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Moving to Panama can be an exciting adventure, but it requires careful planning, particularly when it comes to healthcare. If you are considering relocating to Panama, it’s essential to think about how you will manage your medical needs.
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 medical emergencies in Panama.
Several hospitals in Panama offer direct billing for Medicare Advantage, meaning they will bill your insurance company directly so you don’t have to prepay and then file a claim.
You can switch to a Medicare Advantage plan before or after moving to Panama.
The Medicare Advantage experts listed below will help you find a plan that fits your needs.
These are the Medicare Advantage Experts we recommend:
Jeff Eicher
Medicare Insurance For American Expats Specialist
Cell/Text/Whatsapp: +1-407- 620-8065 (this is his US number)
email: [email protected]
Website – HealthCoverageOverseas.com
Wes Chapman
Call: 800-984-2102
Email : [email protected]
Website: https://www.fortendehealth.com
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. That was the problem!
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 medical emergencies and then having to file a claim to be 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 discovered several billing companies that are eager to establish operations in Panama. Several Panama hospitals now offer direct billing by working with an international partner to file Medicare Advantage insurance claims.
This is How It Works:
With Medicare Advantage, show your insurance card at the hospital if you have a medical emergency. The hospital contacts the billing company to verify your benefits. Once benefits are verified, the hospital informs the billing company of the cost of your estimated hospital stay and any medical procedure. The billing company issues a GOP (Guarantee of Payment) to the hospital, so you do not have to prepay.
Ideally, you should pre-register with the hospital so your insurance benefits can be verified before any urgent care or medical emergency.
If you have different U.S. insurance or Veteran benefits, you can also pre-register at the hospital so they know what your insurance covers.
The billing companies collaborate with over 4,000 insurance companies that offer coverage abroad.
After you’re treated or discharged, the hospital sends all your bills to the billing company, which then files the claim. The insurance company pays the hospital directly. The hospital pays the billing company.
WHERE? Currently, these hospitals accept Medicare Advantage, U.S. insurance with overseas coverage, and Veteran insurance:
In David:
Hospital Chiriqui
Hospital Mae Lewis
In Panama City:
The Panama Clinic
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 spent five years finding a solution because Panama desperately needed it.
Why Medicare Advantage
Switching to a Medicare Advantage plan can be particularly beneficial for US expats. These plans cover emergency care in some hospitals in Panama 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 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 strict preexisting-condition rules, which can lead to coverage denials or much higher premiums. With Medicare Advantage, you can rest assured that your medical history won’t prevent you from getting care.
Avoid Potential Denials from Other Insurance
If you rely solely on Panama or other international insurance plans, you risk being 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 healthcare support you need.
Medicare Advantage does not require a physical examination, EKG, or laboratory work. Maintaining Medicare Advantage coverage provides a reliable safety net.
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 can pay out of pocket without financial strain. I pay $15 to see a doctor in Panama.
Modest Cost Increases
While international insurance costs can rise substantially each year, Medicare Advantage typically sees only modest increases. This stability can make a big difference in your overall budget and give you peace of mind, knowing your healthcare costs will remain manageable.
For example, I previously had international health insurance for $2,500 per year, but when I turned 65, the price increased to $4,500 per year, with a 10% annual increase thereafter.
Now, I rely on my Medicare Advantage plan in an emergency. My Medicare Advantage cost is only $125 per month, and Social Security automatically deducts it from my benefits. (The agent I worked with got me into a “giveback” plan that reduces my monthly cost.)
Access to Prescription Medications
Keeping Medicare Advantage also lets you benefit from cost coverage for medications prescribed by U.S. doctors. You can have these medications mailed to Panama using a mail forwarding service, which is often more cost-effective than purchasing them locally. This matters because some medicines may not be available in Panama or may cost more there. Panamanian and international insurance typically do not cover prescription medications. However, if you have a Pensionado visa, you can get a 20% discount on medicines in Panama.
Flexibility for Medical Care in the U.S.
Keeping your Medicare Advantage coverage lets you return to the U.S. for medical care or surgery if needed. This can be especially comforting if you want to stay close to family during major medical procedures or treatments.
Medicare Advantage Travels With You
Like international health insurance, Medicare Advantage covers you worldwide! One significant benefit of Medicare Advantage plans is their portability. If you move to a different country or are on vacation, your Medicare Advantage plan goes with you. This means you keep access to the same level of care and coverage, no matter where you settle. This portability provides security and continuity in your healthcare, which is invaluable when living abroad. With 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 the uncertainty of the future, keeping your Medicare Advantage coverage ensures you won’t face penalties if circumstances change and you return to the States.
You never know what the future holds!
Conclusion
In summary, Medicare Advantage covers medical emergencies in Panama! It provides stable, comprehensive healthcare coverage without pre-existing condition restrictions, protects you from potential denials by other insurance plans, and ensures affordable access to medications and medical care both domestically and abroad.
By keeping your Medicare Advantage, you can enjoy your new life in Panama with confidence that your healthcare needs are covered. And now, you will no longer need to prepay for medical emergencies at certain hospitals in Panama.
Get the Online Panama Relocation Guide to learn more about moving to Panama and choose the right Medicare Advantage plan to cover medical emergencies in Panama. You can also learn about other health insurance options in Panama.
