100%. Pharmacy is paid about 90% from Medicare Rx. You probably should move back to the states if you have possible terminal disease.
health is something that can change your retirement plans
I'm an old man reaching the end of my life. This is one of the most helpful videos I have ever seen. Thank you!
Welcome Paul. Many happy years ahead
Here in Subic and Pampanga, at the RAO, we have Jim Boyd, an IRS Acceptance Agent. He can help answer tax questions you may have. While living overseas we get an extra month to file our taxes.
I use H&R block here I get charged $85.00 but my VA and SSDI is non taxable but I gotta file every year they said
Thank you for letting us Know Giovanni
Any one that thinks they are going to outrun the IRS is a fool. When not IF, but WHEN they catch up with you, you not only owe the taxes you owe, but also interest on what you owed, that started from the day you owed the taxes.
good info
I used Turbo Tax online. Great service. Discount if done prior to March 31.
wow good to know
@@mikesphilippineretirement Very simple service. Enroll, set up secure account, upload your 1099s, W2s and any other income statements such as dividends, interest earned, etc. Mine was simpler- just uploaded my 1099s from military retiree accounting dept. and from Social Security- have a tax expert review them, then schedule an online Google Meet session. The tax return reviewer may ask any questions, and I could ask questions as well. The tax preparer fills in the blanks on the 1040, completes, and states whether or not you have a refund coming, or owe tax. If a refund coming, Turbo Tax will electronically file for you after you have agreed to the prepared 1040. They also had me fill in my bank informaton for the direct deposit, and gave me the projected date of the Treasury's direct deposit into my bank account. I also received a PDF of my 1040 filing for my record. And, next year, Turbo Tax will have most of the information it has from its own record of my 1040. The time frame from filing to expected deposit of my refund is about 3 weeks. The normal fee for my simple filining is $169.00, payable using debit/credit card. But they are offering $100 off for those who file with Turbo Tax prior to March 31st. So, my cost was $69.00. Last year, I paid 10k Pesos for a private tax preparer to do mine. and I had to mail my return to IRS myself.
Work out/swim/eat better or it will get worse-Big guy! I lost over 50 pounds!
I am 62 and don't qualify for Medicare yet and I am paying 1100 dollars a month for shitty insurance with 4500 deductible and 8500 co-pay. So in 3 years when I am 65, even if I am in PH I would gladly pay the 172 dollars.
putting things off like does raise a red flag,
Bud Brown got flagged someone had same name as his .
my name is not common
I think everyone should keep their medicare. Its only 174 per month but it can save save your life. It will also keep you from losing your life savings. Please keep your coverage.
Thinking about it
Don’t plan on traveling to USA if you have a heart attack - forget it - they won’t let you travel and you won’t survive the trip - I can tell you first hand
You have to have systems that work and your wife needs to know how to do things,,if not you’re just SOL.. makes no sense that the spouse is not up to speed on things..maybe a very educated relative who can help if you give them the opportunity to always know the details about your accounts..😊
Irs you can do on line or RAO office in the Philippines have tax service. Costs depends on the amount of documents you need.. pay your taxes like he said you will not get away with this..😊
Did you die in transit
I’ve seen Jeepney drivers pull out in front of an ambulance with siren and emergency lights flashing. Most people in the Manila are totally ignore emergency vehicles. Pull out in front of them, stop to pick up passengers in front of them. It’s crazy. Never saw it in Angeles City or any of the other cities I’ve visited but I’d have to be in Manila or one of the many small cities that help make up the metro area. You can walk faster than the traffic during the busiest part of the day.
Yes Jim that is a very big problem
our password driven society is ok when your faculties are working. but the system is cruel & unforgiving when this changes through stroke or dementia. an uncomfortable topic i for one avoid. might have heaps of funds but the banks or financial institutions won’t give access because you have no support person with a password access. in the past there was more trust between banks & clients & people usually had support persons who would vouch for your authenticity. nowadays everyone wants to be independent & live alone. a solution will slowly evolve as it must. meanwhile how many persons rich & poor will die miserably in poverty because institutions rigid “security systems” prevent client access to needed funds at times of crises.
There is a mechanism in place for that. It's called "Power of Attorney". If you don't have a family or friend that you can trust, then you have to at least have an attorney that you can provide Power of Attorney.
Definitely a stroke or some other serious health issue is something any expat needs to be aware of. These countries can be lovely to visit or even live in, but they almost all suffer from mediocre to poor infrastructure, weak medical support. If this offends anyone, too bad but its fact and has a direct impact on you. Now, far as family goes 09:42 just remember that its nice if they look out for you but make sure you don't have vultures.
The Philippines has very good healthcare IF YOU CAN PAY....so if a person really wants to live in Pinas you better have at least 100 grand set aside for a real medical emergency. The private hospitals are not cheap and the public hospitals are absolute shit.
100k really
@@mikesphilippineretirement YES absolutely Mike because it's not just US it is US and the wife/girl at a minimum . If she has kids you also have to pay for any medical emergencies for them too. A heart attack with stents or bypass with full medical care n Pinas will run you at least 30 K US when all is said and done...300K in the USA. Heart disease is the leading cause of death for men in the United States and in Pinas, killing about 1 in every 4 males
@@mikesphilippineretirement yes really. and you know this already.
Medicare will not pay in the Philippines, I believe there is a bill in Congress that will allow payment in some countries but has not been voted on as of yet.
Up to 15% they can take from you on Social Security for the first $750 I believe.
1% is to much to most people
i had no idea im going to research that im only 52 thanks for the info
you're welcome!
i made a call to call to my old ssdi lawyer and they told me im not allowed to have all 3 im sticking with tricare and va i turned down medicare when i got ssdi
Crypto and cold wallets is the way to go. Dont let the Gov any where near your hard earned money..
hahahah
Doesn't take rocket science, pay your taxes in the US if you want to enjoy your SSAN. How do you do your taxes overseas?
one page at a time
Love your vlog . Could you tell me if there are any VA hospitals in the PH .
a VA clinic in Manila no VA Hospital
I just watched a video from old dog where they were talking about ins. and medical stuff. It sounds like Thailand has world class hospitals and health care for a fraction of the cost of the U.S. Couldn't you just fly there for any major medical procedures?
Yes, you can. I fly there for my annual checkup. Let me tell you, there is NOTHING in comparison in the US unless you're super wealthy.
yes is you can fly and get there for medical care
"RETIRED" Monthly social Security income from the US govt, one does NOT have to file new yearly income tax with this at all no matter where they live. That is a fact. This is something not to be concerned with as one is living as an expat. This concerns the SS amt that they have determined one will get monthly from them. If one earns money on the side if it goes higher than a determined amount, then yes one would be taxed, plus your SS benefit will be changed (in all likelihood lowered).
after 66 you can make as much money as you can and it will not change your SS amount
Yes I get taxed because I have a union pension along with my SSDI…They defiantly don’t want u to make to much money😕
True if your only income is your social security check you do not need to file a tax return every year the ss notify the irs of your income and they send you an official tax declaration.form every year January.
You don't plan to fail.... you fail to plan
I stand corrected...thanks
@mikesphilippineretirement I really like your content.
thank you
Got mine done at Balanga Bataan just googled international tax service
Thank you Rusty for the info
Again, common sense approach and logic. I really appreciate your videos Mike and respect knowledge behind 'em.
I appreciate that!
Just Retire & Enjoy...all this in decision...
thanks Frank