The low cost of healthcare in Korea has prompted three American subsidiaries of Korean companies – Woori America Bank, Daewoo Electronics America and Daewoo International America – to buy an insurance scheme that allows the companies to send their American employees for medical treatment in Korea. Jung Ki-tek, a medical professor at Kyunhee University, noted: “Even taking into account the various travel expenses to get to Korea, it doesn’t cost half as much as medical expenses at US hospitals.” The insurance plan, offered by US-based Patients Without Borders, is viewed positively in Korea, where it is hoped that the agreement will be a sign of others to come. It is the first time that a Korean health insurer has offered a package that has been designed to bring foreigners to Korea’s healthcare system, according to Lee Young-ho, head of international marketing at Korea’s Health Industry Development Institute.
The insurance plan covers the medical costs associated with 14 illnesses, which range from cancer and heart disease to spinal deficiencies. Upon enrolling in the plan, employees are allowed to pick between local treatment or travelling to Korea – those who choose to go to Asia would pay between 30 and 40-per-cent less in monthly premiums than an employee who chose to remain in the US for treatment.
Jang Gyeong-won, KHIDI’s head of global health business, noted that the recent revisions to the US healthcare system would provide more opportunities for Korean health insurers to take advantage of. If the bill that requires companies with more than 50 employees to provide health insurance for those workers is enforced, more companies will be seeking affordable ways to comply with the law.
According to a recent FICCI-Evalueserve study, despite the economic downturn and safety concerns arising from the Mumbai attacks, India’s medical tourism market is expected to reach Rs44 billion by 2012, with the nation set to enjoy a 25-per-cent share in the overall medical tourism marketplace. The survey states that India can expect one million medical tourists in 2012.
There are several factors which have allowed the industry to continue its growth in spite of the challenges in the past two years, including the vast range of healthcare facilities now available, the continuing low cost and the offer of more traditional therapies. The study goes on to say that the number of patient arrivals from the US, UK and Europe has increased, however, the current market for Indian medical tourism is predominantly limited to patients from South and West Asian nations, although it noted there is a great potential to cater to African patients as well.
The FICCI-Evalueserve study also points out that wellness tourism is a subset of medical tourism, and as a niche segment, it draws in high-end inbound tourists. Ayurvedic medicine draws in more medical tourists from western nations such as the US, Canada, Germany, France, Sweden and the Netherland. Kerala is recognised as the most popular wellness destination in India, although other states are also emerging in this segment.
Treatment Abroad, an online health information guide for UK-based medical tourism, has partnered with foreign exchange specialists HiFX to enable medical tourists to get the best possible exchanges rates and save money when paying for treatment overseas.
The partnership is set to make life easier for those travelling overseas for medical treatment and patients will now be able to pay for their treatment through a foreign exchange specialist rather than through the mainstream banks.
HiFX, which handled almost £20 billion in foreign exchange receipts last year, will provide patients with the help and guidance they need to get the best exchange rate and save money when paying for their treatment. Patients arranging medical travel through Treatment Abroad can organise payment to clinics and hospitals directly through the Treatment Abroad website and HiFX’s online international money transfer service will allow Treatment Abroad customers to transfer up to £50,000 to pay for treatments and access live and discounted exchange rates. The exchange specialist's rates of foreign currency exchange can also save patients up to four per cent on the exchange rate.
The service will offer peace of mind to patients, according to managing director of Treatment Abroad Keith Pollard. Commenting on the partnership, he said: “We [Treatment Abroad] aim to help medical tourists make informed choices about treatment options abroad by providing as much information about all the practicalities of arranging treatment abroad. This collaboration with HiFX will make it even more cost effective and easier for patients to arrange and pay for their treatment overseas both off and online.”
Grant Thornton, an accounting and consulting firm, has published a new research report – Transforming the Middle East’s healthcare model– which finds the developing healthcare and medical tourism sector in the United Arab Emirates (UAE) is facing serious challenges to its long-term sustainability. The main stumbling block, according to the report, is the Emirate’s relatively high cost of medical services. Another big problem, though, is the competition from other countries, particularly in Southeast Asia, that have already established a reputation for good quality, low cost healthcare provision.
Farouk Mohamed of Grant Thornton UAE pointed out: “While the cost of healthcare provision in the UAE compares favourably with most Western markets, the long-term development of the country’s medical tourism sector remains extremely price-dependent.” Mohamed said that the healthcare infrastructure in the UAE is excellent, but until costs can be brought down, the attraction for medical tourists remains limited.
According to an Insight Market Research Solutions report entitled Poland Medical Tourism Market 2013 – An Untapped Opportunity, the total revenue generated by the medical tourism sector in Poland will double by 2013, compared to the levels seen in 2009.
According to the Korea Health Industry Development Institute, the number of foreigners heading to Korea for cosmetic procedures and plastic surgery is on the rise, with more than 50,000 tourists travelling to Seoul for medical procedures in 2009.
The low cost of healthcare in Korea has prompted three American subsidiaries of Korean companies – Woori America Bank, Daewoo Electronics America and Daewoo International America – to buy an insurance scheme that allows the companies to send their American employees for medical treatment in Korea. Jung Ki-tek, a medical professor at Kyunhee University, noted: “Even taking into account the various travel expenses to get to Korea, it doesn’t cost half as much as medical expenses at US hospitals.” The insurance plan, offered by US-based Patients Without Borders, is viewed positively in Korea, where it is hoped that the agreement will be a sign of others to come. It is the first time that a Korean health insurer has offered a package that has been designed to bring foreigners to Korea’s healthcare system, according to Lee Young-ho, head of international marketing at Korea’s Health Industry Development Institute.
According to a recent FICCI-Evalueserve study, despite the economic downturn and safety concerns arising from the Mumbai attacks, India’s medical tourism market is expected to reach Rs44 billion by 2012, with the nation set to enjoy a 25-per-cent share in the overall medical tourism marketplace. The survey states that India can expect one million medical tourists in 2012.
Treatment Abroad, an online health information guide for UK-based medical tourism, has partnered with foreign exchange specialists HiFX to enable medical tourists to get the best possible exchanges rates and save money when paying for treatment overseas.
Grant Thornton, an accounting and consulting firm, has published a new research report – Transforming the Middle East’s healthcare model– which finds the developing healthcare and medical tourism sector in the United Arab Emirates (UAE) is facing serious challenges to its long-term sustainability. The main stumbling block, according to the report, is the Emirate’s relatively high cost of medical services. Another big problem, though, is the competition from other countries, particularly in Southeast Asia, that have already established a reputation for good quality, low cost healthcare provision.
According to an Insight Market Research Solutions report entitled Poland Medical Tourism Market 2013 – An Untapped Opportunity, the total revenue generated by the medical tourism sector in Poland will double by 2013, compared to the levels seen in 2009. 
According to the Korea Health Industry Development Institute, the number of foreigners heading to Korea for cosmetic procedures and plastic surgery is on the rise, with more than 50,000 tourists travelling to Seoul for medical procedures in 2009.