Is your Social Security Safe in a Philippine Bank?

[@alaylaanajacks5647]

I'm just gonna say it. Our money is not safe anywhere at all. But all you can do is pray and trust God.

[@civmartom7705]

I use wise to transfer money to pi. there rates are always good and i set it up to directly take the funds from my us bank and send it to BDO account. No problems at all

[@mikesphilippineretirement]

I use world remit and also no problems

[@johnnyg7899]

For retired vets who have tricare for life, you can still use your tricare benefits on the condition that you still keep paying your medicare premiums. Phillippine Health is their government program that allows vets to use their Tricare in major hospitals in the Philippines. I haven't used it yet so I am not sure if it is legit yet.

[@mikesphilippineretirement]

Keep me posted

[@wil4596]

Yes, Major hospitals accept Tricare, St.Lukes, Makati, Medical City, Asian hospital.

[@alanmiller8889]

It is legit. Used it a few years ago. Your id will tell them your ok.Or your social security card that tells what program your in.Two hospitals here in Olongapo take tricare.I just gave a copy of my retired id and social security card. Good to go.

[@lazylarrylee2421]

Mike, I am in the Veterans Administration (VA), and they won't take Part B. I have never signed up for Part B, and I never will. As long as I live in the USA, I will live near a full service VA hospital.

[@mikesphilippineretirement]

You using Tricare?

[@lazylarrylee2421]

@@mikesphilippineretirement No, if I had Tricare, I would have to have Part B.

[@mikesphilippineretirement]

thanks Larry

[@ericemslie9870]

I do the same. I have full VA benefits with no deductible and live near the hospital. I have only used them 2 times and they are better than a regular hospital

[@mrmikecebu]

I'm 24 years in pH. Banks won't allow social security to account with debit card. You must every month walk into your bank and transfer it to a debit card account. Medicare is paid by my pension. And they pay blue cross also. Five years ago I flew to Vegas and got a $120,000 full knee replacement and $20,000 cataract surgery with 20/20 vision now. So if I need use it I must go back a few months. Guam you can use Medicare but not my blue cross. Doctors. Meds, infirmaries many hospitals are so very cheap. I got COVID. I went to the brand new infirmary for $10 a day. All meds were iv and cost $200.00. doctor visit was $10.00

[@ProvincialExpat]

Great info! Thank you.

[@mikesphilippineretirement]

you're welcome

[@marcrichard7251]

There are trying to have it approved by January 2025 to use Medicare there is a study being conducted right now…😊

[@garrylafferty100]

Dont hold your breath

[@kennyl.TheSilverJewelryGuy]

where can I see that information, thanks for any info

[@mikesphilippineretirement]

who is they and do you have a link to that article?

[@Philibusting]

I’m fortunate enough to have an address in the US I can use and my daughter is pretty diligent about sending phone scanned copies of pertinent documents as needed. I’ve been here for a year and me filed for SS using my US address and all my banking is back home. I do pay fees for transfer but I feel more secured keeping it all back home. It also makes for a smother return if/when the time comes.

[@archiecruz6336]

that would be incredible if it gets approved but highly doubt it.

[@biggdogginthephilippines7067]

Hello good info. I have mine transfer by WU to my BDO acct for 99 cents a month. It goes from my bank acc to WU, WU to BDO and you can pick 4 day or 1 day delivery

[@mikesphilippineretirement]

Thanks for the info big dog

[@biggdogginthephilippines7067]

@@mikesphilippineretirement Welcome

[@RealGaryGibson]

I stopped my Part B right away. I can't use it in the Philippines anyway and I can fall back on VA Health if I need care in the states.

[@mikesphilippineretirement]

thanks for sharing Gary

[@HotTravels2024]

Thank you for making this video I live in the Philippines and I am currently married to a Filipina. I also was thinking about having my Social Security sent to a bank over here, but I did not know all the information you put in this video. It was very helpful please make a continuation and let us know what happened.

[@mikesphilippineretirement]

will do

[@rw2350k9]

If you have your SS deposited directly into a Philippine bank account will that set you up for receiving the proof of life letters from the SSA ?

[@mikesphilippineretirement]

yes you will need to do them

[@zetaone2669]

If you hold full U.S. residency (meaning with no restrictions) you can be out of the U.S. for up to 6 months with no problems as long as you stay in the U.S. for at least 6 months upon your return. Any stays outside of the U.S. for more than 6 months can cost you the loss of your residency. Keep in mind that if you do stay out of the U.S. for more than 6 months USCIS will still let you re-enter the U.S. but you may have to appear in front of an immigration judge to explain your extended absence with the result going either way, you can stay in the U.S. or you must surrender your residency and leave the U.S.

[@TOhearne-l1x]

@@zetaone2669 can you explain that a little bit clearer? A US citizen can lose their citizenship by being out of the country six months or more?

[@johng4093]

​@@TOhearne-l1xDon't think that comment applies to full US citizens, probably for those with resident status.

[@kenrice]

@@TOhearne-l1x as long as you are a US citizen and keep your passport up to date you are good to go. You can live outside the USA borders as long as you desire. Medicare is not good in the Philippines.

[@MichaelSmith-hr3be]

​​@@TOhearne-l1xHe's talking about green card holders, permanent residents who chose not to get citizenship.

[@ShermanGibb]

Very informative. Thank You

[@mikesphilippineretirement]

Glad it was helpful!

[@aboveitall9600]

Keep the bulk of your estate in USA accounts. Do not give your bar girl girlfriend access to your accounts…

[@jasonjames4254]

😂🤣😂Sound advice!

[@aboveitall9600]

@@jasonjames4254People have to think of banking in the in any developing club as they would in the Wild West…or Panama for Columbian drug traffickers in the 80s…don’t trust it. Far too many errors and potential for hands in the till. The government doesn’t have the resources to properly oversee it…

[@JerryBellasFinalChapter]

My problem is that I'm retired military and will be using Tricare International. You obviously can't use either Medicare A or B over here but I have to carry part B or my Tricare will not work

[@mikesphilippineretirement]

what hospital will you use with your Tricare

[@JerryBellasFinalChapter]

@@mikesphilippineretirement Notre Dame is my choice for now

[@jwczapper]

You always file your taxes even if you are below the guide lines.

[@mikesphilippineretirement]

yes I do

[@mikesphilippineretirement]

you asked me IF I FILE and i said yes it can also be proof of life as your filing every year

[@fenderbend3r]

Thank you Mike. That was very helpful

[@mikesphilippineretirement]

Glad it was helpful!

[@jefflynch3946]

I have my social security, pension and VA disability go to my US bank and every six months I transfer it to my Philippine bank.

[@CADYMAN069]

Hi just saw your video. One problem with getting your ss directly deposited into the Philippines is that every year you will get a proof of life letter and must be returned by end of year in order to keep the payments coming. The letter is mailed to the Philippines and the mail service is not good there, and then you mail it back. If SS doesn't get the letter, then your payments are frozen and from what I hear it will take a while to straighten this out. I am not collecting yet and I emailed the embassy, and they advised me to collect in the USA and then send money over to the Philippines. They said that they are at least 6 months behind at the embassy.

[@Usefullinformationphilippines]

As I understand it, you do not have to inform the IRS about money transfers to another country until you exceed $50,000 in a year. I opened up a Philippines bank account for dollars and for pesos so that I can simply write a check and transfer money in the future. I haven’t done it yet.

[@mikesphilippineretirement]

will each years the form I filled out asked if I had 10k USD or more in a foreigner bank?

[@msudak4]

@@mikesphilippineretirementcorrect

[@mikesphilippineretirement]

go fund me. hahaha

[@mrbHanoi]

@@Usefullinformationphilippines simple to work around USA based friend wires Thaii based friend that pays me cash I buy him a Steak and some Black Label win win put it in a bank that is not in my name wife relative business partner

[@mrbHanoi]

@@Usefullinformationphilippines Itransfered 400k in 2003 IRS not a beeb They knew it was foreign earned income being repatriated

[@billlloyd9755]

Thanks Mike

[@mikesphilippineretirement]

Thank you

[@BelusTraveller]

Keep it, For Emergencies, Its Risk Management, Personal opinion only, God Bless

[@mikesphilippineretirement]

yes a personal choice on what you should do?

[@jefferystrong6852]

If you have your SS directly into a Philippines bank account, only you can make a withdrawal in person and it has to be in cash. Electronic transfers are not allowed either. Then there is the annual proof of life forms that must be submitted if you are making the move permanently. I have my sister's name on my American bank account in case things go sideways. Good information.

[@mikesphilippineretirement]

thanks for sharing

[@jasonjames4254]

I have spoken to many expats who direct deposit their Social Security in a Philippine banks account. Most report no problems. However, there were two who who told me that their direct deposit was being deposited just fine for a long time, but then mysteriously stopped. Social Security told them the deposit was made and provided the trace number. The Philippine bank had no information and was completely unhelpful. One guy eventually got his money back after jumping through hoops for months. The other NEVER got his money back. Of course, both stopped their direct deposits in the Philippines after their incidents. Also bear in mind, that if you direct deposit your Social Security in a Philippine bank, that account is limited to Social Security funds only. You cannot comingle other funds in that account. You must appear IN PERSON to withdraw money from the account and there is a transaction fee. The Philippine bank may also have a minimum account balance requirement.

[@alanmiller8889]

Huh? I put my military pension, Va and social security all in the same account. Been that way for 19 years.No transaction fee.BPI account and no worries. Most BPI branches have better peso rates then out in town changers.No minimum balance at all.Your guy must have been doing business with a local bank. BDO and BPI ,i have never known anybody in 19 years here to have a problem..

[@MarkThornton-t8x]

I csnceled mine i signed Jen and i up for phil health , nothing for the baby yet

[@mikesphilippineretirement]

Mark you never paid for Phil Health!!!!

[@MarkThornton-t8x]

@@mikesphilippineretirement meet me at Ground Zero and say that you get what Dexter got grandpa

[@mikesphilippineretirement]

wow so anger Mark. take a chill pill

[@MarkThornton-t8x]

@@mikesphilippineretirement yeah im tired of people walking on my good nature or takking about my finances like you did on your video released the night of 7/21 you mentioned small SS check followed immediately by "we arent necessarily talking about you Mark " i was getting some take out from Why Not and someone had your lame video on . Mike your dumb channel is a second rate copy of my channel my channel model right down to the husband and wife both being vloggers . Mike you need to dress better , sit up straight , don't beat a topic to death . Your monotone voice is boring , also i know you do not have much hair but spend a few pesos and get a haircut . I know janet did not go to college , did she graduate high school ? Either way try ro at least make her look professional , even though she is not. If you ever notice when Jen is in one of my shows you can tell she went to University . She dressed better than Janet and Jen is more knowledgable than Janet. There you go don't ever criticize my channel again or you will not like my course of action

[@Mr.Schultz]

Good Information, Thanks

[@mikesphilippineretirement]

welcome!

[@shb7772000if]

My kids get social security, and it is direct deposited into their BPI dollar accounts. Haven't lost any money. I have my check deposited into my American Credit Union. I need to be able to transfer money to my brokarage account. I don't know if Philippine banks will do that.

[@mikesphilippineretirement]

did you ask but if your still investing in The US stock Market you should keep your US bank. I have 4 bank accounts 3 in the US and 1 in the Philippines

[@billyjohnson9166]

Insurance at Filipino banks is $500,000 pesos. You can trust BDO the largest bank in the Philippines.

[@mikesphilippineretirement]

as a foreigner if the Philippine bank goes under I believe I would lose all my money in that bank

[@rauldelossantos7700]

@@billyjohnson9166 they maybe trusted but dealing with them is just damned frustrating...

[@keonesilva3646]

Great information as usual mate. 😊

[@mikesphilippineretirement]

Glad you enjoyed it. That care my friend

[@happenings4058]

I wouldn't deposit direct to a Philippine bank from Social Security because of security reasons. But you could still deposit directly into your USA Bank and then transfer money to a Philippines bank directly from your USA Bank. Called bank to bank transfers. Some banks don't charge for money transfer into your USA Bank account from other bank accounts. But transfer out of your USA Bank account has a small fee. My bank would charge me $2.50 per transfer. This is a safer way then to relying on the security of the Philippine bank to handle your Social Security money. Banks in the Philippines still have issues at times. In my opinion.

[@mikesphilippineretirement]

what is the difference if i Direct Deposit my SS or just transfer to my Philippine bank in terms of security

[@mrbHanoi]

@@happenings4058 expat 36 years Agree 100% Have remiited over 1 million 400k largest in 2003 in Tokyo Now hold in10 banks 3 or 4 countries More in IRA take out once or twice a year Distribute Have income in 4 or 5 countries.

[@mrbHanoi]

@@happenings4058 not true If u have 1 mil cash, they will let u wire it for 0 Done it dozens of times Mother in Seattle to me.

[@kennyh5083]

I know of a man who died doing it that way. he became ill in the Philippines but being a holiday he could not access his bank to have required sufficient funds transferred to the Philippines hospital and yes they let him die!

[@tommoskal9365]

Just Know you can only with draw from the one BDO bank you set the account up with not anouther branch latter on have used BDO for 10 years no problems

[@mikesphilippineretirement]

the BDO atm cards works every BDO branch no matter what island your on

[@TheRocket212]

Great details 👍 Will you have to certify each year with social security for deposits to continue? Appreciate this episode Thanks and keep well ✌️

[@mikesphilippineretirement]

Thank you for the info

[@ManhattanNY-jw9bk]

Good information, thanks Mike.

[@mikesphilippineretirement]

Glad it was helpful!

[@byron8696]

hello, we talked before. if you outside the United States you have to contact the International Field Office in Maryland. They have one building that handle accounts and questions outside the US. The Embassy will give you the run-around. If something happens to your direct deposit you have to wait a month. no matter what. Us Treasury uses BNY Mellon for SSA payments. It will be a big charge.

[@mikesphilippineretirement]

thanks for the info

[@kenrice]

Social Security direct deposits into the Philippines have some banking restrictions. Joint accounts, online banking, and ATMs are not allowed. All banking transactions must be conducted in person at the bank. I have been banking with Wells Fargo for 24+ years and have never had any problems while in the Philippines. Wise Remittance has the most favorable exchange rate.

[@jasonjames4254]

Before opting out of Medicare Part B, check to see if either a Medicare Cost Plan or a Medicare Part C Advantage Plan with a Part B Giveback Option is available in your area. If not, you might even consider changing your residency to another state/county that has one of these options available before you retire in the Philippines. There are Medicare Cost Plans that have a ZERO monthly premium. A Part C Advantage Plan may refund all or most of your Part B premium. Bear in mind, both of these two options normally come with high deductibles, co-pays, and high out-of-pocket maximums, so you should be prepared to set aside money to cover this. Also, these plans tend to have very restricted HMO type networks for non-emergency services. However, you will at least still have a medical option under Medicare with no monthly premium or very low monthly cost.

[@jerrymarshall2728]

Wow! You're the first person that has said anything about having your S.S. direct deposited in a Philippine bank! 😲 Do you have a Dollar account with BDO? My one Brother-in-law has his U.S. checks deposited into a Dollar account, then the bank does the exchange to Pesos for a lot less than the rate the remit companies charge. He's the 'other American' in the family. Thanks for this important information Kuya Mike! 👍 Let us know how this turns out, please?

[@mikesphilippineretirement]

will do Jerry

[@bigjohnson7415]

Not sure, but didn't Paul Old Dog do several videos about it?

[@jerrymarshall2728]

@@bigjohnson7415 I don't recall

[@piratecovephilippines4711]

I have my social security direct deposited to my Philippines bank dollar account for years with no problem, also my VA and pensions are deposited here.

[@mikesphilippineretirement]

good to hear that

[@Zihuatanejo...]

What US phone carriers work for two factor authentication in the Philippines?

[@rauldelossantos7700]

your money maybe safe in a phil bank but dealing with them is just plain frustrating...i use US online bank (i.e. Fidelity) that has free atm anywhere in the world...

[@mikesphilippineretirement]

thanks for sharing

[@offhamsterwheel2789]

Great info Mike. any1 there flying to Hawaii for medicare, u answer question on Guam

[@sstritmatter2158]

I used to sell Medicare Supplemental insurance (MedSups). It pays what Part A and B doesn’t pay (yes there are limits to Part A). Plan F and maybe a couple others had a set amount for world coverage (back 15 years ago I think it was a lifetime limit of $50,000 for overseas medical coverage). BUT you had to have Part A and B to get a medicare supplement. Don’t forget Part D (prescription drug plan) as well. That one is a 1% penalty per month that you were eligible for it and didn’t get it. I’ve ben out of the insurance business for some years now so this information is dated (may have changed or may be the same). I would get some health coverage for overseas though no matter what if you move abroad.

[@mikesphilippineretirement]

thanks for sharing

[@michaelfarris5156]

Anybody having problems with the Embassy SS Office, no in-person appointment only phone appointments. I received an email back saying if it takes over 60 days (If you do not hear back) email back and they put you as a priority. Filing for my SS for the first time, not returning back to the US. Any suggestions?

[@mikesphilippineretirement]

what's new and everyone thinks the Philippine Gov. is slow

[@keithadams2368]

Thanks for the info

[@mikesphilippineretirement]

No problem 👍

[@bobwilson5041]

Mike,i have my SS,sent to BDO,HAS WORKED JUST FINE FOR 3 YRS NOW,THEY TAKE 30 PESOS FROM THE EXCHANGE RATE FOR THAT DAY YOU PICK IT UP,NOT TO BAD!!!

[@charliela1844]

@@bobwilson5041 was there a bill or anything to start your account? Just moved a few months ago and wanted to switch to bpi or bdo

[@jlodarl2k889]

To keep your bank account you have to basically let your financial institution that you are out of the country and will be living abroad. It’s a process. And your account should not be closed.

[@mikesphilippineretirement]

ok but it is something I worry about

[@99awindy]

Great Job, Mike. This video is chock full of very useful info. for anyone addressing the issues you brought up.

[@rosemendez931]

You can use medicare in the Phils. Medical city Iloilo is accepting it.

[@mikesphilippineretirement]

really

[@richardmiddleton5984]

I thought it was a matter of Medicare paying outside the USA , not with hospitals accepting it.

[@mikesphilippineretirement]

@richardmiddleton5984 completely agree

[@napoleonmdusa8877]

The rule for keeping the US Permanent Residence card (green card) valid is the holder can't be outside the USA for more than 6 months. So, the holder can be in their home country for less than 6 months (i.e. Philippines), then travel back to USA for 2-4 weeks (like a vacation), then go back to their home country (i.e Philippines) for less than 6 months to satisfy that requirement.

[@mikesphilippineretirement]

sorry I disagree just staying 8 weeks a year in the US will not be easy to keep your green card

[@napoleonmdusa8877]

@@mikesphilippineretirement wrong--look it up. I know of a couple (American, Filipina) who stay in America for 3 months then follow that with staying in the Philippines for 3 months & repeat. From the USCIS.gov website for US immigration: What is the 6 month rule for green cards? An absence of more than 6 months (more than 180 days) but less than 1 year (less than 365 days) during the period for which continuous residence is required (also called “the statutory period”) is presumed to break the continuity of such residence.

[@MichaelSmith-hr3be]

The rule is this: Absences of any duration totalling more than 183 days in any continuous 12 month period can trigger extra scrutiny at the port of entry, and absences of more than a year create a presumption that the U.S. residency has been abandoned, with all kinds of complications to try to keep it. The likely court appearance could result in deportation, which could cause the loss of eligibility to continue receiving social security benefits. It's important for people to be honest with themselves about their true intentions regarding their U.S. residency and act accordingly. It's much safer to return the green card and be honest with Social Security and the IRS that you have become a nonresident alien, pay the taxes or claim the benefits of a tax treaty, and use a tourist visa to easily visit the U.S. any time, if you want or need to do so. For banking after becoming a nonresident of the U.S., it would be best to set everything up with a bank in your country of citizenship before surrendering the green card. Keeping U.S. bank accounts as a nonresident is possible, depending on the bank, but there's no guarantee that it will continue hassle-free.

[@Shell2014]

How are the Philippines nursing homes?

[@mikesphilippineretirement]

do not know of any

[@Philibusting]

Can’t use Medicare in the Phils as of now. But there has been legislation proposed to allow the use of benefits in some popular US Expats destinations, the Phils being one of them. 🤞🏼

[@mikesphilippineretirement]

we can only hope

[@mrbHanoi]

@@Philibusting really a stupid law could save the US Gov billions facillitate retiring overseas

[@Philibusting]

@@mrbHanoi yeah, I don’t get the logic behind it. We paid into it for most of our lives …

[@mrbHanoi]

@@Philibusting you should get it definitely But Uncle Sam is broke

[@65354u]

Hello Mike,thank you for all your Information. I am 63 years old, moving to the Philippines next year. My Question is, When I arrive in the philippines I will declare residency. Will I still Have to pay STATE taxes from the USA? thank you Mike, and have a great day!

[@mikesphilippineretirement]

last year I did not pay state taxes. But please check with someone that does taxes in your state to find out for sure

[@rauldelossantos7700]

you don't need to pay state tax but you may need to pay federal tax...make sure you file your federal taxes...

[@rauldelossantos7700]

Medicare covers emergency care in the Phils...the only thing is you need to pay first then submit a paper claim...

[@mikesphilippineretirement]

not in all cases

[@rauldelossantos7700]

@@mikesphilippineretirement if emergency they cover the whole hospitalization...

[@mikesphilippineretirement]

@rauldelossantos7700 I think your wrong if traveling on a vacation say 90 days MAYBE but if you have been good 3 years I do not think they would cover it.

[@rauldelossantos7700]

@@mikesphilippineretirement my brother retired in the Phils for 10 yrs now...he had 3 emergency care during those times and was paid by Medicare after paper submission...you may want to watch Dr Ong with a US doctor as a guest for confirmation...

[@morlandoemtp]

You are correct bro this is not only Philiphines dependent this is anywhere in the world.

[@jamesslagowski1109]

I have to keep Part B because I am a military retiree and have Tricare for Life (TFL) but only if I keep Part B. TFL is good anywhere in the world.

[@richardhowe5583]

Thanks for the informative video Mike👍👍.. if I would cancel my part b and 12 years later sign back up, would my penalty be 120 percent penalty? Does it stop at 100% or does it just keep going and going and going..kind of like the Eveready bunny..hehe . Seriously does it have a cap on the penalty? Thank you sir 👍👍🤗🍺🍻

[@mikesphilippineretirement]

no cap that I know of.

[@COYO-T]

I plan on retiring when I am 62 so I wont ever be enrolled in medicare. Do I get charged a penalty enrolling later like when I am 70 and come back to the U.S.?

[@stevedice5963]

you cant enroll until 65. you can just do it online. Just get A and B and pay the money you will get screwed later . eventually you may have to come back to US.

[@happenings4058]

The difference is if the Philippine bank has a problem an puts a freeze on your account it only ties up the money you have transfered to the Philippine bank. They can't say we are going to freeze your account until further notice. Less risk to your lifeline your money and who controls it. There has been many stories about how things get messed up in the banks of Philippines.

[@mikesphilippineretirement]

thanks for sharing

[@flog1010]

You will have to go to the bank every month and withdraw the money from your dollar account, exchange to pesos and redeposit to a pesos account.

[@mikesphilippineretirement]

not so but not a problem

[@piratecovephilippines4711]

You don't have to go every month ! I go into the bank every 3 or 4 months and withdrawal from the dollar account and deposit into my regular pesos account. Takes all of 15 minutes. Please tell me hows that a problem ?

[@mikesphilippineretirement]

it is not a problem but you can just have it deposited into the peso account

[@elenaceleste4363]

Why not just buy Philippines Med Ins. When you are on vacay in the Philippines your Medicare only covers certain coverage with plan A or B???

[@lavonyoung2366]

From my understanding, if you have your Social Security deposited to a Philippines bank, you will need to reply to a proof of life letter every year. I have heard of many expats have their payments stopped because they have not replied to the letter. The mail system in the Philippines is bad at best.

[@mikesphilippineretirement]

that is a good point

[@samquinn6427]

Thanks and some good information. Part B is currently $175 month with cheapest D and GAP coverage another $125. So about $300 per month should by about right for full coverage. It may seem like a lot of money but I had life saving surgery 5 years ago that would have been $225,000. With insurance, I was able to get one of the best surgery teams in Florida. Wealthy people flew in from all over the world just to have same surgery at my hospital with same surgical team. So I guess you need to decide if you want to roll the dice and hope for the best. If you ever need surgery without Part B or GAP insurance in the US, it will cost you your life savings which may not even be enough. Also, knew someone who flew to HI to have surgery and then recovered and returned to PH. Part B cover sone in all 50 states.

[@mikesphilippineretirement]

If I lived in the US I would do the same

[@jasonjames4254]

Solid advice. The only thing I would add to that is that premiums for Medigap plans continue to increase every year, and Part D coverages, plans, and premiums change every year as well. There are also some things (like vision and dental care) that Medicare/Medigap plans do not cover. And don't forget the Medicare Part B yearly deductible, and the Part D donut hole. Therefore, as a general average as you age, I would suggest that $500 a month is a more realistic monthly amount to plan for. Amazing how our 'free' government old-age healthcare benefits still cost us $500 a month, right?

[@johng4093]

Medicare Advantage plans are often free, depending on the plan you choose and where you live. Of course you do have to pay Medicare premium.

[@michael_Jon7]

Medicare doesn’t pay for medical services outside the United States or its territories, except in very limited circumstances, including if: You experience a medical emergency while traveling between Alaska and another state and a Canadian hospital is closest to your location. You face a medical emergency while you’re in the United States or one of its territories, but the nearest hospital is across the border, for example in Canada or Mexico. You live in the United States or one of its territories and need hospital care, regardless of whether it’s an emergency, but the nearest hospital is in a foreign country. You need medical attention and you’re on a ship within six hours of a U.S. port. Medicare covers all 50 states and the District of Columbia as well as U.S. territories American Samoa, Guam, the Northern Mariana Islands, Puerto Rico and the U.S. Virgin Islands.

[@mikesphilippineretirement]

thanks for the info Michael

[@rauldelossantos7700]

my brother retired in the phils for 10 years now and has been hospitalized 3 times in an emergency situation and everything was covered by Medicare...

[@MichaelSmith-hr3be]

​@@rauldelossantos7700Is he retired military? They have to keep their Medicare to keep Tricare. In that case, it's Tricare that's paying, not Medicare.

[@EasyCrypto101]

I'm not American, but I hear from other bloggers that if you get your ss deposited directly to a philippines bank you will need to do proof of life each year to keep getting benefits. You might want to verify this just passing on.

[@kennyl.TheSilverJewelryGuy]

I have heard that also

[@mikesphilippineretirement]

yes you will

[@jsully4064]

Believe you have to do that anyways, proof of life, once a year. No matter if 13a visa, tourist visa (extensions)

[@apilgrimtraveler8483]

I will verify that to be true. Check it out. FORM SSA 7162 - OCR-SM - FOR BENEFICIARY

[@richardmiddleton5984]

It doesn't matter where you have your money deposited. If you let them know you are living overseas, you have to do that form. I have heard they made it easier now though. Instead of waiting for them to mail it to you, you can download the form from the SSA website, and then mail it back.

[@mikimikemike1]

$170 a month isnt much to pay but people need that extra $170 to live better .

[@mikesphilippineretirement]

it is a personal choice

[@williamwashington3772]

Good Video Mike very Informative PS I say keep the American Bank account much more safe in my opinion

[@mikesphilippineretirement]

yes I will but what if they force me to close it if I'm in the Philippines to long

[@keith-kb1zl]

I use my Citibank and Chase ATM there. no problem, just give my travel notice, good for 3 months, then I call bank, and renew it for 3 more months, my wife has BDO Philippines bank, I can deposit money there 🤗🤗

[@budwhite3570]

Good video...

[@mikesphilippineretirement]

Glad you liked it! Bud White

[@billlloyd9755]

Makes makes a lot of sense Mike cut out the middleman

[@mikesphilippineretirement]

lets hope there is a savings to be had

[@billlloyd9755]

They will be. The cost of transferring moneys. Right, don’t they charge a fee for a money transfer ?

[@frankschrock4484]

I wouldn't trust them with pocket change. I can withdraw 1k a day with CS. If i need more there are alternatives. I transferred 10k USD to my GFs account in BDO, and they asked her a million questions. So we just told them i was repairing her parents house and they were happy with that lie. You have to stretch the truth sometimes here to get by.

[@ChiefJoseph3712]

It would seem much wiser to deposit that much money into your own bank account in the Philippines, risky putting money into someone else's account. Be Blessed.

[@mrbHanoi]

I will take it in America and distribute it once a year to 3 or 4 countries

[@mikesphilippineretirement]

hmmmm

[@ilanoish]

Social Security will send you the money abroad but you will have to mail back a letter that they will send you every year to verify that your alive, if you have missed the letter for whatever reason you will have to deal with the system to restore your payment, if you need the money and have no reserve then reconsider leaving the payment to your us account

[@tobiasmichaels1050]

my bank told me i must have a usa address in order to maintain a bank account.

[@mikesphilippineretirement]

That is true

[@tobiasmichaels1050]

@@mikesphilippineretirement keep ur usa bank direct deposit.its a small fee to pay and not worth the headache in the long run.

[@eikoGoldstein]

1)Medicare Advantage plans will not cover you for expenses incurred in the Philippines. 2) If you suspend your participation in Medicare and then resume, this penalty will be imposed on the Part B premium at the future, current level of that premium. Premiums rise yearly and this amount will be deducted from your monthly, gross SS benefit. If you are depending on SS to fund your lifestyle, you will suffer a decrease in the very monthly benefit you are depending on. 3) If you are a US citizen, and/or receive SS income, you must file a tax return. Social security is income and you must list the gross amount. You may not owe any tax on that SS income, but you must list it as income. 4) Mike, what provisions have you made to pay for a catastrophic medical event where you can't leave the Philippines? Best wishes for continued success!

[@GrandpaDoesMovies1]

How did you learn that people who collect SS MUST file a tax return no matter how big or small the amount? 🤔

[@jsully4064]

Lots of good information. Thanks for the info on taxes, will have to contact a tax man before I move there. Thank you, Mike...Jim

[@mikesphilippineretirement]

Please do! see the tax man

[@rauldelossantos7700]

note US income is taxable wherever you are in the world...

[@jsully4064]

@@rauldelossantos7700 Yes will be making interest income on savings in the bank so will have to file a tax return

[@rauldelossantos7700]

​@@jsully4064if you're filing you need to include all income...

[@rauldelossantos7700]

​if you're filing make sure to include all income...

[@luxbeltran]

Many Filipinos in Guam fly to the Philippines for costly medical services and pay out of pocket.

[@mikesphilippineretirement]

Not ever been to Guam I just looked on line and not many good reviews on Hospitals in Guam

[@msudak4]

I have a Medicare Advantage plan that does not have a prescription drug benefit, in exchange, the company gives me $100 per month toward my Part B premium, so, right now my Part B premium is only $70 per month and if I move to PH I will keep it, it’s an inexpensive option to have if you need to come back to the US for major treatment.

[@mikesphilippineretirement]

great option

[@Gregory-Masovutch]

I keep all our monies in our Philippine Bank accounts with two banks. We also have credit cards from the Philippine Banks. I find the banks excellent to work with especially compared to America. I have also wired funds from the Philippine Bank to America with no problems at all. Even large amounts. We also have a U.S. Dollar account in the Philippines as well. Plus it’s far easier to get approved on credit as opposed to FICO scores in America. They are actually smart here using bank deposits and cash flow. I also had a car loan with BDO bank that we paid off. So to honest about it, I have no interest or trust with American banks.

[@jasonjames4254]

Dude! Sorry to burst your bubble but Philippine banks have a LONG history of closing their doors abruptly and screwing their depositors. The PDIC is led by corrupt politicians. Regarding any form of banking, finance, investments, insurance, and real estate transactions, the Philippines really lives up to it's third world reputation.

[@tmdtmd8708]

what's your monthly income in US dollars ?

[@billyjohnson9166]

What's yours?

[@mikesphilippineretirement]

my monthly budget is $2200. My total income in personal

[@tmdtmd8708]

@@mikesphilippineretirement thank you, I live here also, nearly 20 months, 2600+ early SS and small pension

[@bhinbayoucity5691]

​@@billyjohnson9166 Good reply! Lol. If someone asked me my salary, id say "My salary ranges from $1.00 to $15 million" 😅

[@joshuarizalforeman816]

Unfortunately, or maybe fortunately, the key to having a stress-free life in the Philippines, independent of dealing with bureaucracy in your own country, is to have enough cash, savings, income and capital to ensure you have a smooth life. I shall not go into details since that invariably attracts trolls. All I shall say, however, is that my wife and I own property, garner a decent income and make sure we live well and the family is looked after. The family's educational and healthcare needs are sorted out, so we have no concerns there. Be prepared. It's not hard. Just don't think that a wad of cash will last you long-term.

[@damienbates]

Absolutely, consistent, guaranteed income like a pension and a decent nest egg invested in low risk assets is the way to a good night’s sleep.

[@mikesphilippineretirement]

thanks for sharing Josh.

[@mrbHanoi]

@@joshuarizalforeman816 most people with 1 million cash have unearned or location independent income

[@stephenstankiewicz6771]

thanks J, I will definitely plan and budget.

[@jasonjames4254]

Great advice! It's all about using good judgement and planning, isn't it. However, at least half of all expats were financial train wrecks before they came to the Philippines, and are even worse financial train wrecks after they arrive. Unfortunately, a savings account for emergencies is a foreign concept to many foreigner retirees. They fill the vlogs with hard luck stories and panhandling.

[@michaelwuji1758]

Michael, xlnt content per usual. Please send money, Lechon and lawyers. Salamat

[@frankmazzie4855]

Yeah sure ! Whatever you say

[@mikesphilippineretirement]

Hahaha. Sure Frank Lets listen to you

[@ciscoxzy]

Hola Mike, I retired in Mexico, had my social security check direct deposit to Charles Schwab, all good for 3 years, they found out I was living in Mexico full time, they canceled my checking account had to change to different bank for my social security deposit

[@mikesphilippineretirement]

Thanks for the info. I have that fear at times

[@bigjohnson7415]

I'd say at least Mexico is a lot closer than the Philippines. Kinda seems most American banks do business in Mexico, so getting a new bank probably wasn't a big deal.

[@xrayeyes2023]

Who found out you live in Mexico? How ?

[@stevedice5963]

I am in NY with a charles schwab checking and brokerage account. I have researched my move to Thailand. I can keep my brokerage account with no fee atm.card if I convert to an international account, which will limit me to stock and etf fund purchases, no mutual funds. No fee to transfer the money to Thai bank. I will have to lose the checking but I won't need it. Schwab won't do business in the Phillipines. Their website shows what countries expats can have accounts. Trying to maintain a USA address even if you put your name on your USA families utility bills won't fool them if you have only ATM withdrawals abroad.

[@jes2731]

If you're on social security AND make less than $25,000/yr (Gross), no you do not have to file your taxes. I know this from looking into it for a friend last year.

[@bobwilson5041]

Very true,ive read from the usa government site,no need to file if your SS is under 25k

[@chocolatecookie8571]

Hi Mike, what I'd like to hear more about is marriage registration in the PH and the US (or other countries for the same matter). Because are you married only in the PH or do you also registered your marriage at the US embassy and US tax reports? And if you would be married only in the PH how do you deal with passport renewal at the US embassy? Because they want to know if you are married or not. Same with US tax reports. This can be very confusing and complicated because each choice has their pros and cons, choice of having a registered marriage in PH and the US, or only in the PH. If you can talk about it freely then please do in a video. If it is complicated for whatever reason then you can delete my comment and ignore it.

[@timarnett5433]

You can use tricare or tricare for life in the Philippines but if you cancel Medicare you will lose tricare For life as well.

[@mikesphilippineretirement]

yes i heard that. since I do not have Tricare I can not speak to much about how to use it. Hope to interview someone that has Tricare in the Philippines

[@Kenneth-bk4ct]

I have it an I can juat go to Guam to use it

[@mikesphilippineretirement]

Guam Hospitals are not that good! better go back to the states if needed

[@piratecovephilippines4711]

That's what a lot of people think, but you will find out that many doctors won't accept it there and the ones that do have a very long waiting list.

[@douglashite4410]

@@mikesphilippineretirement the hospital in Guam is named Guam Memorial Hospital locals gave it a translation to mean Get Me to Hawaii

[@billyjohnson9166]

I also keep my full Medicare A&B Blue cross blue shield just in case. Mike I think you give bad advice if your telling expats in the Philippines that they don't need insurance in the Philippines. I think it should be mandatory.

[@mikesphilippineretirement]

I did not say not to have any insurance. That is a personal issue that every one need to decide themself. I also stated I am thinking of renewing my Part B. You always have part A

[@kennyl.TheSilverJewelryGuy]

I never heard him say that, but you cannot use Medicare in the Philippines so why keep it

[@rauldelossantos7700]

​@@kennyl.TheSilverJewelryGuyMedicare part A covers you in an emergency so keep that at least...

[@Whitepinoy]

Humana if you are hospitalized you pay first then they will pay you back

[@mikesphilippineretirement]

Have you uses it yet overseas?

[@mikimikemike1]

i get $5000 a month so i can afford to keep it but i cancelled i have veterans va full benifits for life.

[@mikesphilippineretirement]

tri-care you need Part B

[@garydavis9887]

thx !

[@mikesphilippineretirement]

welcome

[@kennethaustin7718]

I lived in germany for over a year and had my ssa check sent to my german bank account. I used to get my check the 3rd week of the month. Once I started to get my check it came on the 3rd of the month. It took about 1 or 2 months for it to start.

[@mikesphilippineretirement]

Thanks for sharing. Germany is different than Philippines. Glad it is working out for you.

[@kennethaustin7718]

@@mikesphilippineretirement I am back in the USA now getting my act together.. getting bills paid so I can come over there. Hopefully see you soon

[@mikesphilippineretirement]

best of luck see you when you get here

[@IB4U2Cme]

Sorry, I have had experience with two Philippine banks. Also, make sure you really do have a Philippine account. The police here will not help you with a bank error. The employees or a parallel bank management are suspect. A friend of mine has no problem with the bank he has. But nobody in the Philippines gets arrested for a bank error.

[@mikesphilippineretirement]

really what kind of errors did your friend encounter. Why would someone get arrested over a bank error?

[@IB4U2Cme]

@@mikesphilippineretirement I had direct experience, my friend had no problem. The bank charge me $300 for an inactive account where money was deposited weeks before. It takes two hours for the bank to report the balance. I got the bank VP to inquire, strange, they would not let her look at the accounts. In the end the money was refunded after consider effort to ignore my request for an accounting. I finally figured out they were running a parallel account and they were hoping I was going p make a big deposit. These people use their employees to take the blame if caught but only management could orchestrate a fake bank account.

[@pcbondart]

the 10% penalty is part of why this country isn a good place to get the hell out of!

[@rabidfarmer9765]

Getting rid of part-B is dumb. You should come back to the states once in awhile is all. Do not stay in the phils on too long stretches.

[@mikesphilippineretirement]

to each person they must decide on what to do and how to live

[@rabidfarmer9765]

@@mikesphilippineretirement dental care there means they will pull all your teeth and offer dentures. But you are right - choose your poison. Them young pairs of legs are blinding.

[@piratecovephilippines4711]

Paying part B is dumb, haven't been back to the US in 10 years and no plans to do so. Good insurance plans here for much less than part B payments.

[@garrylafferty100]

Mike my wife got a green car good 1 yr 90 days before it expire you apply 10 yr green card you cant apply for u.s citizen until your married 3 yr if you out of states over 1 yr that greed card expires it best to stay under 6 months because you have to live in states half the time when you apply citizenship or automatic denied. You only get 2 chances to pass citizenship test also. My wife dont wont to wait 3 yr to apply plus another year or so to take take test .i took cizenship test most american would fail that test without study for it.

[@mikesphilippineretirement]

Thanks for sharing Garry

[@mrbHanoi]

Singapore safer Keep it in a few countries

[@mikesphilippineretirement]

Not for me sorry

[@AprilIrvin-c1i]

I cancelled in the begining ,,,I have 100 percent VA don't need medicare

[@mikesphilippineretirement]

ok

[@HunkyMan777]

Dont have to give a reason. None of their business

[@tobiasmichaels1050]

biden has a bill for medicare use in the philippines, cuz its cheaper here than the states, marcos has it now. this bill has not yet been approved in the philippines, but may be in the future.

[@mikesphilippineretirement]

we can only hope

[@bigjohnson7415]

Wouldn't pass the current House of Representatives, it makes too much sense!🤔

[@msudak4]

That would be a game changer

[@tobiasmichaels1050]

@@bigjohnson7415 from what ive heard they have to have a system set up first in order to process the payments. im keeping my fingers crossed on this one. butn your right it makes too much sense. lol

[@jasonjames4254]

@@bigjohnson7415 Agree, any such bill would never pass a Republican house or senate. Also, the payment system would be wrought with fraudulent billing with little legal recourse to combat that fraud. And entire new billing apparatus would have to be built from the ground up and there a snowball's chance in hell of that happening. And if you've noticed, Filipino politicians have a way of getting their fingers into everything involving money!