Medical Tourism for a Self Insured Company
Providing Employees an option for a more cost effective medical care overseas can provide major savings for a self insured company. The following will help to understand the magnitude of potential savings.
Let’s take example of CABG (heart bypass surgery). Cost in USA is about 130,000 Dollars. Cost in India of one of our top network hospital that is JCI Accredited is 8,500 Dollars. If we include all the associated costs, the total should not be above 14,000 Dollars (this cost includes, travel for the patient and someone accompanying them, hotel stay, meals, transport, stay at hospital, post medical procedure tests & checkups, operation theater & anesthesia fees, medication, nursing & recuperation, and even a tourist outing). That is a 90% savings!
Overseas Medical treatment can be a win-win situation for a company & its employees. It can save money for both. If presented in the right manner with the facts about the high quality of the medical care available & potential savings, majority of the employees should consider it.
The effective way to get the employee interested is by educating them on the cost benefits for them & providing additional incentives. Ideas include:
- Waiving the Co-pay or Deductible
- Paying for a companion to accompany them
- Extended recuperation or vacation time off at the overseas health care destination or on return.
- Cash incentives
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