Medical Travel – Thoughts for Employers Part 2

As discussed in - Thoughts for Employers Part 1, - medical travel represents a viable option for employers looking to cut costs in their healthcare plans without reducing quality of care. Many employers often save enough money through their medical travel program to initiate incentives for employees using the companies medical travel benefits. Some employers are able to cover all travel expenses and waive the deductible for their employees as incentives to travel abroad.


Employers are often concerned about whether or not their employees will want to travel overseas for a procedure, or stay in the familiar ground of the U.S. While an employer may add a medical travel option to their healthcare plan, it’s a not a requirement to travel abroad for the procedure. The employee always has the option of traveling overseas or staying within the U.S. Employees choosing to travel abroad do so because of the incentives provided by their employer and the high quality of care overseas.


In several countries such as India, Korea, Argentina, and Belgium, care may be better than care in the U.S. with more personalized attention from doctors and staff. Those that choose to travel for a procedure frequently experience better facilities and receive better care than they would by staying in the country. Furthermore, many doctors abroad receive training and certification within the U.S..


Studies are underway to see if employers who provide these benefits to their employees receive job inquires from more qualified and experienced people. Though some employers offer these benefits, others may not do to liability, complications, perceived steerage, and other legal issues. Employers should make themselves aware of the legal issues before they initiate an incentives or benefits plan.


References:
http://www.selectchoicenow.com/services.htm

Medical Travel - Thoughts for Employers Part 1

With the turn of each New Year, the medical travel industry becomes more expansive. The worth of the industry is now at estimates well over $60 billion, and is quickly growing So, who stands to benefit from the growth of the medical travel industry?


Employers are one group that may benefit tremendously by integrating medical travel benefits as part of their healthcare offering to employees. By adding medical travel as a benefit in their health plan, employers can save up to 50% on certain procedures for their staff. These procedures can include anything from heart surgery to hip replacement surgery. As many realize after a little research, employers can offer their employees the same or better quality care as they would receive in the U.S., but at a much lower cost.


American health carriers like Blue Cross Blue Shield have started to incorporate medical travel as an elective option for coverage - giving employers even more option in their choice of health care benefits. It’s no secret that the benefits of medical travel currently outweigh the financial costs for many employers. However, to compete with the overseas healthcare industry, many American providers have now started offering certain procedures at the same price. Business owners should consult with a professional firm to assess their situation and choose the right plan for their company.


References:
http://www.healthpopuli.com/2008/07/medical-tourism-primer-for-employers_18.html

Spiraling Healthcare Prices in the US

The U.S. economy is experiencing dismal economic times for a variety of reasons, and one of the biggest is increased spending on healthcare. The cost of healthcare is spiraling rapidly upward in the U.S., and is leaving many Americans without health insurance. Currently, the U.S. spends around 16% of its Gross Domestic Product on healthcare – an average of 6% more than other countries – and that percentage continues to grow. That means that other vital concern, such as the environment and education, are receiving less funding and attention.

Some might blame private health insurers and rapid increase in premiums for the decline in affordability of health insurance, but recent studies show that the underlying problem is much deeper. According to Paul Ginsburg of the Robert Wood Johnson Foundation, the rise in medical spending is in large part a response to the increased use and development of medical technology(http://www.rwjf.org/pr/product.jsp?id=35368). Use of new costly medical technologies and the development of them have risen exponentially, and the evidence shows that those technologies are not as beneficial as many healthcare professionals believe them to be. Care that is more expensive does not necessarily mean better quality care, and often the same patient diagnosis can be made without the use of expensive medical technology.

Experts are now looking at putting limits and guidelines on the use and development of new technologies in hospitals and physician services. The ineffective use of new tests, equipment, and other devices is driving healthcare costs up, and a good start to cutting those costs is the implementation of guidelines.

References:

www.healthbeatblog.org/2008/11/the-truth-about.html

http://www.rwjf.org/pr/product.jsp?id=35368

Custom Insurance for Medical Travel Companies

Every medical travel facilitator organization should maintain a custom insurance plan to cover their inherently unique risk. Insurance for medical travel companies is not only important to prevent risk, but for credibility as well. Potential customers are more likely to work with a business that has the right type of insurance in place.

Since medical travel companies contain risks unique to their industry, it’s important that their insurance plan is tailored accordingly. Medical travel companies should have policies that include:

Professional and General Liability Insurance – General liability insurance should be part of every business insurance plan. Due to the litigious nature of many countries, and the ease in which a medical mistake can turn into a lawsuit, professional liability insurance is essential for medical travel companies. Professional liability covers the cost of litigation and court fees due to a lawsuit.

Personal Accident Insurance – Personal accident coverage is another insurance that medical travel companies should hold. It covers any accidental death or disability during the clients travel. In the event of death or disability, the family or client is reimbursed for a fixed amount.

Custom insurance is vital for the livelihood of a medical travel company. Owners of a medical travel business should find the provider and plan that suits their company best.

What is Medical Travel?

With the cost of health care steadily on the rise globally, many have been seeking less expensive solutions for their medical needs. Citizens of the United States have especially been looking for a more cost effective and quality way to receive treatment, but American citizens are not the only group benefiting from medical tourism. Medical travel traveling outside of one's home country to receive quality, affordable health care has quickly become a commonplace resolution for both individuals and companies looking to save on their health care plans.

Originally geared towards expensive elective cosmetic type surgeries, medical travel now encompasses a broader spectrum of surgical treatment including hip surgery, cancer care, and other complex procedures; and it offers the same high-quality care that one would receive in the United States at a more affordable price. In fact, companies and individuals can save up to 80% on their healthcare by initiating some kind of alternative international healthcare plan.

The global health care market continues to grow as the demand for inexpensive quality medical treatment quickly rises. Because the market for global health care is becoming so vast, companies and individuals should seek consultation on the correct international health care for their specific situation.