Medical tourism is when people travel to other countries for healthcare services. Traditionally, those in countries with less capable medical care would go to higher-quality healthcare facilities in countries with more capable medical care. More recently, there is a speedily growing trend of individuals seeking medical care in places because of the cost savings and/or the superiority of treatments.
With the interest and likely boom in comprehensive longevity planning, the world of medical tourism is inclined to meaningfully change. According to Daniel Carlin, M.D., founder and CEO of WorldClinic, one of the foremost concierge healthcare firms and a pioneer in comprehensive longevity planning, “The wealthy throughout the world are aging and are looking for ways to live substantially longer and healthy lives. This demographic is driving the appeal and consequential growth of comprehensive longevity planning. For those who can afford it, especially families that are incorporating potential future healthcare and rehabilitation costs in their financial plans, the ability to access the best medical care, wherever in the world it might be, is essential.”
Healthcare contingency planning is a cornerstone of comprehensive longevity planning. This incorporates, for example, the steps that can mitigate genetically identified possible illnesses. It also includes taking action to be prepared to medically address these or other illnesses from knowing just where to go and gaining expedited access to these premier healthcare services.
For most of the super-rich the costs associated with “money no object” medical tourism are inconsequential, this is rarely the case for many other wealthy families. Thus, a rising number of wealthy families are engaging wealth managers and tax experts to provide financial analyses and solutions to deal with these possible healthcare costs. “We are finding that even the very wealthy can benefit by overlaying financial and tax strategies into their healthcare contingency plans,” says Rick Flynn, managing partner of FFO Business Management & Family Office and author of The High-Functioning Single-Family Office. “When it comes to medical tourism, the expenses can multiply very quickly. By evaluating the financial implications and preparing for them, the wealthy can often significantly mitigate costs without ever having to sacrifice the finest in medical care.”