Medical Travel (Medical Tourism) Overview
Medical travel is the practice of traveling to another country to receive professional medical attention at a cost lower than in the country of origin. This includes both elective procedures and specialized surgeries.
SmartCare Worldwide’s Medical Travel Program was developed for:
- Individuals seeking high quality, affordable medical and dental procedures
- Employers seeking to offer their employees a meaningful high quality, low cost healthcare through SmartCare’s medical travel benefit product
- Healthcare Insurance Companies seeking to offer their clients (employers and individuals) additional dental and healthcare benefits through affordable medical/health travel
Medical Travel is booming:
- In 2006, the medical tourism industry grossed about $60 billion worldwide, with estimates of reaching $100 billion by 2012. (McKinsey & Company)
- It is projected that by 2015, the United States will spend over 20% of its annual GDP on medical services.
- By 2015, the potential market in United States will include 220 million individuals over the age of 50.
- Currently, nearly 11,000 individuals turn 50 daily.
- Presently, 47 million Americans do not have health insurance or are under-insured.
- 108 million Americans do not have dental insurance.
- In 2007, an estimated 750,000 Americans traveled to another country for medical attention.
- It is estimated that in 2010 over 6 million Americans will have traveled abroad to get medical attention.
Why are procedures so cheap with medical travel?
- Little or no litigation cost
- A highly educated labor force
- Research and development costs born by other countries such as the US
Why Costa Rica?
- English-speaking country that accepts U.S. currency
- Proximity to U.S. (3 hour flight from Houston)
- CR government is committed to excellence in medical tourism, which is now its 3rd largest industry
- All hospitals have Joint Commission International accreditation
- All physicians, specialist, surgeons and dentists are carefully vetted
- A peaceful vacation destination