Panama is a popular choice for those looking for a better quality of life and wishing to live or retire in another country. These individuals often have questions about plans for health insurance in Panama. In this regard, the country has excellent health care compared to other countries, such as the United States, not only because of the high quality hospitals, but also for its affordability.
Panama’s healthcare system can be divided into three groups:
The public hospitals and clinics administered by the Ministry of Health (MINSA)
Social Security Hospitals operated by The Panamanian Social Security Fund (CSS)
The private system with hospitals and clinics, mostly located in larger cities like David and Panama City.
Panama Health Insurance Options
Contracting health insurance in Panama is voluntary. Residents can choose to pay for medical services directly, both in public and private institutions, without the need for a monthly plan or age limitations. Many foreigners, however, prefer the private system for its faster service and transparent costs. For example, typical expenses might include:
A walk-in visit to a general doctor can cost between $30 and $50,
An appointment with a specialist can cost between $75 and $100.
Visiting the dentist can cost $40 to $60.
In addition, many over-the-counter medications are available in pharmacies and supermarkets, making it easier to access basic treatments for a variety of minor conditions.
Some expats also use International health insurance. It provides long-term coverage to people living or working outside of their country of origin, being this a popular option among expats. In many cases, international healthcare plans require you to be under 74 on the day you sign up.
The amount of coverage ranges from 1 to 5 million dollars during the policy lifetime. International health insurance is best suited for frequent travelers and those who wish to have the freedom to receive medical treatment in another country.
Insurance providers usually let you choose from any doctor or hospital in Panama. However, if you are out of Panama, you may need to verify any restrictions.
Expats can also purchase a Panama health insurance plan, which will only cover medical expenses within Panama. Prices start at $30-$40 a month, however, costs vary depending on the treatments and procedures chosen by the beneficiary.
How much does medical insurance cost in Panama?
There are lifetime plans that generally range from $300,000 to $500,000 and can cover emergencies at no additional cost, hospitalization, consultations and specialized exams with low co-payments.
To obtain one of these Panama health insurance plans, some service providers require proof of Panamanian residency. This means providing evidence that the individual is already residing in Panama, either by renting or owning a property.
Something to keep in mind is that most local insurance companies have an age coverage restriction of 65. For that reason, it is recommended to get a domestic insurance plan before that age.
Documentation to Apply for Health Insurance in Panama
Some of the general documentation required to apply for a Panama health insurance plan includes:
- Application form
- Copy of passport, residency card, or eCedula
- Medical history
- Medical exam in Panama by one of their approved network doctors. Men need a recent PSA exam. Women need a recent mammogram. (Almost all policies require this.)
- Proof of residency or that you live in the country for 10 months a year. (Not all companies require this.
Overall, the country has four major hospitals in Panama City affiliated with leading U.S. medical centers: Centro Medico Paitilla, Clinica Hospital San Fernando, Hospital Nacional, Punta Pacifica Hospital. In addition, many Panamanian doctors have received training in the United States, which guarantees high quality care. For this reason, Panama’s health insurance and excellent health care system are considered key factors for those looking to relocate or retire.
If you want recommendations on insurance brokers, send us a note to info@kraemerlaw.com and we will be glad to assist you
