How to pay for a medical tourism trip

Once a patient is mentally prepared to travel for treatment, there are several acceptable methods of payment. The options include the use of personal savings, taking out insurance, medical expenses paid for by your company, loans from banks, relatives, credit cards or if you are lucky as in the case of Arab patients,  you can ask your government to pay for your expenses. Some hospitals and clinics offer flexible payment options in the form of instalments to pay your entire medical bill. This chapter provides you with information about the various options you can use to pay for medical tourism expenses.

Each and every patient will have a unique, preferred way to pay for their medical journey based on their abilities and condition. Usually, the safest method of paying for medical tourism is by utilizing your own resources rather than depending on an outside agency which could potentially cause significant additional expenses and problems in the long run. However, since cost-savings is one of the prime reasons people travel abroad it might not be possible to pay out of pocket, hence it is important to look into external resources as well.  

Asking insurance to pay for medical travel

There is an entire section about insurance companies’ take on medical tourism and why people with insurance should consider medical travel. Insurance companies are starting to understand the cost-saving nature inherent in medical tourism, and have started including it in their policies. It is important for every medical tourist to check with their insurance provider if this is the case before assuming that medical tourism is covered under their insurance policy.

Asking employers to pay for medical travel

If you are employed by a reputed organization, and they cover healthcare expenses for you within country, there is a high chance that they will accept medical tourism as an alternative option if you present your case effectively. All employers are interested in saving money and also providing the best healthcare opportunities to their staff to ensure a swift and healthy recovery. To that effect, you may need to prepare a list of potential benefits for your employer should you wish to avail medical tourism at their expense.

Asking government to pay for medical travel

In case certain health services are not available in your country, and you need to travel overseas for care your government might sponsor your expenses, as in the case of the Gulf countries. GCC governments spent in excess of 2 billion (unaudited figures) on medical care abroad for their national patients, mainly because high-end care for complex procedures are not available within their country. In order to do so, you might need to prepare your case study with evidence indicating that such services are not available in your country. A local government hospital team can help you to identify the best international facility which might be associated with your government.

Patients using their savings account to pay for medical travel

Most middle class people save money for medical expenses anyway. It is a fundamental need for every member of the family. Whether a person is self- employed, a businessman or working for a company, the options that can be adopted for medical treatments should follow a safety protocol that ensures finances are in order and do not dry up in the middle of your medical travel.

Aside from cosmetic surgeries or dental implants, many women even travel abroad for pregnancy-related care.  Your savings accounts are a form of insurance or fixed deposits in banks. Liquidate your savings as health is far more important than wealth. Jewellery and other assets can always be acquired again later. But the body will not heal again.

Patients asking their relatives for help to pay for medical travel

Ideally this option works best if the patient is travelling to a place where there are relatives. You could have them make the payments locally and possibly incur reduced charges. In any case foreigners are charged more when they pay in other currencies. Hence local expenses work better. Maybe an arrangement can be made well in advance. This cuts the tension and embarrassment which may arise if there is any non-payment of dues following the treatment.

Most patients will be surprised at the kind of support that they can get from family and friends when they have any medical emergency. In fact some cancer patients have been able to raise funds for treatments through the kind emails and text messages sent out by well-meaning friends and even strangers. But to expect that, would be going too far! Even if they do not have the capacity to pay or pitch in for the medical treatment, they might be able to get discounts or reductions in certain aspects of your travel—for example, they might be able to secure reduced rates at hotels in your destination, or they might be able to use their air miles to help fund your airline ticket.

Remember, every drop makes an ocean—so use as many drops to get back to normal health; seeking help from friends and relatives for your medical condition will be well accepted in many scenarios.

Taking a loan to pay for medical travel

There are many financial aid companies that provide loans for medical treatment abroad. This is an option that will attract interest. Hence the interest has to be calculated too. When the travel involves overseas treatments, the rates may be different. Search for options that charge lower interest rates. Also choose institutions that are affiliated to some organization. In case of disputes, one can fall back on some support system.  Personal loans are ideal too.

Several financing organizations are including medical travel as valid reasons to apply for a loan. If you are able to demonstrate a good credit score or the ability to pay back your loan on time, most banks will be willing to lend you the money for your treatment.  Search around for options and various interest rates to make sure the amount you pay back as interest will be the lowest possible.