01The Pensionado visa, on one page
Panama runs one of the world’s best-known retirement programs. The core requirement: a lifetime pension of at least US$1,000 per month (plus US$250 per dependent; the threshold drops to US$750 if you buy local property worth US$100,000 or more). In exchange: residency, legal stability, a dollarized economy, and one of the largest expat-retiree communities anywhere — from Panama City to Boquete and Coronado.
What the visa does not include
The visa lets you establish your residency legally; health, home and auto insurance are an additional step. Organizing this ahead of time helps ensure a smooth transition into your new life in Panama.
02The famous retiree discounts
Resident retirees and pensioners enjoy statutory discounts (the well-known Law 6 of 1987): on medical consultations, out-of-pocket hospital services, medicines, airfare, hotels, restaurants and entertainment, among others. They’re a genuine perk of retiring here:
- Discounts and coverage complement each other. Discounts are a great help with everyday, out-of-pocket medical expenses, while a health policy backs you up for major treatments and the unexpected.
- Every category has its conditions. Percentages and applications vary by service and establishment. They are an excellent complement to your day-to-day life in the country.
03Health and private coverage
It is surprisingly affordable and accessible to get an excellent plan in Panama with access to the country’s best hospitals. Essentially, you will be choosing between local plans with coverage inside the country and international plans. In Panama, private health insurance is medically underwritten at entry:
- Before 60–65: you have the full market in your favor and excellent terms. Once inside a plan, you generally stay covered at renewal.
- After 65: your options narrow somewhat, but brokers can still quote policies and there are options available to get you covered in many cases.
- Pre-existing conditions: depending on the insurer, they may be covered after waiting periods, carry surcharges, or be assessed case by case. Comparing the whole market helps you find the most convenient option.
- Your current coverage: most people moving to Panama choose private insurance for direct, immediate access to first-rate hospitals like Pacífica Salud, The Panama Clinic, Paitilla or Nacional. Keep in mind that US Medicare does not cover care outside the United States, and many national systems exclude long-term residence abroad.
The best strategy is to get in touch with a broker and learn your options before you move, making sure everything is ready for your arrival. The full local-vs-international breakdown is in our Moving to Panama guide.
04Home, car and the rest of your plan
Your house or apartment
Even if you are renting, it is wise to insure your belongings (contents). If you bought property, you will want fire coverage; with a mortgage, the bank will require a policy — and there are often real advantages to handing the bank your own private policy instead of simply taking the one they offer. Home in detail →
Your car
Auto insurance is essential and third-party coverage is required by law — if you buy a vehicle, dealers often will not even let you drive it off the lot without valid insurance. Comprehensive coverage is always our recommendation. Bookmark our guide to what to do after an accident. Auto in detail →
Travel & life
Travel insurance covers the gap before your local health policy activates, and life insurance follows a similar logic: knowing your options ahead of time lets you structure everything at the right moment. Travel in detail → Life in detail →
05Your action plan
Get in touch with a broker and tell them a bit about yourself, so they can walk you through the options available to you.
Organize auto and home insurance the same week you sign the purchase or lease.
Your broker reviews the market and your history to make sure you always have the best coverage and service.
06Frequently asked questions
Can I get health insurance at 70?
Yes — options exist, and it is worth talking to a broker about them. Some insurers accept applicants over 70, and there are also international products available. Talking to a broker and sharing your specific case will get you a quick, simple answer.
Do the retiree discounts apply to insurance premiums?
The statutory discounts apply to services (consultations, out-of-pocket hospital bills, medicines, travel). Premiums follow each insurer’s tariff for your age and risk. Think of it this way: discounts make daily life cheaper; the policy prevents the catastrophe.
Does Medicare cover me in Panama?
No — US Medicare does not cover care outside the United States, and most national health systems don’t travel with you as a permanent resident abroad. Coverage for living in Panama gets built here.
Does the Pensionado visa require insurance?
You do not need insurance to process your visa, but you should talk to a broker about your options to understand what is available in the country, even though it is not a requirement.