Different Medical Tourism Insurance Products

Different Medical Tourism Insurance Products
Different Medical Tourism Insurance Products
July 15, 2016

Medical tourism has come to stay. Year in year out, there is a large efflux of people from one region or the other seeking health care or several other health procedures. Some countries now rely on medical tourism as a huge part of their revenue spinner. However, when there is an accident, the need for insurance comes to play.

Insurance companies will cover the risk

Life is full of risk and the next minute cannot be guaranteed. Insurance companies try to protect against risk and unforeseen events by offering a monetary equivalent to what has been lost. Health insurance is an emerging part of medical tourism. In the future, companies that have insurance cover would outsmart their competitors because medical tourists would readily fall for them than those without insurance cover.

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Insurance companies are willing to bear part of the medical cost

There are emerging insurance companies that are willing to bear part of the cost of a medical tourist. This is in line with the agreement of the American Medical Association. This will be a great relief to medical tourists and probably a source of excitement considering that the sector was previously uninsured. A company like Blue Cross has already began thinking of pilot programs that will cover a portion of medical travel insurance.

Medical tourism insurance will soon have a policy backing

Gradually, the market of medical tourism is moving from under and uninsured to a level where it would be acceptable by the United States health insurance policy. When this height is attained, health tourism will be embraced by a larger proportion of the population. Some insurance will cover air tickets, accommodation and tour with an attendee.

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Insurance companies are partnering with hospitals

The growing trend on medical travel may be linked to the money saved through insurance cover which is estimated at twenty billion dollars yearly. Some procedures are cheaper in some countries. For example, a heart bypass surgery which costs about a hundred and thirty thousand dollars in the United States would only cost you above six thousand dollars in India. While some insurance companies are offering insurance directly to their clients, others are partnering with hospitals to deliver their services.

The number of medical insurance companies is on the rise

What used to be a no-go area is currently witnessing an influx of companies willing to offer medical tourism options and some of them are offering treatment oversea as a cost option.

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Medical insurance offer comes with a clause

For medical tourism insurance to apply on a patient, the planned treatment must be done in a hospital or clinic that has been duly accredited.The patient must also not travel or book a trip against the advice of the doctor and the trip must have duration of less than one hundred and twenty days. Some insurance company also provides full cover for an attendee.

European Union members are to have health insurance cards

There is a reciprocal health insurance agreement among nations in the European Union. To key into the benefit of this policy for European Union members going to another European Union country, they will need to present their European Health Insurance Cards (EHIC).

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Article highlights

  • Health tourism was a sector that was totally uninsured in the past.
  • The number of health insurance companies is steadily on the rise.
  • Medical tourism is a major part of some nation’s GDP.
  • Insurance companies evaluate the risk in monetary terms
  • American Medical Association has agreed that insurance companies should bear a portion of health tourism risk.
  • Companies providing insurance cover would have more clients in the future.
  • There is a move to make medical tourism a part of United States Health policy.
  • Some medical procedures are cheaper in third world countries like India.
  • To be covered by medical tourism health insurance, the hospital has to be totally accredited.
  • European Health Insurance Cards will give members of the European Union access to health tourism insurance.

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