The Money Coach
  • About
    • Meet Lynnette
    • Media Kit
  • Get Help
    • Money Coach University™
    • Books
    • Financial Coaching
    • Speaking
    • The Money Coach Recommends™
  • Contact
  • Building Wealth
  • Investing
  • Credit Scores
  • Student Loans
  • Paying for College
  • Saving Money
  • Real Estate
  • Credit Card Debt
No Result
View All Result
The Money Coach
  • About
    • Meet Lynnette
    • Media Kit
  • Get Help
    • Money Coach University™
    • Books
    • Financial Coaching
    • Speaking
    • The Money Coach Recommends™
  • Contact
No Result
View All Result
The Money Coach
No Result
View All Result

Need a Medical Procedure Done Cheap? Medical Tourism May Be the Answer

Lynnette Khalfani-Cox, The Money Coach by Lynnette Khalfani-Cox, The Money Coach
in Saving Money
Reading Time: 4 mins read
Need a Medical Procedure Done Cheap? Medical Tourism May Be the Answer
13
SHARES
210
VIEWS
Share on FacebookShare on Twitter

Have you ever had a medical bill that you just couldn’t afford to pay? Or maybe you needed a medical implant, a surgery, or some doctor-recommended procedure, but you chose not to do it simply because it was too costly? Well, you might be a candidate for a growing trend that’s called medical tourism.

Medical tourism occurs when patients travel outside their own state – and typically out of the country – for far more affordable healthcare or surgical procedures.

Here’s a case in point.

I was reading an interesting article in the New York Times the other day about a gentleman in his 60s who needed a hip replacement. Long story short, in America, this man was quoted $78,000 for the hip replacement and that didn’t even include the surgeon’s fee. All told, this ailing gentleman was looking at a $100,000 medical bill.

Needless to say, that was a hefty amount of money and he said he just didn’t have that kind of money to spend.

The fellow wound up going overseas to Belgium for a hip replacement.

The whole thing cost him, all in, less than $14,000. Now when I say “all in,” I’m talking about everything — the surgeon’s fee, all the medical procedures, of course, as well as a five-day stay in the hospital, a week of rehab, all his medicine needed for the procedure, plus the round-trip ticket that he had to buy to get from to and from the U.S. and Europe.

Imagine that! Thanks to medical tourism, this U.S. citizen was able to get his much-needed hip replacement for a grand total of under $14,000. That’s a tiny fraction of the $100,000 he was quoted (or less than one-seventh of the price) it would have cost to have the same procedure on American soil.

Unfortunately, getting quality, affordable health care here in America has become so hard to come by that this trend toward medical tourism is likely to continue and only get bigger.

In fact, researchers at Deloitte have predicted that medical tourism will grow by 35% per year and reach nearly 25 million outbound patients in 2017 – and that’s after surging by a rate of 100% annually from 2007 to 2010, when millions of Americans traveled abroad for medical treatments.

The sad economic truth is that sky-high prices in U.S. medicine and health care are outside the reach of the average working class, or retired, American.

Medical Tourism for Cosmetic Procedures Too

And the medical tourism trend is not just for folks who need hip implants or knee replacements.

A lot of people are going overseas for everything from cosmetic procedures, tummy tucks and breast implants, to dentistry, to other kind of surgical work that they might want or need. That’s true for the elderly as well as for children.

Have you ever thought about getting braces, for example, for your kid?

Well, a lot of people are going off to Central America, or even just south of the border to Mexico, to get cheaper dentistry because here in the States it’s thousands of dollars for many of those types of procedures.

In many ways, it’s shame and a travesty that we haven’t found a way to rein in these runaway health care costs.

Something has got to be done about it or else were going to see more Americans going not only to Mexico or overseas to Europe, but also to India and Thailand, and Central American nations like Panama or Costa Rica where medical tourism is quickly gaining in popularity.

It’s a sad commentary on our nation’s healthcare system when America’s citizens have to actually fly out of the country just to be able to afford health care or medical procedures that they desperately need.

It’s one thing if someone wants to use medical tourism to get a discretionary or optional procedure like a tummy tuck.

But if you need to get a knee replaced because you can’t even walk or perhaps you can’t get around without a cane, well then your quality of life is greatly impacted. So having a knee replaced would be life changing and is a true medical need.

Domestic Medical Tourism

And here’s another interesting tidbit: medical tourism is even on the rise domestically.

Some companies – and some money-savvy individuals – have figured out (not surprisingly) that healthcare procedures are cheaper in some parts of the country than in other parts.

So now you don’t even have to necessarily go abroad in order to take part in medical tourism. As it turns out, medical tourism is catching on within U.S. borders as well. It’s not unheard of for a patient in, say, New York City, to drive a few hours to a hospital in Pennsylvania for much cheaper medical services.

A business called Medibid even helps patients nationwide to connect with healthcare providers in other states (or abroad) as a cost-savings strategy. As part of Medibid’s process, you submit an online request for affordable medical care; anything you need from an annual check-up to a complex surgical procedure.

Depending on your request, you then get back various bids directly from doctors, dentists, surgeons or healthcare facilities. After you accept a bid, you are put in contact with the specialist you chose. And in the end, it’s up to you to pick the healthcare provider you feel most comfortable with and most affordable.

Medibid’s service is $25 for a one-time medical request or $4.95 per month for a year, which entitles you to unlimited medical requests.

Medical tourism may not be right for everyone. But for many who may not have heard of it, or considered this option, it can be a creative way save money on medical costs – either here in the U.S. or in another country.

Tags: medical tourism
Previous Post

How to Travel Using Credit Card Rewards and Avoid Rewards Devaluation

Next Post

How To Save More Money and Overcome Past Financial Issues

Related Articles

emergency fund
Covid-19

How Much Do I Need in My Emergency Fund During COVID-19

by Lynnette Khalfani-Cox, The Money Coach
Rich Peoples Habits - Save Like a Millionaire
Saving Money

Rich People’s Habits: 6 Ways to Save Like a Millionaire  

by Guest Blogger
Save money on travel
Saving Money

3 Websites to Save $1,000 or More Off Your Travel Costs

by Lynnette Khalfani-Cox, The Money Coach
how to save on groceries
Saving Money

How to Save Money on Groceries

by Lynnette Khalfani-Cox, The Money Coach
Hotels by Day
Saving Money

HotelsByDay.com Offers Affordable, Nice Rooms for the Day

by Lynnette Khalfani-Cox, The Money Coach
holiday cash
Saving Money

How to Make Extra Cash from Home for the Holidays

by Guest Blogger
cell phone costs
Saving Money

How College Students Can Save Money on Cell Phone Bills

by Lynnette Khalfani-Cox, The Money Coach
college clothes
Saving Money

How to Save Money on College Clothing and Gear

by Lynnette Khalfani-Cox, The Money Coach
Save money
Saving Money

How to Save $1,000 at the Grocery Store

by Lynnette Khalfani-Cox, The Money Coach
Next Post

How To Save More Money and Overcome Past Financial Issues

About

Lynnette Khalfani-Cox, The Money Coach®, is a personal finance expert, speaker, and author of 15 money-management books, including the New York Times bestseller Zero Debt: The Ultimate Guide to Financial Freedom.

Lynnette has been seen on more than 1,000 TV segments nationwide, including television appearances on Oprah, Dr. Phil, The Dr. Oz Show, The Steve Harvey Show, Good Morning America, The TODAY Show and many more.

Quick Links

  • Money Coach University
  • Lynnette's Personal Site
  • The Money Coach Corporate Site
  • Video Portfolio
  • Privacy Policy

All information on this blog is for educational purposes only. Lynnette Khalfani-Cox, The Money Coach, is not a certified financial planner, registered investment adviser, or attorney. If you need specialty financial, investment or legal advice, please consult the appropriate professional. Advertising Disclosure: This site may accept advertising, affiliate payments or other forms of compensation from companies mentioned in articles. This compensation may impact how and where products and companies appear on this site. AskTheMoneyCoach™ and Lynnette Khalfani-Cox, The Money Coach® are trademarks of TheMoneyCoach.net, LLC.

©2009-2022 TheMoneyCoach.net, LLC. All Rights Reserved.

No Result
View All Result
  • Meet Lynnette
  • Money Coach University™
  • Books
  • Financial Coaching
  • Speaking
  • The Money Coach Recommends™
  • Media Kit
  • Contact

©2009-2021 TheMoneyCoach.net, LLC. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist