The Thai embassy website in Norway is indicating that a self-insurance option is already available there for applicants for the O/A one-year retiree visa. It specifies that over 50 who cannot obtain comprehensive (not just Covid-related) medical cover of at least US$100,000 (three million baht plus) from either a Thai or foreign insurance company can instead place that sum in a foreign bank specifically to cover hospitalization. That sum is on top of the familiar 800,000 Thai bank deposit or regular income requirement.
According to the embassy, the required documents for those unable to find an insurer because of age, infirmity or pre-existing conditions, are “official proof of denial” issued by the rejecting insurance company and proof of the insurance-related deposit. The bank in question must provide confirmation that the deposit can be withdrawn only for medical treatment in Thailand. The bank documentation must then be legalized by a public notary and by the Ministry of Foreign Affairs based in Norway.
Previous Thai government statements have indicated that a self-insurance option for the O/A visa will be introduced internationally in October. The Norway clarification appears to be a trial-run as there is no similar indication in the websites of Thai embassies in UK, US, Holland or Switzerland at the present time. There is no information yet if self-insurance will be acceptable to Thai immigration for annual extensions of stay of O/A.
The Norway announcement does not mention any alternatives to extra cash when submitting proof of self-insurance. It had been suggested earlier that ownership of property, at home or abroad, or investment in the Thai bond market might also be acceptable. But hospitalization usually requires prompt payment, strongly suggesting the need for cash on demand. The information provided so far concerns specifically O/A retirees and not those using other routes such as “O” visas and extensions of stay or the 5-20 years Elite scheme.
Terence Handley, an insurance broker based in Manchester, said “If such a scheme becomes widely available later in the year, it will be particularly useful for elderly retirees who are not currently insured. Insurance companies will often renew policies for ageing members, but are reluctant to offer comprehensive cover to new applicants in their late 70s or older for obvious reasons.” The Tourist Authority of Thailand said that further guidance on self-insurance was expected in coming months.
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