Is health insurance really worth paying for?

Interesting line from 'The Undercover Economist' by Tim Harford that I wanted to share with you

'The problem is that people who expect to have expensive medical needs-the elderly and the chronically ill, for example-will find that their insurance company does not really give them much insurance at all. Because their premiums are adjusted to take these expenses into account, they will pay more for insurance than they would for the out-of-pocket medical costs they would face without insurance' - pg 109

It would be wise to just look for an affordable place for your medical needs.

Number of Korea Medical tourists doubles in 2009

More than 60,201 foreigners, including 4,576 American soldiers received medical treatment in Korea in 2009. Their total spending was $50 million.

US (32.6%), Japan (30.3%), Chinese (11%), Russians (4.1%), Canadians (2.3%), Mongolians (2%) and Middle Eastern (1.4%)
Most of them had health checkups and pastic surgery(and skincare)
 
The number of inpatients was 3,915, accounting for 6.5 percent of foreign. The overal proportion of patients hospitalized in Korea stood at 11.4 percent last year.More women (56.6 percent) visited local medical institutions than men (43.3 percent). Of the Japanese patients, 79.4 percent were female.

By Lee Ji-Yoon

USA vs Korea Surgery Cost Chart

Surgery Cost Chart
Sugery                                USA         Korea
Heart Bypass                    $144,000      $24,000
Angioplasty                       $57,000        $19,600
Heart Valve Replacement  $170,000      $36,000
Hip Replacement               $50,000        $16,450
Hip Resurfacing                 $50,000       $20,900
Knee Replacement             $50,000       $17,800
Spinal Fusion                      $100,000     $17,350
Dental Implant                    $10,000      $3400
Lap Band                           $30,000      $9,500
Breast Implants                  $10,000      $11,000
Rhinoplasty                        $8,000        $4,000
Face Lift                            $15,000      $3,000
Hysterectomy                     $15,000      $9,000

Seoul National University Hospital

This is Seoul National University (SNU) PR film in English.
SNU is one of the top 4 hospitals in Korea

Benefits of Medical Tourism

Here are some of the benefits of Medical Tourism

1. Affordable
    As one may already know, medical procedures are very expensive in the US. It is still cheaper to get a plane ticket, book a hotel, pay for medical expenses and enjoy a tour around Korea.

2. Personalized Care
    Many providers offer more personalized care--i.e., a higher physician-to-patient ratio--than is commonly available in the united states or canada.

3. No Wait Times
    Because popular medical destinations actively recruit patients from abroad, they do everything they can to eliminate wait times, provide patients with options, and ensure optimal care.

4. Vacation + Medical Treatment
    Most of us plan vacations every year or so. Combine the two (your vacation and medical treatment)! It is a good chance for you to get your medical treatments and enjoy a nice vacation in South Korea.

Average Price Difference

- The average charge for an in-patient visit in a US hospital is$3,762.
  This is 13 times higher than that of South Korea

- The average charge for outpatients in the US is $13,000.
   This is 9 times higher that that of South Korea


Due to South Korea's Affordable health care system, the number of foreign patients has been going up from 27,480 in 2008. It is estimated that the number will exceed 140,000 by 2015.

Korea, The New Medical Hub

Korea is now on its way to becoming a new world destination for medical service