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Medical Tourism: Why More Boomers Are Going Abroad For Treatment: Fred Schuler is the type of guy you’d want to have a pitcher with within two minutes of speaking to him. He’s affable and funny and is as a professional golf caddy on the PGA and LPGA tour circuit. But ask Schuler to describe the crippling pain that took him off the green and put him into a wheelchair for two months, and you can practically hear the 61-year-old wince.
That’s when Schuler turned to a solution more post-50 Americans are considering as healthcare costs continue to rise: medical tourism. According to the Report published by Huffington Post Once only something done by the incredibly wealthy, medical tourism is "really turning into something people understand," said Josef Woodman, CEO of Patients Beyond Borders, which produces guidebooks on medical travel.
The organization estimates that in 2012, 600,000 people will travel abroad for treatment -- a number anticipated to grow 15 to 20 percent annually as boomers age. A survey conducted by Patients Beyond Borders shows the jaw-dropping differences in cost. In 2011, you could pay $88,000 for a coronary artery bypass graft in the U.S., or $9,500 in India (which saw the highest average savings, at 65 to 90 percent).
For a hip replacement in Mexico, it’s $12,500 instead of $33,000 on average in the States. And for those uninsured adults -– 16.5 percent of Americans between the ages of 45 and 64 in 2010 -- that extra “$20,000-$30,000 ... can be the difference between refinancing your home” and being out thousands, said Woodman.
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