Panama has had health insurance for over a 100 years. More recently, more insurance companies are offering coverage in Panama.
1) International Insurance. International coverage is a good choice, especially if you travel frequently. The right international policy is also a good stop gap to cover the 2 year wait period before a local policy will cover any pre-existing condition. However, more and more expat are choosing International medical insurance over any of the local insurance plans.
2) Domestic Insurance. These are local HMO-style policies that only cover medical care in Panama. Coverage varies widely, but generally it is between US$300,000 and US$500,000. You are limited to a select group of doctors, hospitals and labs. Go outside the group, and you will only be reimbursed for 60%o of what would have been paid to the preferred provider. When selecting one of these policies be sure to review the list above of factors to consider when selecting insurance.
Panama health insurance companies will not issue insurance until you are living in Panama. You’ll need to prove that you are renting in Panama or have bought a house. And they will have have restrictions about how long you can back in your home country to stay insured. So, you cannot buy insurance in Panama at the much lower price then move back to the United States full time.
3) Domestic hospital discount plan. This is not true insurance. It is a discount plan at a specific hospital. These membership plans give participants hefty discounts on procedures performed at that facility only.
I know people who with the preventative discount plan at the Chiriqui hospital who are very happy with it. However, it is not an insurance policy. It can not be used in a hospital in Panama City for instance. The usefulness of some of these plans may have deteriorated in recent years due to changes in coverage.
4) Tricare insurance. This is only available to US retired military. It is actually not insurance, but a military benefit. From what I hear, Tricare coverage in Panama used to fabulous. However, due to various factors including abuse by consumers, it is more costly and limited. At this time, I am not sure what it covers or where it can be used. Those who qualify to use Tricare can find out more by going to visiting the tricare.mil website
You also may be able to use your current (non-Panama) insurance in Panama, but you will have to check your policy. Some cover some costs at out-of-your network rates. I believe this is particularly true if you have Blue Cross or Blue Shield and go to an affiliated hospital or clinic in Panama.
If you don't want the headache of comparing policies, you may want to use an insurance broker or agent. They can help you select the plan that best suits your needs and budget. I have heard positive things from other expats about these 3 insurance brokers. I have not used them myself.
I recommend you also read my observations and tips about health care in Panama.
Given the cost of an accident or major surgery, it is smart to get medical insurance coverage. This is particularly true if you are in your early 70s. It becomes very difficult to get insurance once you are 74 years old. Keep in mind, pre-existing conditions are not covered. So you may want to get insurance now, so those conditions are covered if and when they crop up.
Because health care is so affordable in Panama, some people, especially when they are younger, opt not to get medical insurance. If that describes you, you may want to read the 3 things to consider before you decide not to buy health insurance in Panama.
