Health Care for 75 and Over

[JIM RABB]

Are there any insurance options for health care for those of us that are 75 or over?   So far the only thing I have been able to learn is that you are basically out of luck as far as any type of insurance goes.   Other than paying for everything out of pocket are there any other alternatives????

[JESSICA RAMESCH]

Dear Jim,

Yes, it’s true that it becomes more difficult after the age of 74. Here’s a run-down:

If you are under 59, chances are you can get a good local plan for $60 to $100 a month. There are some downsides, though—while the local plans are reasonably priced, they may be difficult to obtain if you have preexisting conditions or are over 65. Maximum coverage tends to be low (reflecting the low cost of health care here) and local companies are generally free to change rates and coverage over time.
If you’re between the ages of 65 and 74, you may need to look at international insurances available in Panama; the most common seems to be Bupa International. (Persons 74 and over might also be able to obtain coverage but acceptance rates are low; each application is evaluated on a case-by-case basis.)
If your application is accepted, there is generally no age limit to renew the international policy, which means you can keep it for life. Depending on the plan you select, you can obtain maximum annual coverage of $1 million to $2.5 million—many local plans do not offer these amounts, topping out at $500,000 or even less. (That said, many find that local coverage amounts are fine considering Panamanian prices.) You can also choose whether to buy universal world coverage, coverage in the U.S. and Latin America, or coverage only in Latin America. Deductibles range from zero to $20,000 per person per year, again, depending on the type of coverage you select.

Another alternative, in Panama, is to become a hospital member. The Chiriqui Hospital in the David/Boquete region offers such a plan and most of hte expats living in that region are members. The plan gives them discounts and thus the plan is similar to an insurance with co-pay. These plans are not regulated by the insurance superintendancy and so are subject to change at any time, more so than real insurance plans. These plans accept members on a case-by-case basis and sometimes are willing to cover even pre-ex conditions after a certain time period.

And yes, there are some expats who live here who simply keep to the locally priced clinics (sometimes paying as little as $2 to $6 for a consult…probably much less than their co-pays were back home) and pay out of pocket, choosing to return to their country of citizenship (and use their Medicare, for example) if major care is needed.

Hope this helps answer your question.

 

[JIM RABB]

Thank you for the information.  This is the first I have heard of becoming a hospital member, so there seems to be some sort of light at the end of the tunnel after all and since we have been considering the Chiriqui area, we will have to check into it when we take our trip there.

[JESSICA RAMESCH]

Yes and make sure to ask the many expats you will meet while you are there about the current costs, they can tell you exactly what the cost and benefits are and hopefully that will help you. Best of luck with your trip and please let us know how it all goes!

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