RETIRED ABROAD ON SOCIAL SECURITY/MEDICARE AND BANKING

[@aaronnewslettermarketermcl6481]

Can you guys teach the US government how to sit down and have a discussion even tho you disagree? Great video.

[@mikesphilippineretirement]

always fun doing a video with Paul. We agree to disagree on some subjects

[@KutWrite]

Wouldn't help the government. "War is the health of the State." - R. Bourne, ca 1917

[@JenThornton-u5v]

​@mikesphilippinere 0:52 tirement you mean always good to let Paul bone you right in my old wrinkled A$$

[@Michael-g8d]

I used to love Mikes Philippines KZbin Channel. But I trouble following Stupid people. Stupidly cannot be fixed stupid, and Mike is really Dumb ...

[@MrDee001]

Imagine sitting down career criminals and asking them to cooperate and not harm the citizens.

[@Kseniaramesh]

I’ve been thinking about retiring abroad too. Social Security stretches a lot further in some places, but the banking side worries me. Is it hard to manage your U.S. accounts while living overseas?

[@Larry1-pl2wq]

Not really, but you do need to keep a U.S. bank account open. I use my Social Security direct deposit in my U.S. bank and transfer it to my local account when I need it. You have to watch out for fees though-they can add up if you're not careful.

[@V.stones]

I heard setting up an account in the local currency can save you on those transfer fees. But it still sounds like you need a good financial setup, even if you're living somewhere cheaper

[@MONROEJACQ]

Absolutely. That’s why I worked with an advisor before I made the move. There’s more to it than just figuring out Social Security and Medicare. You need a solid plan for taxes, banking, and making sure your investments still work for you while you’re living abroad

[@mariadrukker2557]

So, did your advisor help you set all that up? Because I’ve been thinking about doing something similar, but I don’t want to get caught off guard with financial surprises after I’m already settled

[@MONROEJACQ]

Yes, definitely. My advisor, Joseph Nick Cahill, helped me navigate the whole process.

[@Davidvictor6]

I came across your channel through this video-case studies are incredibly valuable, and I'm eager to see more in the future! Building wealth involves establishing routines, like consistently setting aside funds at regular intervals for smart investments.

[@Mariakevin-d9v]

People believe their currency has the worth it does because they have no other option. Even in a hyperinflationary environment, individuals must continue to use their hyperinflationary currency since they likely have minimal access to other currencies or gold/silver coins.

[@Pamala-p1t]

Uncertainty... it took me 5 years to stop trying to predict what bout to happen in market based on charts studying, cause you never know. not having a mentor cost me 5 years of pain I learn to go we’re the market is wanting to go and keep it simple with discipline.

[@Cesarinaella]

This aligns perfectly with my desire to organize my finances prior to retirement. Could you provide me with access to your advisor?

[@Pamala-p1t]

NICOLE ANASTASIA PLUMLEE is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.

[@Cesarinaella]

She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.

[@tatianastarcic]

I need a way to draw up a plan to set up for retirement while still earning passive income to meet my day to day need and also get charged lesser taxes even while in a higher tax bracket. i want to invest around $250K savings.

[@maiadazz]

Don't put all your eggs in one basket; instead, diversify into different asset classes to mitigate risk. If you lack extensive knowledge, consult a financial advisor.

[@Aaronduckstein49]

I agree. Based on personal experience working with a financįal advisor, I currently have $2m in a well-diversified portfolio that has experienced exponential growth from when i started. It's not only about having money to invest in, but you also need to be knowledgeable, persistent, and have strong hands to back it up.

[@richardhudson1243]

How can I reach this adviser of yours? because I'm seeking for a more effective investment approach on my savings

[@Aaronduckstein49]

Annette Marie Holt is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.

[@EmilyMoore-n7n]

Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.

[@chrisl2807]

Thanks boys. This is a great conversation. Stay safe.

[@mypov4343]

In theory, you want to be secure no matter what happens. In practice you can only reduce risks. Not living in US reduces some risks and increases others. It's a game we all have to play.

[@karlenzmann]

Well said...

[@klausschumacher7126]

I think that the US is more dangerous than the Philippines when. If you're white maybe it's okay but as soon as you're colored or going to school it's definitely not safer...

[@enjoylife1176]

Well said, I second that.

[@brucehuddler7518]

St. Lukes diagnosed, dealing with most hospitals here is definitely sub par, fact. FYI. Pathetic.

[@keith-kb1zl]

Yep. once you get to a certain age, health care is a crap shoot no matter if you’re living in America or not..

[@Dontworry44]

Kept my SSA part B paid since day one. You really never miss the money, since you never really had it anyway. Best thing I ever did. Had an unexpected heart attack while living on Siquijor Island Dec. 04, 2022. After stabilization in a Dumaguete hospital, my cardiologist recommended an angiogram in Manila. I was able to fly back to Oregon for treatment fully paid (minus a $1200 deductible). You can't just go and use medicare back in the states unless you have part A and B already active. If lacking either one there's a thirty day waiting period before it takes effect. Then once admitted there's a $1600.00 deductible that has to be paid before medicare pays anything. In my relatively common case, they paid >$80K.

[@glstewart68]

I would go to another country in SE Asia with better healthcare, like Thailand, Malaysia or Vietnam. Another KZbinr (Vagabond Awake?) did a interview with a guy who had his throat cancer handled by a hospital in Da Nang. He received excellent care and all in, including the chemo/radiation treatments, a small apartment closer to the hospital, AND a caretaker to help him for the 7 weeks of treatment, it cost about $5k USD.

[@garcia4328]

Caution: Private medical care in Malaysia is very good but its expensive compared to Thailand. I agree there are some good hospitals in Vietnam, although the top 3 hospitals in Manila are excellent.

[@kevink1214]

@@garcia4328 That is what I thought too about say St Lukes, but then to hear from Paul that diagnosis was not made or missed. That is concerning in that it is supposed to be the best, and it cost as much as a US hospital.

[@michaelbyrne5469]

I just had cancer surgery at St. Lukes and it came out perfect.

[@elzoog]

To be frank, these guys are probably in the Phillipines because the girls are hotter there. Othewise, I don't see what appeal that country has that you can't get elsewhere.

[@leemcarthur4334]

​@@elzoogHave you been to the Philippines before? 🤔

[@ianmac2963]

well done guys ... many thanks for the reminders

[@ericsmith-VN]

You two fellas give such good info , its invaluable. Thanks guys.

[@mikesphilippineretirement]

@ericsmith-xd1xm22 Thanks for watching and the very nice comment

[@PoetryBang-n4u]

Gentlemen, you did a fine job with this debate. Intelligent, well informed and meaningful. Appreciated, Ted.

[@darrenlinn5322]

Enjoyed the video both have valid points. Personally I kept my part B and my American bank. I had automatic debits coming out and most everything I do is online . I still have a house in the US so I was able to keep my address. I check my mail online so I know when I get something important. When I do I have a family member open it and send me a picture so I can take care of anything that's needed. Thanks Paul keep up the good work.

[@MyLifeinChile]

My wife and I retired in Chile 3 years ago with my social security and a small pension. My wife is Chilean and we pay $65 a month for health insurance for the two of us. My wife has had three surgeries. Two relating to a broken wrist and the other to replace a broken breast implant which she received in the US after her breast cancer. There was absolutely nothing to pay for any of her treatment. No deductables, no copay. I canceled my part B after much deliberation. I don't have anywhere to go back to in the US if I were to become very ill and wanted to use medicare. I didn't want to pay $175 a month for medicare and then another $100-$200 a month for a supplement plan and then there's the part D drug plan on top of that. Our rent and utilities come to about $350 a month. My life is here in Chile.

[@ParisianThinker]

Best wishes!

[@mikesphilippineretirement]

@MyLifeinChile thanks for sharing Hope your wife is doing better now.

[@MyLifeinChile]

@@roselee4445 Chillán

[@MyLifeinChile]

@@roselee4445 Chillán

[@MyLifeinChile]

@@mikesphilippineretirement She is, thank you

[@richardhudson1243]

I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either

[@LUCIASMITH-d1z]

Got it! Buying stocks during a recession when prices are down could be a good move. You might get them at a lower price and sell later when they go up. Just do your homework and be aware of the risks before diving in!

[@IamJonny-o4v]

That's awesome! Investing in stocks with a reliable trading system can lead to great outcomes. It's fantastic that you've been working with a financial advisor for a year now. Starting with less than $200K and being just $19,000 away from making half a million in profit is impressive! Keep up the good work!

[@JacobsErick-u8r]

Mind if I ask you to recommend this particular coach you using their service?

[@IamJonny-o4v]

I am guided by Melissa Terri Swayne. I found her on a CNBC interview where she was featured and reached out to her. She has since provided entry and exit points on the securities I focus on. You can look her up online if you care for supervision.

[@HoskinsShanellNicole]

I just googled her now and I'm really impressed with her credentials. I reached out to her since I need all the assistance I can get.

[@MichaelBerriman-j2w]

Hey Paul, hope you are recovering OK. Just wanted to thank you for all your videos. You have been invaluable with information on living in the Philippines. I am coming up to retirement age, and looking at moving over there. Please keep up with your videos! Hope you get back to good health quickly. Thanks again! Mike.

[@carlpeters]

Hello from Alabama! Just wanted to say I always enjoy your videos and great to see Mike with you. So, best to ya! Roll Tide!

[@KB3TLE]

* GO BUCKS * > c/o Mike !

[@mikesphilippineretirement]

@carlpeters Thanks for watching but i must disagree Sorry not your year . Go Ohio State Buckeyes

[@johnsonfisher9500]

Great video, nice teamwork, and two logical good ways to accomplish the goal. I am headed your way, and I appreciate any advice and the options you provide. "Live long and prosper."

[@todddunn945]

A couple of points on returning to the US and restarting Medicare there. Yes you can do that from January 1 to March 31 every year, but your coverage won't start until July 1. So if you get sick in say April and return to the states, you won't be able to go back on Part B until July 1 of the the next year. Also, when you restart Part B, it doesn't pay everything. First in 2024 there is a $240 Part B deductible before Medicare pays for anything (with a few exceptions). Second, Part B only pays 80% of the Medicare approved amount and you are responsible for the rest. If you go back for cancer treatment, that 20% can add up fast and there is no limit to what you might have to pay. When I was treated for Leukemia, my 20% copays came to about $50K. The solutions to that are: 1) After you get your Part B reinstated, in October-December sign of for Medicare Advantage. That will start on January 1 and will limit your out of pocket costs to about $5K-$8K. or 2) IF you are in one of the few states that allows you to get a Medicare Supplement policy without medical underwriting, sign up for one when you get your Part B restarted. That will cost more. Note that if you are not in one of the states that doesn't permit medical underwriting for supplements, you won't be able to get a supplement policy if you are already sick. Yes, Part A (hospital coverage) is free, but in 2024 there is a $1,632 deductible before coverage starts. You may have to pay that deductible 2 or even three times in a year if you are unlucky. As far as getting your social security direct deposited goes, you will generally get the best exchange rate that way since the US government will do the exchange and deposit you benefit in the appropriate foreign currency (Pesos for the PI). That may save you a few percent.

[@Cool_Breeze_Rockies]

Thank you for this post! The information in your post is correct and important.

[@ParisianThinker]

Wrong. Your coverage starts in February if you signed up in January. I just spoke to Medicare specialist about that fact.

[@Cool_Breeze_Rockies]

Thanks for pointing that out. I think the important point here is that you can't just come back to the US and immediately pick up coverage and get treatment. Also, it makes a huge difference if you select traditional medicare vs medicare advantage.

[@mikesphilippineretirement]

@todddunn945 thanks for the info I will check it out

[@FranksPH]

SPOT ON !!!

[@dovoso5685]

Hi Paul, I really enjoyed this video. Here is the thing - like you said - it all depends on the individual's circumstances.

[@mikesphilippineretirement]

It is a personal choice @dovoso5685

[@troymoses8405]

Enjoyed the video and difference in opinion. Myself I will keep part B, just for peace of mind if nothing else. As for sending my SS check and or pension check to my Philippians bank, I’ll always bank in the US. With that I can always play the peso to dollar flexibility. Anyway, thanks for sharing Paul and Mike, always great to see you guys. Blessings to all.

[@mikesphilippineretirement]

Thanks Troy

[@axelSixtySix]

COMING FROM MIKE'S VIDEO, JUST PASSING BY SHOWING SOME LOVE. SPEEDY RECOVERY MATE 😉

[@richardclausen154]

Fantastic video! I listen to both of you, and it was great to hear the perspectives based on your lifestyle and living scenario. Both situations made sense based on circumstances. Will be back in Duma in November and hope to meet you both! Thanks to both of you

[@mikesphilippineretirement]

@richardclausen154 glad you enjoyed the video

[@richardclausen154]

@@mikesphilippineretirement always do!

[@livingoutloud5729]

Excellent collab you guy's. Been thinking about these exact things now for quite some time before I move to the Philippines.

[@goku5524]

For retired military at 65, they have to enroll in Medicare part B if they want to be covered for Tricare for life overseas. the good thing is they can use it in the PH.

[@walterperry4565]

You two can examine eachother and save money

[@nige1840]

Great video...info & entertaining..

[@mikesphilippineretirement]

thanks for watching @nige1840

[@TSchra37]

Christian Health Ministries out of Barberton, Ohio has a Senior Share plan for $115 per month which is a replacement for Medicare Plan B. Something to look into if you ever come back to the United States.

[@yoyojoe9240]

I've been in Php for 15 months , SSA and Medicare with part B, plus VA Healthcare. SS direct to US bank since 2020, ( Capitol 360, No Fees ) I get "SS letters" thru the SSA App. (No paper letters, including proof of Life), never a problem. Medicare reimburses me any medical expense$ Out of pocket in any Country that I get care. (*Need to send Official Medical receipts to Medicare & done deal). Always keep a cash surplus in your "cookie Jar" (Of course "this hat does not fit" everybody) Do your own research direct with the proper Agency. *Also they do Live Video calls since Jan. 2024. Good video, Thank you

[@Walk-retirement-travel]

I was wondering about receiving the SS letter electronically. You never hear anyone mention it. I’m not retired yet but I receive all of my other government documents electronically. It’s like most people don’t understand electronic messaging

[@kevink1214]

@@Walk-retirement-travel I am not 62 yet, but hearing all these guys talk about this letter I thought the SSA only used the mail system for the proof of life. I too was surprised that it could not be done electronically.

[@ParisianThinker]

You were in the Military. So you have different rules than the rest of us.

[@MichaelSmith-hr3be]

​​@@kevink1214I cannot find any mention of an online version of the proof-of-life form. I asked the SSA about it. They replied that they hope to provide it in the next few years.

[@rfbos]

Are you trying to insinuate that you can complete the SSA7162 Via this app? No, you can't. Do you even have a registered Philippines address in myaccount with SSA? If not, you never get the form. The app actually sucks, even when it's working, which is rare.

[@gloriafarmer6826]

The topic is very useful to many of the viewers including myself. Thank you so much.

[@richardknodel2829]

Lovely that the two of you could kabitz on these things w/o getting upset! Lovely! Very educational! Gives us hope.

[@mikesphilippineretirement]

@richardknodel2829 You should have seen us off camera. hahaha Thank you for watching

[@RealGaryGibson]

It's great to see my 2 favorite vloggers together!

[@mojolivinginthephilippines3503]

Great video a lot of good information just straight facts no B/S like a lots of other channels

[@mikesphilippineretirement]

Thank you for that nice comment @mojolivinginthephilippines3503

[@tropicshade]

Not entirely accurate on Mike's part though.

[@RichardJansen-j6q]

Excellent video, lots of good information to help plan a move like you both did.

[@jspice-kl2wc]

Great video with super great information, thank you.

[@jamessnavely9758]

Hey paul thanks for the video very educational really appreciate it..

[@dukewanders]

Ask 10 people their opinion, you'll get 11 responses. it is a personal decision, no right or wrong answer. Plus you have great healthcare available in Malaysia & Thailand. Nobody gets outa life alive. Great topics, enjoyed the civil discussion.

[@johnrisher3007]

Exactly brother, we are all going to die one day. Be ready and don't worry about it. If I die tonight I will be with Jesus

[@jamesthompson15]

Thank you for the back and forth, I have been thinking about these very questions, this helped alot.

[@fluffy5534]

Please check your facts. Part B only pays 80 percent of the bill. The remaining 20 percent is yours to pay. If you can not afford it, you can elect medicaid to cover it. Once you die, your estate is responsible for covering / reimbursing the medicaid. Also part B doesn't cover your medicine. I also cancelled my Part B. I have private insurance. I will go to Singapore, Thailand, Malaysia or Indonesia if I have a major medical problem. I agree with Paul on keeping all your money in the U.S. bank. My preference is Schwab. I wire what I need to any foreign bank once every 3 months for $20. The rest of your cash you can buy FDIC insured CDs with great rate through Schwab.

[@mikesphilippineretirement]

I us Charles Schwab, Wells Fargo and Capital One

[@mikek8816]

Medicare Advantage covers the 20 percent?

[@fluffy5534]

Good afternoon: I used to use Capital one for years. But I cancelled the card. The customer service was awful. After 15 years of being a customer, I tried to cancel a wrong charge from Yahoo. Capital one refused. So I got rid of them. As for Wells Fargo, I like their CDs through Schwab. I don't like the bank itself. Used to work there. Lots of internal issue impacting client accounts.​@@mikesphilippineretirement

[@RodneyDempsey-o8w]

Medicare is only good in the states. You should still keep it if you retire overseas because if you move back to the states and want get back Medicare you will have to pay a penalty for every year you did not have part b.

[@keith-kb1zl]

@@RodneyDempsey-o8wnot worth giving up, if you’re on that tight of a budget you shouldn’t be living overseas anyway..

[@MrBettercheck]

Hello guys! Great video by the way. Both of you gentlemen make good valid points. I have a tendency to lean toward Mike on part B Medicare! I’m with Paul on the banking. I would have to live in the country for some years before I rethink my actions…great topic!

[@mikesphilippineretirement]

@MrBettercheck Thanks for sharing and watching the video

[@1SeekTruth101]

Good to see you guys talking & listening together! Great communication.

[@floribertosousa2251]

Hi 👋 Paul and Mike,..two great amigos !!! Great 👍 video on two important topics with great opinions and ideas of both of you. Thanks and keep up the great work of both of you. Take care.

[@mikesphilippineretirement]

@floribertosousa2251Thank you

[@paulinthephilippinesolddog9234]

Glad you enjoyed it

[@raymondsmith4401]

Great conversation guys. Living in Thailand, I will mention that all of us here , and most of Southeast Asia , have to go through the social security office in Manila if we have any issues. Not easy.

[@Philibusting]

Social Security - mine goes to a US bank and I access the way I access all other monies. I have a VISA debit, Visa credit (a few actually) so I can pump gas, shop at Gaisano, Fast Food chains, and all the malls without issue. I transfer money with Wise as needed and pay fees as needed. But I like the security of having pensions and SS deposited to US Banks. I rarely use ATMs here or in the US.

[@keith-kb1zl]

I’ve had no trouble using my Citibank ATM or Chase bank. works in grocery store, mall, and resorts 🤗🤗🤗

[@johnrisher3007]

In 2019 I went to see my girlfriend in the Philippines. I used my debit card to get money to spend and had no problem. She is my wife now.

[@Philibusting]

There’s a level of comfort having your money deposited to state-site banks.

[@mujibkhaque2376]

Excellent discussion guys

[@jmac5755]

If you are military retired; you must keep part b in order to have tricare for life. A must if your health deteriorates and you go back to the USA.

[@ParisianThinker]

I didn't know that.

[@LesleyWelsh-eb8cm]

that is 100% correct, I am retired Army living in Philippines. I have Tricare select overseas insurance covering me in Philippines till I start receiving Medicare in 6 years.

[@L4P-Monk]

I was in the military for 6 years. Glad I didn't retire from the military. Man... that sucks.

[@billj9838]

@@LesleyWelsh-eb8cm If you’re a veteran anywhere in the world. If you can still vote in the United States. You better vote Democrat. The Republicans have created Project 25. It completely wants to dismantle the VA. Its first goal is to stop disability payments to veterans if you don’t believe me, you better get online and check it out. If you were receiving Social Security benefits, and Medicare benefits again you better vote Democrat, Trump’s evil VP candidate wants to dismantle both Medicare and Social Security. Again, if you don’t believe me get online and check out both these evil prospects to run our country.

[@cindygordon5242]

You can also fly to Guam , if need be

[@josephgrudza3873]

Both of y’all brought very valid points to the discussion. I personally will not be dropping Part B or have my check deposited to a bank there. I will how ever open an account at one of the banks available. Thanks for the discussion.

[@admindesk2760]

It's a rare thing to see such good chemistry. Really nice demeanor.

[@901pics]

Both these guys are level thoughtful level headed...I enjoy their advice and approach.

[@Culleyscrazyjourney]

Great info guys

[@DonaldChapman]

Great video guys! Really enjoy watching this type of discussion. As I prepare to retire in Texas or Bohol, these types questions are great for me to think about! Love the Forest Camp, I was there earlier this month.

[@robertdavis7312]

Donald glad to see you are retiring, congrats. Some advice from someone who has been there done that. I suggest keeping your home and everything you have in texas i.e. bank accounts, mail etc...! Then go to the RP but plan to stay in the RP 4-6 months and then return home.

[@DonaldChapman]

@@robertdavis7312 Thank you for the tip!

[@franciscoaguilar123]

This sounds exactly like my plan. Then I can use it as a rental for a couple years and head overseas. That should pay the majority of my living expenses while in the Philippines. Then I always have a place to return if needed plus family nearby should a problem occur.

[@robertdavis7312]

no problem@@DonaldChapman

[@mikesphilippineretirement]

Donald thanks for watching Glad you enjoyed forest camp

[@Joe-mz6dc]

Good luck Paul!

[@davidstonge7121]

Thank you both. I'm looking in the next couple of years to move to Cebu or dumaguete.

[@mikesphilippineretirement]

stay in touch David

[@antoniosantiago9794]

VERY HELPFUL!!! GREAT VIDEO!!!

[@papadougpapadougsadventures]

I think I’ll use the ATM to withdraw funds as needed to cover my monthly bills. Charles Schwab reimburses ATM fees.

[@dantheman11121]

Yeah but i understand there is a chance Charles Schwab could close your account when they realize your living overseas,not sure if that’s the case???

[@kevink1214]

@@dantheman11121 yes it has happened.

[@darryl.c7972]

@@dantheman11121 I have Schwab and live in Thailand and they know I do, no one has ever said anything about closing my account.

[@papadougpapadougsadventures]

@danielmckinnon9627 I didn’t know that

[@IB4U2Cme]

@danielmckinnon9627 I think I agree with you. I pay 1% for the international transfer, 250 pesos to the local ATM, and what your bank in the US charges. Mine gives me three free ATMs in a month and charges $2 per ATM thereafter. But my experience with the Philippine banks has not been any better.

[@paxxop]

Great watching you two together, two such knowledgeable expats both willing to share what you know and discuss your differences in a thoughtful way! The first 25 minutes was largely irrelevant to me (not American) but the last point Paul made, starting at 26:14, so important. It was worth watching the rest just to hear that!

[@KutWrite]

I had fun watching the people behind you wile you were talking!

[@robertnorman8106]

Great discussion. Enjoyed and appreciated it.

[@JM-vx9fu]

On social security, I think it is much better to keep it in America and transfer what you need every six months or have a Schwab account and withdraw the funds you need from their ATM as they refund the fees. Keep about Peso 500,000 in a Philippine account which is the maximum amount insured in case things go wrong and replenish it when it gets low. Also do not keep all your social security payments in one account in the US as banks can go bankrupt here too and it did happen to me during the financial crisis in 2008. On medicare Part B, I am for paying it just as an insurance as it is likely that healthcare needs increase as a person ages. It is also important to travel to the US at lease once a year and do a full physical as it may increase your chances of catching issues early or take care of things that can't be handled in the Philippines. It is not a bad idea to also buy insurance from Philhealth or set some money aside for minor medical needs and use it when things come up. IN sum, having more options whether to get your money from or for healthcare is better than cutting your options and assume higher risk.

[@johnrisher3007]

I don't trust swab

[@garyhamilton9186]

Another great video Paul. I enjoy Mike's videos and even if I move to the Philippines, I will keep part B.

[@CaptainJackSparrow110]

I tell old people that they need to treat their retirement and later stages of life like they did their young life. You spend your youth getting educated and learning how to work. Then you concentrate on building a career and retirement fund. When you get old you need to spend all your efforts setting up how to live and anticipating all the pitfalls of failing health and mind. Old people don't seem to think they are on the decline. They don't plan on who will take care of their finances and be trustworthy enough to keep them safe from scammers. They think they can drive a motor vehicle even when they shouldn't. Homelessness in the over 50 crowd in the USA is the fastest growing demographic of homeless.

[@sumakwell]

Thank you for this useful information

[@markj6565]

When i first moved here a year and a half ago, it took me awhile to decide on what to do about part B. I opted to cancel it and take the $200 per month and use that for my Pacific Cross Insurance here in the Philippines. The plan i have will also cover me for getting any medical care in Thailand which would be my first choice. As for collecting my SS, it goes directly into my US bank and i then transfer money to my bank here as needed. It is a simple process and i feel safer with it in a US bank.

[@ParisianThinker]

I didnt' know Pacific Cross Insurance in the Philippines would cover you in Thailand. That's very good news.

[@thenarrowpathoftruth9443]

Paul, I appreciate your providing this interesting information. I enjoyed the interchange and respect both views. I come down on your side. $174 per month is a lot of money on a budget but uncovered cancer bills are devastating. However, on the USA vs foreign check destination - I’m coming to the point where I don’t trust the feds or the US bankers at all. I might consider taking a reasonable risk with the payment being received overseas, depending on the country.

[@ryanw0345]

Paul - are you going to do any kind of update vlog on Juells family ( how they doing )?

[@pamorris7011]

Good job guys. Thanks for your time.

[@randyr365]

It's been a while, good morning Gents. It really boils down to personal needs & wants...hope you guys are enjoying life...

[@mikesphilippineretirement]

Just enjoying my retirement here Randy

[@cmbinner]

Paul, keep the great info and interviews.

[@saulgoodman7221]

Hey guys. Thanks for your opinions. Can’t have enough information.

[@paulinthephilippinesolddog9234]

Our pleasure!

[@user-po3mh4dy9r]

I think I love the discussion, thank you

[@OneMansParadise]

HAHA! Love the friendly argument idea between a couple great KZbinrs!

[@mikesphilippineretirement]

glad you enjoy the video

[@LesserMe]

Wow, these are great discussions, and I personally believe it is a matter of your preference. I personally plan on keeping my Medicare minus the part D. All of my meds come through the VA, the greatest of service but consistency is key. But to antagonize the argument, I maintain a residence in the US while traveling. There are definitely some stressful moments, but I rather have and need than need and not have. As far as Social Security, same, a matter of preference. I personally setup allotments, and auto transfers to avoid that particular problem. I am a retired veteran, while I have family, they are not positively involved. I have traveled back and forth between the US, Europe, and the Asia for the last 10 years or so. Been more active the last 4.

[@mick-berry5331]

Great video from two of my favorite youtubers 😊. As a non-American, I cannot chime in with an opinion.

[@ParkerBG]

Where are you from, sir?

[@mick-berry5331]

@@ParkerBG I am from Austria.

[@ParkerBG]

@@mick-berry5331 Nice. I’m from the USA. Just out of curiosity, why do you watch videos about the Philippines? Are you living in the Philippines or thinking about doing so?

[@mick-berry5331]

@@ParkerBG I visited the Philippines six months ago and spent a few day in Dumaguete. I didn't see Paul though. - No intention to live there at the moment. I liked the people but have no reason to go live there. I'll go to Cambodia for a month or two in fall. If I were to move abroad, I'd keep my Austrian national health insurance. There is no limit, it covers all treatments I might need, including cancer treatment or open heart surgery. When in hospital, they have you pay 10 Euros per day for food, that's it. No payment and no bill except that. When I'm abroad outside the EU, I have to pay anything I need and they reimburse me up to the amount treatment would cost in Austria. Within the EU, I just show my insurance card at hospital or doctor, and they get paid directly.

[@mikesphilippineretirement]

@mick-berry5331 thank you so much for watching

[@garyburgmylifeandtimes6354]

Great discussion with differing opinions on interesting topics. It all boils down to what best works for the individual and what they feel the most comfortable with. No one solutions fits everyone on these topics. Assess your situation, gather as much information on the topic as possible then make the decision that is right FOR YOU.

[@maggiemay97]

The people you’re referring to who paid nothing for all these treatments in the United States because they had Medicare must have also had a supplemental policy. Because there are lots of deductibles, etc., that you have to pay with Medicare that the supplemental policy takes care of example I had knee replacement surgery a couple years ago and I didn’t pay Penny, but I would have had to pay a lot of stuff if I did not have a Supplemental policy. Unfortunately, the supplemental policies are getting ridiculous. They’re going up more each of year. It’s crazy. I am 72 my supplemental policy price changes every year and my birthday month and as of August 1 I will be paying $330 a month for it so you have to take that account also. This year I have only been paying $279! The amount it increases keeps going up every year.

[@richardguthrie6765]

My Medicare part B was 266 going up to 300. I called and changed mine to part G it dropped to $146. But I will pay the first $240 each year iI g o to the doctor or hospital

[@maggiemay97]

@@richardguthrie6765 I have Plan G Supplemental. I’ve had it since 2016. The premium has gone up every year but last year and this year it really jumped up a crazy amount. So at this point this year I am paying per month $175 out of my SS check, $330 for my plan G Supplemental policy, $33 for my Part D drug plan and $20 towards my $240 annual deductible that we pay once a year. That totals $558 per month ($6,696 per year!!!) We won’t know for another couple of months how much they’re going to take out of our check each month for part B, how much the annual deductible will be, and how much the drug plan that we choose in the open enrollment period is going to be. All I can say is that I just sold my house because I just couldn’t keep up with it anymore, mowing the grass and keeping the yard and whatever because I’ve had surgeries on my leg and I’m getting older and I just thought it was time to get rid of the house. So I’m living in a beautiful apartment in Arkansas, which is relatively cheap for a two bedroom/one bath apartment which means I have a bit of a cushion in my bank account from the profit I made on my house and I’m not real worried about this Medicare cost right now, but who knows how long I’m going to live? I’m not really worried about me, but what is going to happen to people who don’t have a house to sell to give them a cushion in the bank? They won’t be able to eat after they pay all their health insurance cost. Now on the bright side because I have Medicare plus the supplemental I had two major major knee surgeries last year and six months of intensive physical therapy to recuperate from them and I didn’t pay a penny except my $240 annual deductible for that year. I haven’t even gone into the Medicare site to see how much that all cost. I don’t even really want to know. I’m just so glad I didn’t pay it! I would probably be bankrupt right now.

[@L4P-Monk]

Paid nothing under Medicare... yeah right. Medicare is definitely not a free get out of jail card. And the government can, will, and has changed the benefits. And wait until the fund runs out. My goodness.

[@phmiii]

Thank you, an excellent Interview and perspective.

[@randycantu1]

Medicare insurance broker here! Keep your Medicare intact because in the event of a serious emergency, you're going to want Medicare in place. As we age, your needs will get greater. Medicare open enrollment is now Jan. 1-Mar. 31 and will now be effective the following month. I also own an immigration business...ask away!

[@keith9454]

Should i get part D???

[@randycantu1]

In my opinion, no. The penalty is nowhere near as high. If you ever need a Part D, it's easy to jump into.

[@zevlove612]

The system is just complicated for no reason… in a country as wealthy as ours all seniors should have access to healthcare simply produce ID… all this enrolment part A B C D why? As usual we always over complicate things. Elsewhere in the developed world they have none of that red tape you just go and get treatment you need at public hospital

[@shelbyeddington5719]

I AM 55 ON SSDI, I CANCLED MY PART B OVER A YEAR AGO, WAS TOLD I CAN START IT BACK AT AGE 62 WITHOUT PENALTY

[@robertbodnaruk6710]

So by keeping Medicare,it is still necessary to carry a supplemental plan to cover the 20% that Medicare does not cover

[@perryhenrickson7750]

Great information Paul!! Thanks.

[@fisherlord2438]

I agree with Old Dog. Too many unknowns that could cause severe grief!

[@MrBummpr]

My two favorite counselors!!! I have so much in common with you guys. But I agree 100% with Paul. I keep my Social Security deposits in my US bank account and then use Wise to transfer pesos to my Philippine account. I keep my Medicare and Supplement active JUST IN CASE I have a serious condition that needs attention. Please do more videos together.

[@barryalderson3081]

You are both my favorite KZbinrs regarding the PI experiences. I value both of your opinions. Please keep up the excellent work, both of you.

[@mikesphilippineretirement]

Thank you Barry

[@UnatkaTasen]

I just fiund you youtube channel. I am really thankful for all the information. Im planning to retire there next year, and these subjects have crossed my mind. I definitely will keep my money here in the U.S. And keep my medicaire 👍🏼 Thanks for the food for thought. You guys are awesome.

[@herbwitt7710]

Hi Paul amd Mike. My two favorite vloggers ❤ Thanks for all the great information and different ideas you are sharing with us.😊

[@monstadable]

I always recommend a few million pesos in reserve or the equivalent in insurance for events that prevent you from travelling such as heart attack, stroke or a serious accident.

[@carefulconsumer8682]

Great discussion. Have more on other topics. Thanks.

[@mikesphilippineretirement]

Great Idea

[@stan1027]

Thanks Paul and Mike! great video!

[@mikesphilippineretirement]

You're Welcome Stan

[@sstritmatter2158]

Nice video - great you guys teamed up. Funny I found both your videos around the same time here and then I see you guys team up. This was a great video and shows the options people have and why. As for Medicare, like any insurance we don’t know the future. You don’t take Part B when you are eligible you get a 10% penalty a year on premiums. 10 years you would pay double. We usually get sick for a while before we die and will need Medicare. Most charges at a hospital actually fall under Part B. I am talking about this because I used to sell Medicare Supplemental insurance. So, yeah if you go back to the US after 10 years or more of not paying Part B it would be high and not even sure if you could get a Supplement to pay the 20% Part B doesn’t pay. Don’t forget Part D (prescriptions) also have penalties if you don’t get that, too. If you KNOW absolutely you won’t go back to the US I would say don’t buy it. If you may go back, I am inclined to say buy it. It is insurance after all - we don’t know the future. Also I agree don’t put eggs all in one basket having everything going into a foreign bank. US has better bank protections as an addition. Just transfer enough for 2-3 months, is it so hard? That’s me - thanks for the video.

[@dr.michaellittle5611]

Mike’s decision for canceling part B is clownish. It’s only a 4h flight to Guam, where you can use medicare, if you become seriously ill. Also, PhilHealth has a very limited cap and is not sufficient for covering a severe illness, particularly if you end up at a private hospital, where certain clinical expertise is both needed and resident.

[@burtonknows9201]

Good discussion, gentlemen.

[@tobiasmichaels1050]

keep ur cash in usa banks, and keep medicare too, its such a small amount and worth it in case u return to the states

[@stevenhull5025]

With the US having close to 35 TRILLION of debt paying ONE TRILLION a year in interest I am having bad vibes with the US banking system. It is unsustainable and it is just a matter of time when the pack of cards will fall. In the near future, social security, medicare and a host of others will become virtually impossible to fund.

[@tobiasmichaels1050]

@@stevenhull5025 if thats the case then all americans should stay in the country. the banks may have some problems in the future but there will always be some kind of back up system. social security will always be there , some way some how just in a different form.

[@jeffs.7412]

There's always some problems no matter what you choose, just do what makes you feel safer and comfortable..just do your research before you make the move.. Great video Paul and Mike.. My fiance is being interviewed on the 31st, if all goes well she will be here soon if not maybe I will see the Philippines soon 😊take care and thanks again.

[@mikesphilippineretirement]

@jeffs good luck with the interview

[@pie9]

Paul: Thank you for another excellent video. Kudos to you for allowing counter points to be discussed.

[@paulinthephilippinesolddog9234]

Glad you enjoyed it

[@ld7631]

@@paulinthephilippinesolddog9234 Always appreciate a different point of view.. But I agree with you Paul. Keep Medicare part B, and my Social security in a stateside Bank. Since Mike has another retirement that he can access, he can afford to be more hasty with his SS. He has some fall back money to rely on. As they say “we agree to disagree." Keep up the good work Paul...A loyal subscriber

[@haroldholton1246]

Paul, be nice to Mike!.😊

[@ericg9092]

Yikes, these are serious issues to consider, for sure. I’ll add my two cents, though it’s probably worth less than that as I have yet to retire and don’t necessarily know what the heck I’m talking about. As someone who works in the health system in the US, however, I’m never giving up my Medicare. It’s a blessing if you’re sick and have it over any other type of insurance I’ve seen. If you’re sick and can’t get an appointment with your Primary doc or a specialist, simply show up at a major medical center ER and poof, you’ll have whatever specialist you need as an immediate consult. You won’t have the benefit of pre-selecting them, but if you choose your hospital wisely you’ll be good. As far as depositing my Social Security in a foreign acct? I don’t think so, especially when you throw in the proof of life requirement. As far as I’m concerned I want the government believing I still reside in the US and simply travel frequently.

[@keith-kb1zl]

agree hundred percent.. having my house in the states ensures I won’t have the hassle of proof of life to deal with here. got my 13A visa and spend my time about equally between states and Philippines. canceling part B , or not having enough money to buy a plane ticket back to the states for a medical emergency is playing Russian Roulette, if you worked your whole life and were that financially irresponsible that you couldn’t have set aside at least 200,000 dollars in savings at least then living overseas is foolish. a lot of these guys end up on the streets with no assistance from the Philippines government,and no family back in their home country will help them..

[@A-RHINO-IN-THE-PHILIPPINES]

Great POINT TO POINT.

[@ellashelton5009]

I cancelled my part B of Medicare, because it's not accepted here. Secondly, If I'm that I'll, that I need to Travel back to the US, and leave my family indefinitely, and possibly still dying, but alone, I choose dying here at home in my bed with my wife, and kids. As far as SS payments, I receive mine direct deposit here, because I'd need to go to the US to open a Bank account, and then have it transferred. But, also as far as the proof of life letter annually, if it doesn't go through, you send it to the embassy and it's reinstated within a week. If you're that desperate to have it at the 3rd, or 4th of every month, then you probably shouldn't be in a foreign country. And, the banks which are capable of receiving your SS here, are Major Banks, which are Federally guaranteed to ₱500k. So, you should be safe. Just saying

[@garcia4328]

Good point about dying with family around rather than dying alone in a hospice.

[@colinnewton7020]

If you are living in the Philippines it is not clear that US banks will open an account for you. hen I asked my bank they said I would have to close the account within 6 months.

[@ellashelton5009]

@@colinnewton7020 well, you'll need a permanent address in the US. That's one thing, plus the fees to use a US Bank Card, or to transfer the money to the Philippines is more than just having the money direct deposit in a Bank here in the Philippines. To me, it's just easier to receive it here in a Philippines Bank. No hassles really. Plus, if you ever had to directly deal with the US Bank in person, you just blew at least a couple grand on a round-trip ticket, or more depending where your residence is in the States just to do that, plus living expenses while travelling. And, if you're not a permanent resident here, you'll start all over with the tourist Visa, and 3 years of monthly, and bi-monthly BI visits. Just saying...

[@colinnewton7020]

@@ellashelton5009 Thanks for your reply. I have some friends here but no relatives so having a permanent address here is not really possible. The main worry is the yearly letter from SS to confirm you are still alive. But apparently you can access that online. I guess I need to get that right. As a married man is there a visa I can get ahead of time that would not require me to visit the immigration office every month? Does the US have an office in Cebu?

[@Can_not_retire_yet]

You two are two of the three expats I like watching in the Philippines

[@jameswilson1522]

Thank you ⭐️⭐️⭐️⭐️⭐️

[@mikesphilippineretirement]

you're welcome James

[@stevencasley499]

Thank you for the information gentlemen

[@Matthew-gz4oh]

Keep relationships with family and friends in your home country and carry your butt back to see them once a year while your seeing your doctor. Use one of them for your address and keep your medicare, and add a advantage plan that is like mine and reimburses $125 a month. In general most men's health gets worst in the Philippines from diet, boredom, and lack of exercise. Your going to need new hips, knees or other things. You don't want to treat cancer or a major health problem in the Philippines.

[@kevink1214]

I understand your point completely, but as Mike said, he needs the money now, Sounds like some can not really afford the Part B, or need it since they are here, and a supplemental plan to cover other medical expenses are getting costly.

[@Matthew-gz4oh]

@@kevink1214 I agree, but if you factor in the cost of going to Cebu or Manila once a year and get an Executive Physical which is the minimal any guy should do living there its over $1,000 easily for a good one from what I have seen. I could be wrong for sure, and you can get a cheap one in Dumaguete. Try getting a knee repalcement in the Philippines which is quite common if we don't keep our weight off. Paul looks great, but in all my time there most expats look out of shape. Olive oil is high there and most Pinays are not using it. The diet there can be tragic on our health if we are not careful.

[@tedm4932]

If you're over 60 , you don't need to be living permanent there in phils ! Kudos to all the ones over there dealing with that life and hassles. I couldn't do it , got it made in the USA ! MAGA 2024

[@keith-kb1zl]

sad to have worked your whole life and have to give up your Part B and can’t afford a plane ticket back to the states for emergency medical care..it’s playing Russian Roulette with your health..

[@tedm4932]

I watched so many many videos and most retires say if you in late 60's it's not worth living there permanent. Health care is key when you get older and that is not to place to be at all ! This is what most videos I have watched are saying. Better think you're not young anymore !!

[@eduardohermoso150]

Quite an eye opener!! Thank you gentlemen for sharing this. Many Pilipinos think that retired foreigners in the country are living in paradise. They are unaware that just like any one who has retired, there are indeed a lot of problems that have to be addressed. I hope that you gentlemen are able to continue with a fruitful and healthy life. May God bless you all!

[@joeblow3939]

❤ Charles Schwab accounts have free ATM fees. You get charged at the time of transaction, then at the end of the month are reimbursed.

[@billlycans433]

So does Fidelity

[@willH88888]

So does Capital One (both debit card and credit card). It does not assess foreign transaction fees (normally 3% in other banks). If you can find free ATM locally, it is even better. I also heard Schwab Bank can even reimburse your local ATM fee?!)