Using Medical Tourism to Protect Your Retirement Savings

For most retirees, and those nearing the age of retirement, finding new ways to maintain and stretch their nest eggs is essential. When an unplanned medical issue threatens to ruin years of careful financial planning, the results can be devastating. It is tragic when so many seniors are forced into making the difficult decision of receiving the healthcare they need, or facing the possibility of running out of money much earlier than they anticipated.

There is one growing solution to the problem of the high cost of quality healthcare in the U.S. which many retirement-minded people are turning to. This solution is medical tourism.

 

What is medical tourism and why is it a smart choice for those nearing retirement?

There are many misconceptions surrounding the meaning of medical tourism, and for some it has acquired an undeserved dubious reputation. But medical tourism has been around for a long time and the  simple definition of medical tourism is when a patient travels for the sole purpose of receiving healthcare. While domestic medical tourism exists within the US, the majority of medical tourists go overseas to receive treatment.

There are many reasons for choosing medical treatment abroad as an alternative to US-based medical care. Often the biggest factors in making the decision to seek healthcare abroad is based on the substantial savings it provides patients. Choosing to go abroad for medical care can save patients up to three-quarters of the cost of having the same procedure performed in the United States. These savings can make a real difference for a retiree on a fixed income and/or without adequate insurance to cover a needed procedure.

Not only will medical tourism save money during retirement, but it may also help seniors retire sooner. Many people delay retirement out of fear of lack of funding to cover unexpected and costly medical expenses. Their fears are somewhat justified, as medical debt in the U.S. is the leading cause of bankruptcy. However, medical tourism helps to decrease medical costs, which decreases the amount of funding needed to retire comfortably.

Medical tourism also offers one particularly important benefit for seniors: the ability to receive medical care which is not currently available in the US. While the Food and Drug Administration’s goal is to protect the welfare of all Americans from untested and potentially harmful medical treatments, the approval process for new treatments takes time. For many seniors with life-threatening illnesses, it is time which they don’t have. Many potentially life-saving and life-improving experimental and established treatments are performed each year, and available now, in foreign countries. Many seniors find the benefits of an overseas treatment outweighs the risks of undergoing a non-FDA approved procedure.

 

Is overseas medical treatment a suitable option for me?

Medical tourism is a great option, but it is not always the best one for every senior. If you are considering going abroad for medical treatment, it is critical to have a frank discussion with your current health providers, as well as your family. Although the final decisions about your health are your own, getting input from those who care about your well-being is helpful.

In addition to feedback from your family and doctors, you should ask yourself these questions before choosing medical tourism:

  • How quickly do you need the procedure performed? Medical tourism which demands travel to a foreign country may require obtaining a visa, booking flights, arranging pre- and post-procedure accommodations, and researching foreign healthcare facilities. Many countries with a strong medical tourism industry make this as easy as possible. Mexico, for example, is a booming medical tourism country that is a closeby option for Americans and Canadians.
  • Have you developed a plan for aftercare once you have returned to the US? When your procedure is complete abroad, it is essential to have access to aftercare in the US. Speak with your doctors to determine if they will be able to provide follow-up care, including medications, once you return home.
  • Are the benefits of medical tourism really worth it for you? While medical tourism can save money and provide access to more medical treatments, it is important to decide for yourself if medical tourism is right for you.

 

Use your retirement funds to enjoy your golden years, not to pay costly medical bills!

Expensive medical bills don’t have to eat away your retirement funds. Medical tourism is a growing solution that provides safe, less expensive treatment. Over 1 million Americans sought medical treatment abroad last year, will you be the next one?