Reasons Why Insurance International Medical Is Forecast To Make Ten Billion Each Year

For those unaware of the practice, medical travel is where a person travels to a foreign destination for medical treatment and combines it with some rest and recreation. There are many reasons why someone would want to go abroad for treatment. This includes non-availability of certain treatments, and avoiding delays or the heavy cost of surgeries (elective or otherwise).

There is a rush of destinations all over the world trying to capitalize on the demand for cheap overseas health care. But as of now, only a few countries, such as India, Thailand, Costa Rica, Brazil and Singapore have managed to do so. There are also a few other countries that offer medical care or treatment in very specific categories.

If the treatment is a surgery, it could either be necessary (as in life saving) or elective. If it is the former, there are large, well known hospitals that cater to health tourists for things as complex as heart surgeries and transplants. The elective kind is where a tourist may decide to combine sightseeing with a tummy tuck, face lift or dental crown or something that might be costly or unavailable back home.

Either way, what really makes it so popular is the potential to save on health care costs. The hospitals, medical equipment and the doctors are usually on par or above Western standards and the costs are stunningly low – 20% of what the same treatment would cost in America. Even after tacking on all the lodging, meals, airfare and other costs, it still works out a whole lot cheaper than US or European costs. To be noted that the cost includes a post-surgical vacation stay in a luxury resort for recuperation.

Meanwhile, back at home in the US, patients are suffering from lack of sufficient coverage under employer paid health plans with no means to pay for additional coverage. Patients in Canada and Europe have to wait their turn for treatment, and the delays are getting longer. It’s easy to understand why insurance international medical is so much in demand and already an industry worth billions.

750,000 Americans opted for overseas medical treatment in 2007. In three years, this number has climbed to 1.6 million. 60% of all Americans are now open to this concept of cheap treatment in a foreign nation. To be fair, many consider this to be a visit across the border to a clinic in Mexico, or to other destinations in the Americas like Costa Rica.

Even so, it’s fair to say that the medical tourism sector is booming in countries like India, Thailand, Brazil, Argentina, Panama, Hungary and many more others. Professional tour companies and certified hospitals have come together in these nations to offer all-inclusive package deals and support staff for those who need guidance or help.

There are certain issues to be faced, such as choice of destination, travel provider and the actual hospital. A little bit of research online and a few calls should clarify all this. Make sure to find out exactly what kind of treatment and pre and post surgery services a specific hospital is capable of and willing to provide.

In summary, overseas medical insurance or medical travel is not everybody’s cup of tea. It takes a bit of courage to actually go through with it. But for those willing to do so, there are huge benefits in terms of savings in health care related costs and instant availability of major surgeries or treatments.

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