August 2007
Expatriates from all over the world are visiting Thailand in increasing numbers for a myriad of different reasons.  Some are choosing to go to the country for the serene sights that can be found in the country’s many lush jungles and forests.  Some foreign nationals are going to Thailand in order to enjoy a relaxing beach holiday in one of the many infamous resort locations.  There may even be economic reasons for the relocation; Thailand is experiencing one of the biggest economic booms in the Asia Pacific region and many international corporations are seeing the Thai market as a key market to be in.  Increasingly, however, many expatriates are choosing to visit, or permanently relocate to, Thailand because of the low cost, high quality healthcare services that the country can offer.

The Thai health care industry is seeing its long term growth prospects solidify on the back of both local and international demand.  The Thai tourist authority recently segmented itself and regrouped its core national tourism products into seven distinct sections, one of which is themed “Health and Wellness: Land of healthy smiles” and emphasizes the countries commitment to preventative and curative therapies.

Thailand is not the only Asian country experiencing a major surge in what has recently become known as “medical tourism.”  Singapore, Malaysia and India are also rapidly adjusting to the new phenomenon, albeit at a much slower rate than Thailand.  One of the reasons why Thailand is so far ahead of many other countries in the world, and some experts would rightly name the nation as the pioneer in the field, in regards to the medical tourism industry is the fact that Thai hospitals and medical facilities are able to reduce their prices to levels much lower than those in other nations without sacrificing the high standards of quality and care that their patients receive.

Other Asian nations, primarily India, can offer treatments and surgeries at much lower costs than those that can be found in Thailand.  However, the quality of care and standard of treatment in these nations are affected because of the extremely low costs.  Doctors and hospitals in India are suffering because of these institutions’ desire to obtain a larger market share of the medical tourism industry.

A typical price comparison, in terms of the costs of various operations, in the USA, Singapore, Thailand, and India would look like this:

Above figures are in US $; courtesy of Kasikorn Securities.

The above figures are average costs for the listed medical procedures in these countries.  It is important to be aware that in each country these procedures can cost more or less, depending on where you go for your treatments.  In Thailand, however, the listed costs are much closer to the actual costs of each procedure than in any of the other Asian nations.

Looking at the associated costs, you will instantly see that the USA is the most expensive place to receive treatment by a large margin and that India is the country with the lowest cost associated with medical procedures and operations.  In some cases, India can offer surgical procedures at less than 8% of the cost in the USA.  However, due to a distinct lack of funding, inexperienced staff, low quality medical and healthcare facilities, and a large amount of patients, India is not in a position to offer medical tourists the quality treatment that they deserve.

Thailand, on the other hand, while slightly more expensive than India, has become world famous for the high levels of care, professional and experienced staff, and quality treatment that it can offer to all patients in its hospitals, whether they are Thai citizens or foreign nationals.  In many cases the costs associated with Thai hospitals are equal to, or slightly more than, the costs at Indian medical facilities and healthcare centers.  However, the extra level of service and dedication to patients means that when you receive treatment in Thailand, you are able to trust the Thai medical professionals and healthcare providers the same way that you would in your home country.

This is the reason that the Thai healthcare industry has seen the large amount of development and investment that it is currently experiencing. Over the last four years, the entire healthcare sector has seen approximately 54% growth, with a further 21% development expected by 2008. This means that the medical industry, and more specifically the healthcare facilities and hospitals in Thailand, are outpacing the entire Thai stock market earnings by 110% to 120%. The huge growth seen in this industry is mainly due to the almost 2 million overseas patients that annually visit the kingdom for the express purpose of receiving medical care and treatment.

Of the total visitors nearly 18.5% are Japanese, 7.8% are from the Middle East, and the rest are from a number of miscellaneous countries, including the USA and Great Britain.  People from all over the world are recognizing that Thailand can offer them the care and service that they can receive in their home countries at a price that they cannot afford.  However, this does not mean that treatment in Thailand is not expensive. Treatments such as a knee Replacement can cost USD$13,000 and upwards and it is rare for an average person to have that much money in disposable assets. 

Compile that with the fact that many of the best hospitals in Thailand will require all overseas patients to have some form of medical protection and it becomes evident that, even though the costs are much lower than elsewhere in the world, a quality medical insurance plan is a necessity. The worldwide medical and healthcare industry is experiencing rapid inflation.  Basically this means that the costs associated with healthcare are rising at the fastest rate ever in every single country around the world. This means that, even in countries such as Thailand, costs are still likely to be too high for the average individual to afford out of pocket.

Bearing the burden of costly medical expenses can be hard. With the cost of treatment rising all the time, out of pocket payment can put a major strain on your finances. A quality international medical insurance policy will protect you from the high costs associated with the healthcare industry, no matter where in the world you may be located.  By providing you with this protection, you have the ability to truly experience your time overseas as an expatriate in the modern age should.

International medical insurance plans are comprehensive, portable, and guaranteed renewable for life. This means that should you ever suffer from a serious chronic condition or decide to relocate away from the country in which you are currently residing, the plan will continue to provide you with the care and treatment that you deserve with no risk to yourself of being denied continuing coverage.  Additionally, international medical insurance premiums are calculated based on the age of the policyholder and their geographic area of coverage rather than on their claims history. This means that, no matter how much medical treatment you claim for, you will always pay the same premium as every one else in your age group.

For many people, the key aspect of an international medical insurance plan is the fact that the policies are globally portable.  This means that if, for instance, you have relocated to Thailand and decide to receive treatment in the USA, then you are able to do so; or if you are in India and would like to go to hospital in Thailand then this is a very realistic option.

The Thai healthcare industry has proven in recent years that it has the ability to compete with already established medical markets by providing quality service, high standards of treatment, and experienced staff and resources.  Coupled with the much-lower costs associated with healthcare in Thailand, the country has seen its healthcare industry grow and thrive in an increasingly overcrowded industry.  The key issue is that even though the costs of treatment in Thailand are currently much lower than in many other countries, those costs are still relatively high for the average individual to bear on their own.  It is also important to remember that due to the worldwide phenomenon of medical inflation, global treatment costs may see an even more dramatic rise in the years to come. 

The only way to protect yourself and your loved ones while overseas, and to ensure that you receive the quality healthcare and treatment that you deserve, is with an international medical insurance plan.  Think about taking the steps to protecting yourself today. 

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