International Insurance Options For The American Abroad…Top Live And Invest In Panama Resource
July 6 , 2009
"Kathleen, a post or so ago you mentioned that you have health insurance with BUPA with a high-deductible policy for a premium cost of US$100 per month per person in your family. I found that really excellent. So much so that I phoned BUPA and talked to one of their sales representatives. His suggestion to me was that I could pay 3,796 euro (US$5,340) annually for a policy with a deductible of 6,250 euro (US$8,791) annually.
"To make it clear, that means an annual payment of 10,046 euro (US$14,131) before I could claim a nickel. That is even worse than my current health insurance. The only variant I could imagine is age discrepancy; you must be very young, and I must be very, very old! Any clarification?"
-- Tom M., United States
You're right. Age can be the major determining factor for international insurance premium costs. Still, the BUPA rate you quote of nearly 4,000 euro per year for a singled insured seems very high to me. And I wonder why it's quoted in euro? Our policy is based on our being resident in Panama. Like age, this can make a big difference. The fact that your premium quote is in euro leads me to believe that it's based on euro-zone residency.
Also, BUPA offers three levels of coverage (Essential, Secure, and Advantage). Premium costs can differ significantly one level to another. We have Essential coverage, which is the cheapest and, we've determined, adequate for our needs.
"My wife and I want to visit Panama in 2010 in the interest of possibly retiring there in a few years. We presently live in Vancouver, British Columbia. I am a construction worker, and my wife is a Registered Nurse.
"Do you have specific research we can review? I'd like to have as much information as possible in preparation for this endeavor.
"We own a home here in Canada and possibly would rent first in Panama, depending on the circumstances, then buy."
-- Dan F., United States
Best resource you'll find to help you prepare for a move to Panama is our Live & Invest in Panama Home Conference Kit, which includes both the Library of PowerPoint presentations from our Live & Invest in Panama Conference in Panama City in May and the Second Edition of our Live & Invest in Panama Manual. Also included is special Voucher good for US$100 off our next Live & Invest in Panama event (scheduled for February 2010). Go here now for full details.
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