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!