# Social Security



## ldwand (Nov 9, 2014)

Hi, Need some advice, I will apply for my SS benefits in a year and I do not want to enroll in Medicare as I will have health ins. here. As I understand I can opt out of those charges. Now, my question, do I need a US Dollar account here in the Phils or can I still have the monies deposited in my US bank account? I read somewhere that if you have the money deposited in the US, medicare must be deducted.
I am not a veteran, so I hope this can help in your replies. 
Thank You


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## Asian Spirit (Mar 1, 2010)

ldwand said:


> Hi, Need some advice, I will apply for my SS benefits in a year and I do not want to enroll in Medicare as I will have health ins. here. As I understand I can opt out of those charges. Now, my question, do I need a US Dollar account here in the Phils or can I still have the monies deposited in my US bank account? I read somewhere that if you have the money deposited in the US, medicare must be deducted.
> I am not a veteran, so I hope this can help in your replies.
> Thank You


Hi Idwand,

That is my understanding too, that to avoid or opt out of Medicare your US dollar social security account must be out of the US.
Are you or will you be 65yrs old now or when you file for your benefits? 

My moderators "magic wand" shows that you are here in the Philippines at this time. Take the time while here and go visit the Social Security office at the embassy. They deal with this stuff everyday and can better help and answer your questions than a social security in the states.

Here's a link to the Federal Benefits Page of the embassy site. If you don't visit them then at least give them a call or an email. I have found them to be most helpful with my own Social Security needs and questions.


Regards

Jet Lag


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## M.C.A. (Feb 24, 2013)

I have a Philippine bank account and eventually I'm going to change it to a direct deposit account instead of writing checks every month, I live a long ways away and it's a pain depositing the check at the first of the month and then waiting 30 days for it to clear. 

If there's a problem or loss of the ATM or Credit Card then your left writing checks to a money changer so not a bad idea having a bank here as a back up especially after storms when these ATM machines and power lines are down for weeks and sometimes months.


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## Scott E (Jun 1, 2015)

You can have your address listed in your bank and SS account as your Philippines address ,, That should take care of it !! :yo:


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## SierraMadreMe (Mar 26, 2015)

Be aware that,if you have a joint account with the wife (or whatever)many banks here in the PI will not allow direct deposit of your SS.My bank (Banco De Oro) flatly refused.Evidently,the banks are left on the hook if there is any fraud involved with your SS (in case you passed away and they continued to receive your SS or whatever) and Filipino banks don't want any responsibility in that event (or any other for that matter).So,you either open an account in your name only,or deposit to you account in the US and then wait for the bank to have used your money for 21 days before letting you have it.

Also,whenever possible,have a dollar account.If you don't,the bank makes a tidy sum when converting your deposits to pesos.


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## M.C.A. (Feb 24, 2013)

*Direct Deposit Dollar account*



SierraMadreMe said:


> Be aware that,if you have a joint account with the wife (or whatever)many banks here in the PI will not allow direct deposit of your SS.My bank (Banco De Oro) flatly refused.Evidently,the banks are left on the hook if there is any fraud involved with your SS (in case you passed away and they continued to receive your SS or whatever) and Filipino banks don't want any responsibility in that event (or any other for that matter).So,you either open an account in your name only,or deposit to you account in the US and then wait for the bank to have used your money for 21 days before letting you have it.
> 
> Also,whenever possible,have a dollar account.If you don't,the bank makes a tidy sum when converting your deposits to pesos.


Good point SierraMadreMe, I bank with PNB and they told me that if I wanted a pension account with a direct deposit (no need to write checks) that it could only be in my name, the fee back then was $5 per month. To deposit a US check the PNB charges 100 peso's but the wait is 30 days plus holidays, I've had to wait 45 days at times, when this happens I withdraw the deposit of $500 but I'm charged $10 if I do this.


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## Cebu Citizen (Dec 13, 2013)

*Opt out*



ldwand said:


> Hi, Need some advice, I will apply for my SS benefits in a year and I do not want to enroll in Medicare as I will have health ins. here. As I understand I can opt out of those charges. Now, my question, do I need a US Dollar account here in the Phils or can I still have the monies deposited in my US bank account? I read somewhere that if you have the money deposited in the US, medicare must be deducted.
> I am not a veteran, so I hope this can help in your replies.
> Thank You


I just recently had this exact issue and was notified by the SS Administration that a certain amount would be deducted from my monthly amount...so I opened up a US Dollar account here and the SS Office at the US Embassy opted me out of the Medicare system and NO amount is being deducted from my monthly check.

It was actually pretty easy and the SS Staff took care of everything for me and it all came about as they said it would...


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## Cebu Citizen (Dec 13, 2013)

SierraMadreMe said:


> Be aware that,if you have a joint account with the wife (or whatever)many banks here in the PI will not allow direct deposit of your SS.My bank (Banco De Oro) flatly refused.Evidently,the banks are left on the hook if there is any fraud involved with your SS (in case you passed away and they continued to receive your SS or whatever) and Filipino banks don't want any responsibility in that event (or any other for that matter).So,you either open an account in your name only,or deposit to you account in the US and then wait for the bank to have used your money for 21 days before letting you have it.
> 
> Also,whenever possible,have a dollar account.If you don't,the bank makes a tidy sum when converting your deposits to pesos.



This is true but actually it is NOT the banks here in the Philippines...it is the Social Security system...the Social Security Administration *WILL NOT* allow you to direct deposit your monthly check into any account that is jointly owned outside the US. It cannot be a checking account and it cannot have an ATM Card attached to it.

US Dollar Direct Deposit Savings Account ONLY...

I also have a VA Disability Check and the SS Admin allowed me to use the same account for both direct deposits, (VA and SS).

The US Dollar Direct Deposit Account must be owned by you and you alone AND only you can make withdrawals from the account and you are NOT allowed to make any other deposits into that account...it is only for the direct deposit.

I had a joint account back in the US for my SS check but here in the Philippines the SS Admin wants to make absolutely sure that you and only you are receiving the check.

This keeps anyone from receiving your check in the event you pass away and that can stop a greedy family member from knocking you off to get your monthly check as long as they know you are worth more alive than dead.


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## Ram1957 (Oct 14, 2014)

Cebu Citizen said:


> This is true but actually it is NOT the banks here in the Philippines...it is the Social Security system...the Social Security Administration *WILL NOT* allow you to direct deposit your monthly check into any account that is jointly owned outside the US. It cannot be a checking account and it cannot have an ATM Card attached to it.
> 
> US Dollar Direct Deposit Savings Account ONLY...
> 
> ...


According to a recent audit it was found that there is 6.5m people on social security that are age 112. Seem the fraud is alot bigger in the US that those of us overseas, yet the rules are not the same for us living overseas. And they wonder why the system is going broke .Here’s the New Plan to Crack Down on Social Security Fraud | The Fiscal Times


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## SierraMadreMe (Mar 26, 2015)

Cebu Citizen said:


> This is true but actually it is NOT the banks here in the Philippines...it is the Social Security system...the Social Security Administration *WILL NOT* allow you to direct deposit your monthly check into any account that is jointly owned outside the US. It cannot be a checking account and it cannot have an ATM Card attached to it.
> 
> US Dollar Direct Deposit Savings Account ONLY...
> 
> ...


Very informative post CC.

I did not know that it was the SS system that mandated that,but I can fully understand why they did.

SMM


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## Asian Spirit (Mar 1, 2010)

Cebu Citizen said:


> This is true but actually it is NOT the banks here in the Philippines...it is the Social Security system...the Social Security Administration *WILL NOT* allow you to direct deposit your monthly check into any account that is jointly owned outside the US. It cannot be a checking account and it cannot have an ATM Card attached to it.
> 
> US Dollar Direct Deposit Savings Account ONLY...
> 
> ...


It's actually a minor inconvenience that one gets over in a short time. At least it was so for me.

I simply move most of the social into our joint peso account. That account is an ATM only account and 
two of my daughters (age 12 & 14yrs) are also on that account. It works beautifully as even the kids can do the banking, use ATM's, and or shop in the malls and grocery stores. Especially good if I'm being lazy or if I have meetings I must be in.

I also like having the social security deposited to our Metrobank account as it is here quickly from the States and they NEVER have a service charge for changing dollars to pesos and when the exchange is done, it is at the exact rate posted by Banko Central. Could never ask for anything better and will also allow me to opt out of Medicare when I finally turn 65.
I feel a qualified need to plug Metrobank here. They have been and continue to be the best bank I have ever used ~ and that includes any banks I had in the States.

Another plus that is unrelated to banking is that every year Social Security sends a letter that MUST be returned to the States to keep receiving social. I use a PO box at the VFW and there too, my wife and two daughters are authorized to pick or and or send my/our mail there at the VFW. Smoothe as silk!

Jet Lag


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## Cebu Citizen (Dec 13, 2013)

Jet Lag said:


> It's actually a minor inconvenience that one gets over in a short time. At least it was so for me.
> 
> I simply move most of the social into our joint peso account. That account is an ATM only account and
> two of my daughters (age 12 & 14yrs) are also on that account. It works beautifully as even the kids can do the banking, use ATM's, and or shop in the malls and grocery stores. Especially good if I'm being lazy or if I have meetings I must be in.
> ...



I agree...it is so nice having the money direct deposited into an account here without any extra charges or fees...no transfers, no conversion fees...just my SS Check arriving each month on time without any hassles. Life is good here...


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## DonAndAbby (Jan 7, 2013)

If I need to have my SS deposited in the U.S., can I still opt out of the medicare? I need to start planning ahead even though I will not get SS for 2+ years.

Anyone have any experience with your kids collecting SS? My daughters will also get SS when I start. I heard that the payments have to go to the mother, so I assume that she will also have to set up a dedicated dollar account for those deposits.

I definitely need to chat with the embassy SS folks next time they are in Subic!


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## Scott E (Jun 1, 2015)

I have a USA bank account with my address listed at my home in the province ,, then, while I was still in the States, I opened a remittance account at Metro Bank and linked my USA bank and Metro bank, also while I was there. Transfer takes 5 days, but if I'm in a pinch the Debit card still works in the ATM for $5.00
I take a small hit on the exchange rate when I transfer ,, But I have a US account which makes it easier to transact over there occasionally !! hey ya never know what may come up, even for ordering on line ,, things like that !!


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## Cebu Citizen (Dec 13, 2013)

Ram1957 said:


> According to a recent audit it was found that there is 6.5m people on social security that are age 112. Seem the fraud is alot bigger in the US that those of us overseas, yet the rules are not the same for us living overseas. And they wonder why the system is going broke .Here’s the New Plan to Crack Down on Social Security Fraud | The Fiscal Times



Oh yes...I agree! They make things so difficult at times for those of us living overseas in order to combat fraud in not only the SS system but also other government areas or departments and agencies...yet the vast majority of the fraud issues are back at home in the good ol' USA!

I can fully understand any agency's desire to try to stop fraud but sometimes the people who are actually making the policies, rules and regulations have no clue what is really going on in the real world!

I wonder if Willard Scott knows that there are 6.5 million people age 112? Hahaha...


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## ldwand (Nov 9, 2014)

Hi Jet Lag, thanks for the info. I plan on withdrawing at age 62 or sometime thereafter,in the process of buying a house and would like to open the dollar account where I will live. Not sure when it will all come together hopefully in a year. Need to buy a car, get a drivers license, get married,and my spousal visa. Get tired just thinking about lol.


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## Asian Spirit (Mar 1, 2010)

ldwand said:


> Hi Jet Lag, thanks for the info. I plan on withdrawing at age 62 or sometime thereafter,in the process of buying a house and would like to open the dollar account where I will live. Not sure when it will all come together hopefully in a year. Need to buy a car, get a driver's license, get married,and my spousal visa. Get tired just thinking about lol.


Very welcome indeed. I found moving here that most things take care of themselves over time. Things move slower here so it's not the fast lane on the San Diego freeway.
To apply for Social here, be sure to have a copy of any and all marriages that lasted over 10 years. Less than 10yrs there is no need. Just a phone call to the embassy will get ya started on Social Security with their help opening a bank account. Easy stuff. 

One thing, be very sure of your marriage before buying houses and land as it can only be in the name of your wife = red flag..
Other than taking 10x longer to get things done here than at home it's pretty good. Biggest think for me was learning to slow down with everything.


Jet Lag


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