Emergency fund

[stevewool]

What would many on here class as an emergency fund, the extra monies that you may have to call up on for a emergency like health?

When and if the time comes for many of us to say lets move to the Phils then to me the emergency fund should increase but by what, thousands, tens of thousands, what would you be happy with?

Would paying out for a insurance plan work out cheaper than this?

[Michael Parnham]

When you move to the Philippines Steve, join Philhealth it only costs about p300 per month. That will give you a small discount on hospital bills. Also, I personally would have a financial back up of about p1.5 million if I could afford it, but having said that if you were diagnosed with something really serious it would be cheaper for you to come back to UK for treatment.

I don't know what conditions apply regarding NHS treatment if you have been living abroad longer than two years because when I returned they checked my passport to make sure I could still get free treatment!

[stevewool]

Thanks Michael, all great advice

[Michael Parnham]

thanks Michael, all great advice

You're welcome, my jolly friend!

[stevewool]

and congrats for your silver star too.

[Arthur Little]

and congrats for your silver star too.

Yes, indeed ... congratulations and very well done, Michael ... a commendable achievement!

[Michael Parnham]

Thanks for bringing it to my attention guys, exciting stuff!

[tiger31]

Steve, like Michael said by joining Philhealth that alone will make sure you,re admitted to the hospital if you did,nt have funds on your person, so it gives you a peace of mind that you,re not left to face treatment at a public hospital where you,re more likely to get more than you went in with lol conditions are not nice. Forget insurance, cash is king out here trust me, they expect you to foot the whole bill yourself and YOU have to claim the money back yourself, but at least Philhealth will cover part of your bill. As for emergency funds well, how long is a piece of string? The only thing that you really need to cover is medical. Just make sure you always have enough for a return ticket in case you need to leave in a hurry.

[jake]

Steve,

There are plenty of medical/life insurances available here in the Philippines. The costs per year really depend on your age, existing medical conditions and what type of coverage you want.

A plan that pays in the 3-5 million range costs around 50,000php per year.

One of the plans we have is Caritas health insurance. Might be worth looking at, as I know they insure people that are over 60. Not that you are....yet!

I agree with what Michael says about Philhealth. Without looking I think we pay around 200php a month. They usually pay out around 20% of the bill, however I have heard it can sometimes be less or more.

DO NOT presume you can just fly back to the UK and get treatment if something is seriously wrong. A medical condition may make it impossible for you to fly.

Most expats I know tend to pay for their medical needs out of their pocket, rather than having insurance. T

[Michael Parnham]

Steve,

There are plenty of medical/life insurances available here in the Philippines. The costs per year really depend on your age, existing medical conditions and what type of coverage you want.

A plan that pays in the 3-5 million range costs around 50,000php per year.

One of the plans we have is Caritas health insurance. Might be worth looking at, as I know they insure people that are over 60. Not that you are....yet!

I agree with what Michael says about Philhealth. Without looking I think we pay around 200php a month. They usually pay out around 20% of the bill, however I have heard it can sometimes be less or more.

DO NOT presume you can just fly back to the UK and get treatment if something is seriously wrong. A medical condition may make it impossible for you to fly.

Most expats I know tend to pay for their medical needs out of their pocket, rather than having insurance. T

Nice one Jake!

[stevewool]

Thanks all so far,

I really dont want to fly back to England once we have settled where ever that is, but who knows,

50,000 php is a lot to put aside and you may never ever use it too, but thats life you pay insurance every day here and you hope you may never need it,

Still have a few years to get things sorted and a lot can happen between now and then too, but there is nothing wrong in planning and more planning too,

[Michael Parnham]

Steve, like Michael said by joining Philhealth that alone will make sure your admitted to the hospital if you did,nt have funds on your person, so it gives you a peace of mind that you,re not left to face treatment at a public hospital where your more likely to get more than you went in with lol conditions are not nice. Forget insurance, cash is king out here trust me, they expect you to foot the whole bill yourself and YOU have to claim the money back yourself, but at least Philhealth will cover part of your bill. As for emergency funds well how long is a piece of string? The only thing that you really need to cover is medical. Just make sure you always have enough for a return ticket in case you need to leave in a hurry.

Good advice!

[stevewool]

50,000php is not really a bad figure if you are going to use it, and it will cover all that you require too

[Rosie1958]

Steve,

There are plenty of medical/life insurances available here in the Philippines. The costs per year really depend on your age, existing medical conditions and what type of coverage you want.

A plan that pays in the 3-5 million range costs around 50,000php per year.

One of the plans we have is Caritas health insurance. Might be worth looking at, as I know they insure people that are over 60. Not that you are....yet!

I agree with what Michael says about Philhealth. Without looking I think we pay around 200php a month. They usually pay out around 20% of the bill, however I have heard it can sometimes be less or more.

DO NOT presume you can just fly back to the UK and get treatment if something is seriously wrong. A medical condition may make it impossible for you to fly.

Excellent advice Jake!

If a British person is no longer resident in the UK , they are not entitled to free health care on the NHS. Here's a link to the NHS website about moving abroad:-

http://www.nhs.uk/NHSEngland/Healthc...roduction.aspx

[Rosie1958]

Most expats I know tend to pay for their medical needs out of their pocket, rather than having insurance. T

Please, please, please, do not fall into this trap! Being an expat and a millionaire at the time, my brother thought he was rich enough to pay for his medical costs and didn't have any medical or travel insurance. He suffered serious illness (brain damage) in the Philippines at the age of 48 and was wrong!! He no longer has any money and now lives a very lonely life in a care home in UK.

Anyone with an ounce of sense must make proper health care arrangements and not leave anything to chance

[Slip]

I have no emergency money, what I earn I spend.... Although the past two years I have saved like mad foregoing a lot just to save for my Philippines trip and wedding.

I have two pensions which have been frozen for around 4 years due to me going through my direct debits and monthly outgoings and stopping almost all and where possible paying for stuff in one hit instead of monthly. I saved myself around £300 a month by doing this.

I had every intention of restarting one of my pensions, but never got around to it. Luckily the government have forced my hand and as such my work have started up one where I choose to pay 4% and they match it with 4%.

So 8% of my monthly earnings will now go into a pension. I also ticked the box to let the percentage increase with age, which is 4% at 40 years old, which I am in 7 weeks time anyway. And then 6% at 50 years old until retirement.

So I have hopefully 25 years where I will be paying into my pension so hopefully will give me a bit of cash when I retire, or if the worst happened then 3 people I nominated will get my pension pot.

[bigmac]

50,000php is not really a bad figure if you are going to use it, and it will cover all that you require too

Er--that's about £700-----just how much medical care would one get for that out there--?

I've just paid £50.50p NHS fee for 1 replacement filling.

[Terpe]

Er--that's about £700-----just how much medical care would one get for that out there--?

I've just paid £50.50p NHS fee for 1 replacement filling.

I honestly don't know the answer.....and no offence intended mate, but just out of curiosity I wonder how much something like BUPA would cost you at your age here in UK ??

I suspect it'll be considerably more than £700.

Private healthcare isn't cheap anywhere ..........sadly

[bigmac]

I honestly don't know the answer.....and no offence intended mate, but just out of curiosity I wonder how much something like BUPA would cost you at your age here in UK ??

I suspect it'll be considerably more than £700.

Private healthcare isn't cheap anywhere ..........sadly

if BUPA saw my medical record they would fall over laughing !!

thank ( gawd ) for the NHS.

i think that a damn site more than PHP 50k needs to be salted away by anyone planning a long stay over there.

[gWaPito]

It all sounds a bad idea. The only good idea is having enough loot stashed away for the plane ride back home. A&E will see and treat anybody in need

http://www.dailymail.co.uk/news/arti...h-tourism.html

Yes, you may have to pay but, at least you know you will get the treatment

[jake]

50,000php is not really a bad figure if you are going to use it, and it will cover all that you require too

Even if you to not suffer any medical conditions that year, you can still use the out patient benefits up to a certain amount.
We have a combo plan with Caritas Health Shield which is a good bit cheaper than 50k. Even if we do not suffer any medical problems that year, it still allows us to take a full annual physical examination, preventive health care counseling and up to four visits to the dentist worth 30k that year.

[SimonH]

It all sounds a bad idea. The only good idea is having enough loot stashed away for the plane ride back home. A&E will see and treat anybody in need

When you say enough loot, I presume you mean somewhere in the region of £250,000 just in case you need to charter a private plane with medical equipment and nurses

I wouldn't want anyone on here becoming another statistic of the few that came down with an illness that prevented them from travelling on a commercial airline.

[stevewool]

Well I think I will just think I am fine every day and thinking that way with a cup of tea and a great view, well its got to help in your outlook in life

[tiger31]

Just to add a sidenote Steve, you can have all the money in the world stashed away in case of an emergency, but if you don,t live close to a hospital your money won,t save you. As when they throw you in them Toyota hi-aces they call ambulances and they drive you along the pothole infested roads bumping your body off the bulkhead lol you,ll be lucky to make it alive lol.

[stevewool]

Thats a good point there Brian,

I am thinking of changing the emergency fund to a plaster and a bandage some TCP, a safety pin and some Germolene, that should sort out a lot of problems

[Terpe]

Just to add a sidenote Steve, you can have all the money in the world stashed away in case of an emergency, but if you don,t live close to a hospital your money won,t save you. As when they throw you in them Toyota hi-aces they call ambulances and they drive you along the pothole infested roads bumping your body off the bulkhead lol you,ll be lucky to make it alive lol.

I have personal experience of that with my bro-in-law who lived just 1 hour from the nearest 'hospital' and 3 hours from a major 'quality' hospital.

I won't mention all the problems with the so-called ambulance.

We lost a couple of days trying to sort out the mess and we also lost my dear bro-in-law.

I've always maintained that the best insurance policy, biggest stash of cash or the goldest credit card is of no use at all unless you have the chance to utilise it at the point of healthcare use

If medical care is a worry live close to a quality city hospital. IMO

[stevewool]

sorry for your lose Peter,
Lots of good advice coming from everyone, its all part of the planning we should try to make in our future, its not just a few weeks holiday i am planning,its mine and Ems life,

[tiger31]

well right now both my shoulders are giving so much pain with arthritus it brings tears to my eyes .I have suffered in silence until now but I really need to get home now and try and get them sorted .I already have both hips replaced and it looks like my shoulder joints need replacing ,i,ll be getting called the bionic man soon.

[Terpe]

sorry for your lose Peter,
Lots of good advice coming from everyone, its all part of the planning we should try to make in our future, its not just a few weeks holiday i am planning,its mine and Ems life,

That was 2010 Steve.....but lessons to be learnt.
Personally I'll choose to be living where I feel happiest.......and it won't be city life

Well, not unless it's Yokohama

[stevewool]

you was saying you need to get back here sooner then later, then you desided to build your extension, you have not been doing any hard labour