Why You Should Keep Medicare When You Move To Panama

Moving to Panama can be an exciting adventure but requires careful planning, especially regarding healthcare. If you are considering relocating to Panama, it’s essential to think about how you will manage your medical needs.

Keeping your Medicare coverage when you move overseas offers several significant advantages that can help ensure your health and well-being in your new home.

Even though Medicare does not cover you in Panama, if you have Medicare Part A & B, you can switch to a Medicare Advantage plan that covers urgent care and medical emergencies in Panama.

You could switch to a Medicare Advantage plan before moving to Panama or after moving to Panama.

We work with FOUR Medicare Advantage for expat experts!

To get an expert Medicare Advantage agent recommendation, send an email to [email protected]

Previously, the problem with Medicare Advantage and other US insurance was that you had to prepay and then file a claim. Even though the insurance covers you in Panama, hospitals do not accept it.

Now, You do NOT Have to Prepay!

Since 2020, I have been working on setting it up so you do NOT have to prepay if you have a medical emergency in Panama.

I’ve heard many stories about people paying $20,000 to $40,000 for a medical emergency and then having to file a claim to get reimbursed. When I was in the hospital for nine days with Covid, I had to pay $15,000 upfront and then file a claim. It took nine months and a lot of frustration to get part of my money back.

I HAD to find a better solution for expats in Panama!

So, I traveled all over the world to visit billing companies and try to convince them to come to Panama! Finally, I found a US company enthusiastic about setting up operations in Panama! They have already met with many hospitals in Panama.

This is how it works: If you have a medical emergency and show your insurance card (see list below), the hospital contacts the billing company to verify your benefits. Once benefits are verified, the hospital tells the billing company what your medical procedure will cost. The billing company issues a GOP (Guarantee of Payment) to the hospital so you do not have to prepay.

The hospital will send the billing company all your bills, and the billing company will file the claim. The insurance company pays the hospital directly.

No prepayment is needed at some hospitals in Panama if you have a medical emergency and one of these insurances:

1.United Health Care
2.BCBS (both commercial and Fed)
3.KAISER PERMANENTE
4.CIGNA
5.Tricare and ChampVA
6. Aetna
7. GeHa

If you have a different Medicare Advantage plan, it will not be accepted at the hospitals in Panama. You can either switch to an approved insurance plan or prepay at the hospital and then file your own claim.

WHERE? Currently, Hospital Chiriqui in David, Panama, is set up and ready! Several hospitals in Panama City are being added after they finish their training in early 2025.

NOTE: I make no commission if you use the Medicare Advantage experts we recommend or if you have a medical emergency and use the hospital billing company. And, I don’t make a penny if you use the billing company. I did this because it was desperately needed in Panama.

Why Medicare Advantage

Switching to a Medicare Advantage plan can be particularly beneficial for US expats. These plans cover emergency care in some Panama hospitals without requiring prepayment! This is a crucial benefit, as it ensures you can receive urgent medical attention without the stress of immediate out-of-pocket expenses.

No Age Restrictions

One of the most appealing aspects of Medicare Advantage is that it does not impose age restrictions for coverage. Unlike some international or Panama-specific insurance plans, which may deny coverage based on age, Medicare Advantage continues to provide for your healthcare needs regardless of age after you qualify. This feature is critical as healthcare needs typically increase with age.

No Preexisting Condition Restrictions

Medicare Advantage also stands out because it does not exclude coverage based on preexisting conditions. Many international and Panama insurance plans have stringent rules about preexisting conditions, which can lead to coverage denials or significantly higher premiums. With Medicare Advantage, you can rest assured that your medical history won’t be a barrier to receiving care.

Avoid Potential Denials from Other Insurance

If you rely solely on Panama or other international insurance plans, there is a risk that you might be denied coverage due to age or preexisting conditions. If you’re over 60, Panama and international health insurance will require a complete physical, an EKG, and lab work, which could reveal a condition that will cause the insurance company to deny coverage. This can leave you vulnerable and without the necessary healthcare support.

Medicare Advantage does not require a physical, EKG, or lab work. Maintaining your Medicare Advantage coverage creates a reliable safety net for yourself.

Affordable Routine Care

Medicare Advantage does not cover routine doctor visits in Panama. However, routine doctor visits in Panama are generally inexpensive, and many expats find they can pay out-of-pocket for these services without financial strain. I pay $15 when I need to see a doctor in Panama.

Modest Cost Increases

While the cost of international insurance can increase substantially each year, Medicare Advantage typically has a very modest cost increase. This stability can make a big difference in your overall budget and provide peace of mind, knowing that your healthcare costs will remain manageable.

As an example, I previously had international health insurance for $2500 a year, but when I turned 65, the price went up to $4500 a year with a 10% increase each year after that.

Now, I rely on my Medicare Advantage plan if I have an emergency. My Medicare Advantage cost is only $160 a month, and it is automatically deducted from my Social Security.

Access to Prescription Medications

Keeping Medicare Advantage also allows you to benefit from the cost coverage of medications prescribed by U.S. doctors. You can have these medications mailed to Panama using a mail forwarding service, often at a lower cost than buying them locally. This is particularly important because some medicines may not be available in Panama or they cost more in Panama. Panama insurance and international insurance usually do not cover any prescription medications. However, you can get a 20% discount on medications in Panama if you have a Pensionado visa.

Flexibility for Medical Care in the U.S.

Maintaining your Medicare Advantage coverage allows you to return to the U.S. for medical care or surgeries if needed. This can be exceptionally comforting if you want to be close to family during significant medical procedures or treatments.

Medicare Advantage Travels With You

Like international health insurance, Medicare Advantage covers you anywhere in the world! One of the significant benefits of Medicare Advantage plans is their portability. If you decide to move to a different country or are just on vacation, your Medicare Advantage plan goes with you. This means you retain access to the same level of care and coverage no matter where you decide to settle. This portability provides a sense of security and continuity in your healthcare, which is invaluable when living abroad. When you have Medicare Advantage, you don’t have to shop for other insurance when you move to a different country.

Avoiding Penalties

If you ever decide to move back to the U.S., not maintaining your Medicare Advantage coverage will result in a penalty of 10% per year for each year you were not covered. Given that the future is uncertain keeping your Medicare Advantage coverage ensures you won’t face these penalties if circumstances change and you return to the States.

You never know what the future holds!

Conclusion

In summary, keeping Medicare allows you to switch to Medicare Advantage coverage when you move to Panama! It provides stable and comprehensive healthcare coverage without age or preexisting condition restrictions, protects you from potential denials from other insurance plans, and ensures affordable access to medications and medical care both abroad and in the U.S.

By maintaining your Medicare Advantage, you can enjoy your new life in Panama with the confidence that your healthcare needs are well-covered. And now, you will not need to prepay for medical emergencies at some hospitals in Panama.

Get the Online Panama Relocation Guide to learn more about moving to Panama and ensure you get the right Medicare Advantage plan to cover any medical emergencies in Panama. You can also learn about other health insurance options in Panama.