Medical Expenses Leading Millions Into Bankruptcy

Posted on: 11-03-2015

There is a growing problem in the U.S (and other similar countries, such as Canada) that is affecting the lives of millions. The issue stems from many holes in the healthcare system. According to research produced at Harvard University, “62 percent of U.S. bankruptcies are due to medical expenses.” This is an astounding figure and is growing despite the recent healthcare reform enacted in the U.S. There are millions of people facing issues when it comes to receiving and paying for healthcare, even if they have insurance there are still many gaps in coverage which means that people have to pay the astronomical costs out of pocket. The costs associated with many medical procedures, both life threatening and not, are still rising. Millions are thus turning to feasible alternatives such as medical travel and tourism.

As these medical and dental-related expenses continue to skyrocket, millions of Americans have begun to search for high-quality, affordable and popular medical and dental care providers around the world. In 2014, over 1.2 million Americans traveled abroad for medical procedures including in order to save 50 – 80 percent and more on procedures ranging from dental implants to face-lifts, tummy tucks, knee and hip implants, and even cardiac surgery.  A recent report titled, “Global Medical Tourism Market 2015-2019”, has been prepared on the basis of an in-depth medical tourism market analysis with inputs from team of industry experts. The report shows that the global medical tourism market is expected to grow at a CAGR of 19.38% over the period 2014-2019.

The issues millions are having in their own countries are driving them to seek alternatives. These alternatives are not only cost effective but, depending on the country and clinic, are better than the treatment they would receive back home. The global medical travel market is picking up the slack left by the problem-ridden insurance and healthcare systems.