If you are retired, Panama has special privileges for non Panamanian retirees without the need of becoming citizens.
You have asked more than just a valid question.
Other expats who live elsewhere need to come forward and help with this information.
I suggest you go to Google and lookup retirement in Panama or becoming an expat in Panama before retirement. Life is very good here.
I wish I could be more helpful, but you need to use Google and checkout their expat information.
If you decide and can, welcome to Panama.
P.S.
I forgot a very important detail: Panama has great doctors/patient care/ hospitals.
Many doctors are U.S. trained/graduates.
Panama is not a banana republic. It is very progressive.
And yes, you can have your own health insurance.