"The high cost of US hospital care is causing patients to travel to places like India and Thailand for major procedures." 1
"Official statistics on medical tourism have not been collected, but an estimated 150,000 foreigners sought care in 2004 in India alone... and this number is growing at a rate of about 15% annually. The benefits go beyond cost: Consumers gain from cost savings, but may also receive excellent care from highly qualified doctors." 2
"Deloitte's 2008 Survey of Health Care Consumers explored the consumer's outlook on medical tourism. The survey discovered that medical tourism is set to explode in growth over the next three to five years." 3
Excerpt from the Wall Street Journal – May 2009
Written by MP McQueen
"Consultants McKinsey & Co. estimated that 8,500 Americans travel to other countries annually for in-patient treatment. A study by the Deloitte Center for Health Solutions that included cosmetic and dental treatment and outpatient services pegged the number at 750,000 in 2007.
Big Cost Savings
While having, say, open-heart surgery in the U.S. costs in excess of $100,000, the same procedure at an internationally-accredited hospital in India can cost one-tenth as much. For that reason, even some insurers are starting to add foreign providers to their networks.
New Trip Insurance
Insurance broker Custom Assurance Placements introduced Global Protective Solutions in December. One-time costs start at $70 and increase according to the riskiness of the procedure and the health of the applicant." 4
Companion has worked closely with Custom Assurance Placements over the past year to create two insurance policies: A no-fault medical travel policy to cover the employee and an employer liability policy to cover the employer. Both of these are available to employers under the label, "Global Protective Solutions" or "GPS" 5
1. US News and World Report, 12 May 2008
2. http://www.forbes.com/2006/10/25/health-medical-tourism-biz-cx_1026oxford.html 26 October 2006
3. http://www.deloite.com taken from web-site on 27 October 2008
4. Wall Street Journal May, 17 2009
5. The Development of the Employer Market for international Medical Travel