After a year where traveling became less common, 2021 holds the promise of a surge in medical tourism. Global Market Insights reported that the medical tourism market was valued at USD 10.1 billion in 2020. The market is expected to grow at 12.1% CAGR from 2021-2027. Medical tourism trends for 2021 are as follows.
Higher Travel to Developing Countries
Global Market Insights also predicted that more medical tourists would choose developing countries as the location to receive their medical care and procedures. With borders in many developed countries remaining closed, the developing countries are expected to rise in the medical tourism market. The boom from the tourism aspect of medical tourism is attractive to developing countries’ governments, and with hospitals seeking to attract foreign patients, quality of care and equipment will match that of past top medical tourism destinations.
Asian Countries Rising to the Top
The Medical Tourism Association predicts that Asian countries will see a rise in popularity for medical tourists. Their ever-updating technology paired with a high standard of care and hospitality is attractive to medical tourists from all over the world. The cost of medical care in Asian countries has long been some of the lowest as well.
More Skilled and Specialized Practitioners
Another trend predicted by the Medical Tourism Association is the rise of specially trained practitioners for medical tourism. There are a number of types of procedures that medical tourists commonly travel for, such as cosmetic surgeries like angioplasty, rhinoplasty, and breast augmentation. 2021 and the coming years should see more and more surgeons trained specifically to master these procedures that attract foreign patients. In fact, the MTA suggested that training centers and medical schools may begin programs training doctors and surgeons dedicated to working with medical tourists.
Take a Medical Tourism Trip in 2021
The future of medical tourism is bright and only getting brighter. With all medical tourism comes risk, so it’s best to enter into it fully prepared. You can help protect yourself and your travel companion from unexpected expenses with medical tourism insurance. Please contact us to get a quote prior to your trip.
Why would an employer want to offer a medical tourism insurance package as part of their employee benefits? There are several reasons why offering medical tourism insurance can be a good option for employers.
Why Medical Tourism?
First are the benefits of medical tourism itself. By traveling abroad to receive medical procedures, patients can save up to an astonishing 90% depending on the procedure and location, reported the Medical Tourism Association. Many patients choose to participate in medical tourism to undergo cosmetic surgery, however it is not unusual for a medical tourist to travel abroad for joint replacements, cardiac surgery, cancer treatments and other elective procedures. Medical tourism is no longer a niche practice. This is why some employers are beginning to offer medical tourism insurance as part of a voluntary benefits package.
Medical Tourism Insurance as Employee Benefits
As previously mentioned, medical tourism is no longer niche; in fact, the market grows every year and the practice is increasing in popularity. For some employers, insurance that covers complications and travel companions for medical tourism is a smart and forward-thinking benefits option to offer. If you are an employer who offers self-funded benefits plans, you are the best fit for this option.
Medical Tourism Saves Everyone Money
Employers, insurance companies, patients – everyone saves on costs by undergoing medical travel. For some employers, who faced increased costs after the passing of the Affordable Care Act, encouraging medical tourism became a way for both the employer and their employees to reduce costs. The International Healthcare Research Center reported that self-funded employers may see savings of up to 70% by sending their employees abroad to receive medical care. These savings are after factoring in the costs of travel, accommodations and even companion costs. To sweeten the pot, it is easy for employers to offer small yet valuable incentives to employees if they choose to take advantage of the medical travel option. What these incentives are varies from employer to employer, but common ones include reimbursing travel expenses, waiving deductibles, and even cash incentives.
To learn more about how you can enroll in an employer plan to provide medical tourism complications and travel companion insurance as part of your benefits package, contact us today!
There are many types of procedures and surgeries that patients travel internationally to receive. One of the largest categories in medical tourism is cosmetic procedures. What does this look like, and what are the benefits and risks?
Medical Tourism for Cosmetic Work
In 2018, Journal of Travel Medicine reported statistics regarding the most common cosmetic medical procedures performed on patients participating in medical tourism. Breast augmentation and liposuction led with the highest percentages.
Choosing to travel abroad to undergo cosmetic procedures is a smart idea for patients looking to reduce costs while still receiving high quality medical care.
Benefits of Getting Cosmetic Surgery Abroad
Cosmetic surgeries are considered elective procedures. This means they are, by the health insurance companies’ definition, not “medically necessary” and therefore not eligible for insurance coverage. Therefore having a cosmetic procedure performed in your home country, especially if you live in a country like the United States or United Kingdom, can entail high out of pocket expenses. That’s where medical tourism comes in. In other countries, the cost of the same procedure can be 30-70% less than it is in the US. On top of this enticing opportunity to save money, many foreign medical facilities have state-of-the-art technology and top-level care. If you are picturing medical tourism as a run-down hospital with questionable staff and equipment, your image is far from the truth.
Risks of Getting Cosmetic Surgery Abroad
Any medical procedure, no matter where it takes place, will have risks. However, medical tourism patients do face some unique risks that patients in their home countries do not. The International Society of Aesthetic Plastic Surgery (ISAPS) laid out some useful guidelines for patients traveling abroad to receive cosmetic work. Guidelines include checking credentials and references of your surgeon or practitioner, understanding who among the staff speaks your language, making a plan for recovery, and preparing for the event of complications.
The latter is something we can help you with. Our medical tourism insurance protects international patients against the excess burdens of unexpected complications. Our most popular product for medical tourists covers travel, accident and complications services and benefits with options for travel companions.
Medical tourism is popular (and economical) for a number of reasons. As the cost of medical treatments in developed countries continues to grow, medical tourism – the act of traveling to a foreign country to receive low cost, high quality medical care – will only continue to rise in popularity.
Along with lower costs for procedures, medical facilities outside of the U.S. often have equal or better recovery care, equipment and technology. The standards that international care is valued at are also becoming higher, and facilities are competing to keep up and meet the resulting demands. These standards are most often set by organizations such as the Global Healthcare Accreditation (GHA) and the Joint Commission International (JCI), which give valuable accreditations to hospitals and facilities that meet their standards of quality.
In 2018, the global medical tourism market was valued at USD 39.6 billion. From 2019 to 2026, it’s expected to see a CAGR of 21.9%. This means that by 2026, the global medical tourism market is estimated to be valued at a staggering USD 179.6 billion.
Thailand dominated the medical tourism market in 2018, bringing in both the most revenue and the highest numbers of patients. Many choose Thailand for cosmetic procedures, but other procedures are more popular in different countries. The Asia-Pacific region overall does, however, dominate the medical tourism market. In 2018, the region brought in USD 4.8 billion from medical tourism. Along with Thailand, India, Singapore, and Malaysia are the most popular destinations for international healthcare in the region. It’s worth noting that the Latin American (LATAM) medical tourism market is expected to expand at 7.3% CAGR by 2025, so this region is not one to ignore for patients seeking healthcare across international borders.
Insurance for Complications in Medical Tourism
Wherever a patient chooses to go, even if it is a highly accredited hospital, there is a chance that unforeseen complications could arise after a procedure is performed. Our medical tourism insurance helps protect patients from the financial burden these complications would inevitably incur.
An international patient is someone who travels outside their home country to receive medical care or procedures. These procedures are often ones that would not be covered under the patient’s health insurance. Other times, the procedures are experimental or not offered in the patient’s home country. In many cases, however, patients undergo healthcare internationally because even with the added cost of airfare and accommodation, the work is less expensive than it would be when performed in their home country – often even after health insurance.
We have covered the most popular destinations for American medical tourists, but what are the most popular procedures overall for international patients? Based on findings by the Center for Disease Control (CDC), World Health Organization (WHO), and Patients Beyond Borders, here are the most common procedures and treatments for international patients:
Weight Loss Treatment
Despite the popularity of traveling internationally to receive medical care, there are certain risks associated with the practice. While medical tourism can be an incredibly successful and cost-effective solution, with opportunities to save up to 90% (according to the Medical Tourism Association), it can also be dangerous. If you are planning to engage in medical tourism, for any of the above procedures or more, make sure you’re covered against unexpected costs in the event of complications. Medical tourism insurance is there to give you peace of mind at an important and exciting time in your life.