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By Akaisha Kaderli
Special to the Financial Independence Hub
Because Billy and I live a lifestyle of travel, we often get readers asking us basic questions about medical tourism. Below we have the answers to some of the most common questions we get asked. How do you know if this option will work for you? The following should help you decide.
Q: I have heard the term “Medical Tourism,” but what exactly is it?
A: Generally, Medical Tourism refers to going elsewhere other than your own city or state/province to receive medical care. For example, people in the U.S. have been going out of their home state to Mayo Clinic or Cleveland Clinic for years, and no one thinks twice about it. Canadians will come to the U.S. for procedures perhaps because they don’t want to deal with long waits in their own home country or maybe they have other personal reasons.
Today, there are dozens of countries like Thailand, Mexico, Costa Rica, India, Guatemala, Singapore and the Philippines which offer excellent medical care delivery in ultra-modern facilities for very affordable prices.
The importance of medical tourism – and this cannot be overstated – is that its availability offers options to those who are:
- Under-insured
- Self-insured
- Not insured and,
- For procedures not approved in the USA (or the patient’s home country).
Q: Is Medical Tourism expensive? And how does one choose a hospital or country?
A: In terms of budgeting for medical tourism, we think it’s a good idea to have an emergency fund, or institute your own style of a Health Savings Account, where you only utilize that money for health related issues.
When you purchase medical care overseas, you will know how much it will cost before you purchase. There is no guessing game because you check off what you want as if from a menu. If you want to have an “Executive Physical” for instance, you can choose all the features you would like: lung x-ray, bone density test, colonoscopy, full panel blood tests, and so on, and with every choice, your total at the bottom of the page changes. You see beforehand what your cost outlay will be and what price everything is individually.
The delivery of medical care in the States is expensive and out of the reach of many. If you have a high deductible, and you go out of network, sometimes that deductible doubles.
Treatment in the States for a heart condition or cancer can cost hundreds of thousands of dollars. Not so overseas.
A heart valve replacement in the States can cost US$170,000 but will run you US$24,000 in Guatemala City. Chemotherapy in the States runs about $75,000 but is under $20,000 in Guatemala City. A bone marrow transplant can cost up to $200,000 in the U.S., but will run up to $25,000 in India. A spinal fusion runs between $80-100,000 in the United States but will cost you $6-10,000 overseas.
There are many medical tourism concierge services available and websites of hospitals in various countries have their prices listed for procedures. Continue Reading…
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