|
E-mail this page to a friend!
Guarding Your Wealth for Senior Citizens
Outsourcing Making Inroads into U.S. Healthcare
Services with Lower Prices
Bottom line is that patients could see savings
from 50% to 95%
| |
 |
|
| |
Read "Medical tourism: Need surgery, will
travel," by CBC News -
Click Here |
|
By Jeffrey D. Voudrie, CFP
Oct. 24, 2007 - American companies have been
downsizing by hiring overseas workers to handle tasks once reserved for
American employees. Manufacturing plants from a wide variety of
industries have moved their operations abroad. Now another area is being
influenced by outsourcing: healthcare.
No matter on which side of this issue you stand,
the fact is that outsourcing has lowered the costs of many goods and
services in our country, from computer programming to clothing.
Outsourcing is what has allowed our economy to keep inflation in check
even while energy and materials prices have skyrocketed.
Outsourcing has made inroads into healthcare
services, too. Chances are that your X-Ray or MRI was read by an Indian
doctor, or that your doctor’s notes were transcribed by a Filipino.
Turns out you can now have a heart bypass overseas, too. And at a
cheaper cost and with quality equal to American hospitals.
Think about it. For years many have been purchasing
prescription drugs from Canada and Mexico.
Wealthy individuals have
sought to convalesce from their tummy tuck or face lift with warm,
tropical breezes. But today’s medical outsourcing is reaching way beyond
cosmetic procedures. And it’s benefiting those who can’t afford the high
cost of medical care in the U.S.
Many factors have converged to make medical
outsourcing a rising trend—and a necessary one. America’s spiraling
heath care costs are making it harder for American companies to remain
competitive. Annually increases of 10-20% simply aren’t sustainable.
That’s why more and more private and public
employee health plans are covering procedures done abroad. Even with
travel costs included, these institutions are still seeing savings of
more than 50% for their members. I expect this trend to continue.
For those without insurance, purchasing their
health care overseas might be the only option they have. As health care
premiums rise and those with pre-existing conditions find themselves
locked out of coverage, the need for inexpensive alternatives will only
increase.
A large percentage of doctors and nurses trained in
America are foreign born. Our training remains the best in the world.
Now, more and more of those foreign-born professionals are choosing to
return to their countries to work at state-of-art facilities. They can
have a higher standard of living while providing care at a fraction of
the cost in the U.S.
The bottom line is that patients could see savings
of between 50% and 95%.
According to data cited in The Journal of Financial
Planning (Oct. 2007), a heart bypass that would have a retail cost of
between $122,424 and $176,835 in the U.S. would only cost $10,000 in
India and $20,000 in Singapore.
A knee replacement that costs between $40,640 and
$58,702 here would cost $8,500 in India and $10,000 in Thailand.
While the standards of care found in overseas
facilities can vary widely, premier foreign hospitals are emerging that
equal (and sometimes exceed) the quality patients receive here at home.
For example, Bumrungrad Hospital in Thailand has
cutting-edge facilities that rival those of the best U. S. hospital. A
former New York University medical school professor of 20 years and
cardiac surgeon respected world-wide founded a premier heart institute
in India.
Obviously, foreign health care has a number of
risks. Providers must be carefully researched to be sure they meet high
standards of care. Should something go wrong during your treatment, your
ability to sue due to malpractice is either limited or non-existent.
Distance from home, your own mobility and ability to travel, red tape,
and the stability of the local government are just some of the factors
you need to consider.
In today’s new globalized market, though, you have
a voice and a power you didn’t before. Foreign medical providers see you
as a customer to service, something few of us experience here in the
States! Foreign hospitals don’t boot you out the door right after
surgery, allowing you to recover more comfortably.
The established American medical community may not
like it, but foreign competition is knocking on their door. As more
Americans receive their health care overseas, perhaps it will increase
pressures to contain costs at home, while creating a more
customer-focused style of care.
Otherwise, more of us might be packing
our bags for a ‘medical’ vacation. Imagine taking a cruise while having
your hip replaced!
If you have a specific question or would like more
information, give me a call toll-free at 1-877-827-1463 or you can also reach me by email at
jeff@guardingyourwealth.com.
I will answer your financial question FREE.
About Guarding Your Wealth:
“Guarding Your Wealth” is a
nationally syndicated weekly personal finance column written by Jeffrey
D. Voudrie, CFP. Mr. Voudrie is the President of Legacy Planning Group,
a private wealth management firm that employs sophisticated proprietary
strategies designed to protect and grow its clients' investments. Visit his website,
www.guardingyourwealth.com to read past articles under the Guarding
Your Wealth Article Archive that may not have appeared in
SeniorJournal.com.
Guarding Your Wealth for Seniors, on
SeniorJournal.com, is
a collection of columns by Voudrie that deal with issues of particular
interest to senior citizens.
Click here
for all columns.
In addition to being a nationally
syndicated columnist and Certified Financial Planning Practitioner, Mr.
Voudrie provides personal, private money management services to select
private clients
nationwide.
Looking for an energetic expert who
is passionate about financial and wealth management? Mr. Voudrie is an
excellent speaker who will excite and inspire your audience. Mr. Voudrie
is available for a limited number of speaking engagements, television
appearances and radio talk shows. For bookings, email
jeff@guardingyourwealth.com.
Click to More Senior News on the
Front Page
Copyright: SeniorJournal.com |
