I need some advice

    Looking into retiring in the Philippines, some time in 2025.  Some personal information

I'll be 72 1/2 years old when I retire at the end of 2024
I will have both SS and retirement savings income
All I would have for medical care is Medicare, which I do not think I can use in the Philippines
I do have a couple of medical issues to deal with, primarily with my vascular system and no currently known cardiac issues. My vascular issues need to be reviewed frequently and I could require surgery to correct in the future.
I'm currently taking 2 prescription meds.

What I am looking for

Safe and secure living, gated community is preferable
Preferably rent, not buy
Not densely populated, but convenient to shopping and delivery services
I'm a sun worshipper.  Love the sea and the beaches
As of now just considering the Metro Manila and Cebu areas.

I think you have already defined your conditions and I do believe there are enough options here for you to meet them reasonably, not knowing your exact income but assuming you will have a regular or savings financed income of $3K per month or so for Manila or Cebu and a gated community rental unit. You cannot buy land in any case. Will you be or remain single here? Not that it makes any difference; you could manage that OK with 3K per month. The amount of your regular income is important unless you have a formula to withdraw from lump sum savings for your anticipated lifetime (like with a 401K). Personally, with a lump sum I would just buy a lifetime annuity but that is just my preference.

   

    -@jeremyshulman

Hi Jeremy, good questions and as danfinn mentioned be well funded as its not as cheap to live here compared to 10 years ago.

Can we ask?. Have you spent time in the Philippines?

I have PhilHealth that helps a little with hospital fees and will get you a bed if needed but I decided to self fund any major problems. You can get private health cover here but expensive and you would need to read the fine print very well to understand the coverage.

Good luck.

Cheers, Steve.

jeremyshulman said . . . .   (1) I'll be 72 1/2 years old when I retire at the end of 2024

(2) All I would have for medical care is Medicare, which I do not think I can use in the Philippines

(3) I do have a couple of medical issues to deal with, primarily with my vascular system and no currently known cardiac issues. My vascular issues need to be reviewed frequently and I could require surgery to correct in the future.

(4) I'm currently taking 2 prescription meds.

(5) What I am looking for

************************

------   Never mind what you are looking for.   ------

(1A) You should have taken your retirement years ago so you would have had more years to enjoy the time.

(2A) Medicare is not covered in the Philippines. Medial treatment either doctor, hospital, diagnostic tests and prescriptions are a pay as you go. So if & when you require that surgery, you're going to pay in advance. Healthcare insurance in the Philippines at your age is a waste of money.

(3A) Your on the downside of health, more than a slippery hill, closer to jumping out of a plane without a parachute.

(4A) At 72 I was prescription free. now I take eight. Sometime the pharmacies are out of stock or the prescription strength may be more or less then prescribed. So advance planning is a must.  Prescription prices are not cheap.

That's very true Bob, most private health care companies start restricting cover from 65 Y/O. While we have PhilHealth I opted out of private cover when we moved here and as you mentioned at 72 it could be a slippery slope. I retired at 59 and in the last 5 years have saved 34/35K au plus interest compared to what we were paying in Australia. At 64 aside from drinking like a fish and smoking like a burning tire my health is generally fine. No strokes or heart attacks (touch wood).

As mentioned to the OP, has he been here and spent time as it's definitely an acquired taste, some love it and some go home especially if not well funded.

When I was working my blood pressure was high and on medication, I worked out it was the stresses with work and managing people, since retiring I ditched my meds as my blood pressure went back to normal. 6 months supply is still sitting on the shelf and I should throw them out as well out of date.

My only meds are fish oil and Glucosamine for my knees.

We should wait for the OP to respond.

Cheers, Steve. 

I am 78, retired here almost 5 years ago. MaxiCare at ~$300/year is a great investment; there are clinics all around the Philippines. You can walk in anytime, unlimited visits for the annual fee. They have basic diagnostics like ultrasound, X-ray, blood tests, heart monitors, etc., but to have medications administered or to see a specialist, you will need to go to a hospital. Hospital clinic rates are reasonable, $10-$25 for a visit. Hospital expenses are considerably less than in the US should you have to have a procedure and/or stay.

MaxiCare offers routine medical stuff, but I go in frequently to complain of aches and pains, and get blood tests, urine analysis, X-rays and ultrasounds that confirm my hypochondria. Much better, faster, and cheaper than the equivalent back in LA.

I kept Medicare Part B and my supplemental health insurance to pay for periodic checkups and in case I need major surgery, which I will get in the US if emergency surgery isn't necessary. I think the insurance has (at least almost) paid for itself, with several NMRs and CT scans, one minor urinary system operation, and a number of doctor visits on trips back in 2020 (just before the pandemic shut down travel) and 2022. I'll go back again before the end of 2024, mostly to get my (18-month-old) hearing aids serviced--don't want to ship the $6K units back and forth)--plus diagnostics to make sure I'm still OK. Oh yes, and it's time for a colonoscopy.

I may need a shoulder replacement one of these days, when the first one wears out; that will make the insurance worth it.

The insurance won't cover my fading cognitive abilities, other than (probably) unnecessary diagnostics, but live-in home help (and/or a caregiver) is inexpensive, competent, and caring here.

Good luck,

George

Thanks for the info, George,

I currently have a vascular issue in my left femoral artery.  I will need to periodically see specialists as well as have ultrasound and possibly CAT scan tests performed to monitor.  I plan to maintain my Medicare premium payments so that if I require major surgery in the future, I will return to the States to have it done.  But this condition could result in my decision to stay put in the States.

I'm single, all my children are adults and capable of supporting themselves, and my income is plenty sufficient to support me in a very comfortable lifestyle in the Philippines.

Great, Jeremy,

MaxiCare may be able to give you regular ultrasounds--you'll have to check if they do femoral arteries. They just added scans to their menu of services. I paid around $300 for a CT scan with contrast here.

I recommend that you maintain additional health insurance to pay what Medicare doesn't. I've had well over $1MM in back and shoulder replacement surgeries (plus a few less major ones); ALL covered completely.

I forgot to mention that I have my US doctor prescribe my three meds and have Blink Health send them to my US shipping company (forexcargo.us), which forwards them to me periodically. I was surprised to find that they cost significantly less through Blink Health than through Medicare Part D (that may not apply to all meds).

Good luck!

George