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Insurance Companies Adapting to Trends by Adopting Medical Tourism
David P Paul1, Tyler Barker, Angela L Watts
1Author Affiliations: Graduate Program in Health Care Management, Leon Hess Business School, Monmouth University (Dr Paul), West Long Branch, NJ; Lewis College of Business, Marshall University (Mr Barker, Ms Watts, Ms Messinger, and Dr Coustasse), South Charleston, WV.
The Health Care Manager
|September 28, 2017
Summary
Medical tourism offers a cost-effective healthcare alternative for Americans. Insurance companies are increasingly offering medical tourism plans, recognizing the trend of patients seeking care abroad for savings.
Area of Science:
- Health Economics
- Healthcare Management
- International Health
Background:
- Rising healthcare expenditures in the United States prompt patients to seek cost-saving alternatives.
- Medical tourism, or traveling abroad for healthcare, presents a viable option for reducing medical costs.
- The trend of seeking healthcare services internationally is growing among US residents.
Purpose of the Study:
- To explore the benefits and risks associated with medical tourism.
- To examine the US insurance market's response to the increasing popularity of medical tourism.
- To analyze the financial implications of medical tourism for patients and insurers.
Main Methods:
- Literature review of existing studies on medical tourism.
- Analysis of insurance industry reports and publications.
- Examination of trends in international patient mobility for healthcare.
Main Results:
- Medical tourism provides significant cost savings for patients compared to domestic procedures.
- US insurance companies are introducing specialized medical tourism plans.
- The US medical tourism market shows growth, mirroring trends observed in the United Kingdom.
Conclusions:
- Medical tourism is a growing phenomenon driven by cost-saving needs.
- Insurance providers are adapting to the medical tourism trend by offering new plan options.
- The integration of medical tourism into insurance offerings signifies a shift in healthcare accessibility and affordability.
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