As with many retirees in the US these days, expenses are catching up and pushing us over the edge, particularly the cost of housing. At the same time, apart from Social Security and pensions, health care is a major issue. In brief, untethering from the US means untethering from the security of Medicare and certain banking and other commercial conveniences. So, while housing costs are comparatively low, which is a benefit, such uncoupling as just described is a risk. In dollars and cents, in my case, Medicare premiums plus supplemental premiums amount to ~ $4300/year. On the other hand, if you throw in an outpatient surgery, a few blood tests and doctor visits, I've seen the actual costs top $20,000 easily in one year. I don't recall what the MRI was, but it was in the thousands, but it was covered by Medicare and the supplement.
So, the question is whether the move, which would require separation from insurance (I'm over 65) would be worth the risk, or whether health care costs in Nicaragua are such that the aforementioned premiums would balance out.
Who has thought this through before making the move?
Otherwise, I'm looking at Granada, in particular, Laguna de Apoyo. Personally, I am supported by SS, of course, but also an Internet-based business, and trust funds.
Thanks for taking the time to reply.
DMH
Risks and benefits of Nicaraguan retirement
The first thing I would say is if you are in bad health, don't move to Nicaragua. If you are expecting the same care and treatment you would receive in the USA it is not going to happen. They do have some good hospitals here and the prices are cheap. For the same $4300 you were talking about in the USA you could probably get a complete overhaul here. There is a National Insurance plan you can sign up for in Nicaragua and several of the hospitals offer insurance plans. The public health system is open to anyone. Some are pretty decent and others could be compared to a slaughter house relative to sanitation. A visit to a local dr. is very cheap. Drugs are cheap but some are hard to find for certain problems. I fortunately have only been to the dr. one time in the 4 1/2 years we have been here. That was for a spider bite that got infected and had to have it dug out. $ 13.00 included 5 injections of antibiotic, digging the dead skin out some type of cream. I still pay the Medicare but this is if I have to go to the USA for something serious. I am thinking of stopping that because the way the health care system in the US is now pay a $93.00 a year fine and still get medical care.
Banking is not a problem. If you are on SS you can go to the US Embassy and get the form to open up a direct deposit account in one of the Nicaragua Banks. We use BAC. Using ATM cards to get money out of US banks could get very expensive if you are living on a fixed income.
If you are 65 or up, you can rent a house for a long time and come out way ahead of what you would spend buying one. Investing in property in Nicaragua where we live may be a good plan if you are 30 years old and can wait on the returns.
Nicaragua has a very low cost of living. The government does not mess with you, most of the people are friendly, I believe they start teaching them how to steal in the first grade, violent crime against tourist or retired residents is very low, you pay no taxes on money from the USA. I have worked and traveled all over the world and have yet to find paradise but Nicaragua is as good a place to live as any.
majicjack, I thank you for taking the time and trouble for the honest recitation. At 71, I have taken advantage of Medicare and have no untreated or debilitating health problems. I've worked out for 40 years, don't smoke or drink, and this may have something to do with it. Of course, this adds up to some pre-existing conditions, but that's par for the course at my age. However, it's hard to believe insurers in Nica will insure anyone my age under those conditions, which will explain my initial post, as I'm more than a little risk-adverse.
Given that, I have lived and worked in Puerto Rico, well before it became the drug capital of the Caribbean. It was semi-idlyllic in the 70s. More recently, I have lived and worked in many places in Mexico, so I'm no stranger to 3rd world settings, corruption and street crime. I speak, read, and write Spanish.
Thanks also for the banking advice. I do operate an Internet-based business and have done so for ten years. It's the part of my income that's not fixed, but, nonetheless, small. Like most businesses of this type, I get paid via PayPal in USD, and I send those payments to my bank. Of course, I pay estimated quarterly taxes on the gross amount.
Anyway, we'll see what happens. I must say the properties I saw in the Laguna de Apoyo area were appealing. Meanwhile, I wish you well.
D
I have heard from several different people that Medicare is usable in some Nicaragua hospitals and clinics...but I can't confirm.
Medicare is not available outside of the USA.
bushamy13 wrote:Medicare is not available outside of the USA.
And becoming less available inside of the USA too!
Everyone must make their own decision regarding the risk of being without Medicare. (and no, it is NOT available to US citizens living overseas.)
We have lived in Nicaragua for almost 6 years and now that my husband is 66 we are moving back to the States for a variety of reasons, one of which is Medicare. The healthcare we have received here in Managua has been excellent and the cost has been significantly less than in the US. However, surgeries and drugs can still seem expensive if you are paying for them yourself. There is a medical discount program here at the Vivian Pellas Metropolitano Hospital in Managua, but I don't believe you are eligible after the age of 70.
If you leave the US and drop your Medicare coverage you should understand what will happen if, someday in the future, you are forced to return to the US for medical care. I have heard that there are penalties to rejoin Medicare, but I do not know if this is true.
nicaspouses wrote:If you leave the US and drop your Medicare coverage you should understand what will happen if, someday in the future, you are forced to return to the US for medical care. I have heard that there are penalties to rejoin Medicare, but I do not know if this is true.
No expert, but do know there are penalties for Part A [hospitalization]:
http://www.medicare.gov/your-medicare-c … nalty.html
Part B [medical services]:
http://www.medicare.gov/your-medicare-c … nalty.html
and Part D [drugs]:
http://www.medicare.gov/part-d/costs/pe … nalty.html
I would look into the Health Club Plan at Hospital Metropolitano in managua.
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