6 million Americans will travel abroad for health care in 201o.
As most you know the cost medical treatment has been steadily increasing. Statistics show that the costs nationwide have topped $2.2 trillion in 2007, and once the numbers for 2008 come in, that will increase to $2.4 trillion. The National Health Expenditure Projection for 2008 to 2018 is expected to rise by of 6.2% per year. Prescription drugs, new medical technologies, longer life spans, an ever aging population, as well as administrative costs are among the largest contributers to rising costs.
But there is an alternative…
Right now, around the world highly skilled doctors in pristine, high-tech hospitals are performing the same procedures that are done in the US at 1/10 to 1/3 the cost. And that includes travel for you and a companion, hospital stays, recovery and lodging.
Health insurers and patients are starting to catch on. In a September 30th, 2008 article in the Wall Street Journal, M.P. McQueen said the number of Americans seeking treatment overseas is growing. Deloitte estimates in 2007 approximatley 750,000 Americans went abroad for in- and out-patient procedures, including dental and cosmetic. Deloitte’s latest projection shows that in 2010 that number could exceed 6 million (Update).
What kinds of procedures are people traveling for? Eeverything you can think of, as long as it isn’t an emergency. At Asan Medical Center in South Korea, doctors are performing some of the most innovaive and amazing procedure. Dr. Joon-Pio Hong was recently cited for his accomplishments in reconstructive surgery through the use of an advanced form of micro-surgery for nerve and capillary damage on an accident victim’s leg. Last summer at the Korean Health Industy Development Institute’s (KHIDI) symposium at the Hilton Hotel in New York City one doctor said they were doing partial non-relative liver transplants with a 96.5% success rate. In one surgery the doctors at Asan took liver tissue from two donors and created a new liver for another person who had damage from a blood disease.
What’s the downside of traveling to a foreign country for health care? In many countries the legal system isn’t what it is here in the US. But there is a way to minimize the risks of a poor outcome, or a doctor making a mistake. Many of the medical travel facilitators help people purchase insurance hedging the risk of an undesirable outcome. Like any insurance, the more risky the surgery the more costly the insurance, but even with the cost of that policy tacked to the price of the travel, surgery, hospital stay and lodging for your companion, it is still much less than you’ll pay in the US.
Probably the hardest thing to get over is the idea of going to a place like India or Turkey for surgery. Places that were considered by many to be underdeveloped are now locations for the most advanced medical centers in the world. You should take a look at it, if for nothing else than to know the option exists. If there is one thing we Americans love, it’s the freedom to choose. Having another choice can’t be a bad thing.
Heres’ to your good health.
