Posted on: 4th August 2022 in Insurance
Medical tourism is a term related to travel that focuses on medical treatments and the use of healthcare services. Medical care is of utmost importance for you and your loved ones as it is one of the pillars of your well-being. Unfortunately, in the last few years, a lack of funding related to healthcare systems has been recorded worldwide, making access to health care more difficult and expensive than it should be.
On the contrary, the medical tourism industry has been blooming as people search for high-standard medical professionals who can offer their services at lower prices. This blog will explain how you can benefit from medical tourism and enjoy life without stress and uncertainty.
According to Fortune Business Insights, the global market for medical tourism is anticipated to increase at a compound annual growth rate (CAGR) of 21.1% from $13.98 billion in 2021 to $53.51 billion in 2028.
The Medical Tourism Association estimates that over 14 million people from around the world leave their country each year in quest of medical treatment in another country.
Currently, Thailand is the most popular location in the world for medical tourism, with 1,2 million medical tourists. It is followed by Mexico, which is visited yearly by one million tourists looking for medical treatment.
According to the numbers provided by Patients Beyond Borders, there are an additional 1,38 million tourists spread throughout the countries of Singapore, India, Brazil, Turkey, and Taiwan.
Medical tourism comes with many advantages. It is possible to receive high-quality medical treatment at prices that are more affordable than ever before when you combine it with a vacation in a beautiful country, which rejuvenates the mind and spirit in addition to the body. These are some of the many advantages of combining healthcare with travelling.
Medical costs can be quite high depending on the problem. Although innovations in medicine have the potential to make people healthier and live longer, they also carry the risk of driving up healthcare costs.
A fee-for-service model, which reimburses medical providers for each visit, test, or procedure, is used by the vast majority of insurance companies. Therefore, the more services that are supplied, the higher the fees that are paid.
Medical tourism could be a game changer for your available budget. Thanks to it, you can do some market research and find solutions that align with your financial plan without putting a strain on the level of services required. Saving money that otherwise would be lost should be one of your primary targets when travelling abroad for health reasons.
One of the biggest problems of almost every state-funded healthcare system in the world is the waiting list. Although you may have paid large sums of money contributing to the system, it is likely that when you need help, a waiting list will be there for you. Unfortunately, the flow of patients increases month by month as people are unable to pay the costs of private healthcare.
However, good health should not be related to how well public health systems operate. Medical tourism comes to bridge that gap. If you have any health-related problem, you can always search where you can receive the treatment you need without having to wait for weeks or months until it is your turn. This way, you can ensure that your health won’t deteriorate whilst waiting.
Proper treatment helps you return to your daily routine and enjoy life with your loved ones. However, receiving the treatment you need is not always easy in your country’s public hospitals; sometimes, it is not possible if you pay the extra cost in private hospitals.
Medical tourism allows you to access high-quality treatments with low treatment costs. Talk to your physician about the various treatment options available to you. Be sure to ask questions to increase the possibility that you will receive effective, efficient, equitable, patient-centred, and safe care. Then, you can make the necessary comparisons, review your options and decide whether you should become a medical tourist or not.
Facilities financed by public healthcare systems are not always the best, as cost reductions put a strain on investments and expansion. Whilst facilities may be adequate, maybe they are not the best for patients and people who help their loved ones when they are hospitalised.
Improving the quality of care that patients get should be the ultimate objective in designing new hospitals. The hospital we want will provide an environment that is appealing to highly skilled clinicians and beneficial to patient interaction, care, and experience. This is accomplished through innovation and design as well as the control of air quality, thermal health, lighting, and views. Additionally benefiting from this are healthcare professionals, hospital employees, and hospital visitors.
High-quality facilities though are already here; the only thing that you have to do is find where they are. Medical tourism can give you access to medical centres that rank among the top worldwide and access to medical services that would be hard to find and take advantage of in your country of residence.
Having medical insurance helps you be stress-free if any health problem occurs. You deserve to receive the best treatment possible and the quality of care you have paid for. As public health care systems underperform, a health insurance policy tailored to your needs would reduce uncertainty for you and your loved ones.
Holborn has over 20 years of presence in the global insurance market. We only hire the most experienced, fully qualified advisers to help you achieve your financial goals whilst preserving or improving the lifestyle you want. Holborn offers a broad range of insurance products to match your needs and financial plans. Get in touch with us today to learn more.
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