By Conni Nelson, Satori World Medical

Faced with the unrelenting rising costs of healthcare in the U.S., affordable medical insurance remains a critical issue for millions of early retirees (ages 55 to 64) who are not yet eligible for Medicare benefits. Currently there are about 80 million baby boomers heading towards retirement, and an estimated 3.8 million early retirees and dependents that rely on their employer for some sort of health insurance.

But with medical costs increasing at staggering rates and more companies significantly scaling back on retiree health benefits, the status of employer-sponsored retiree medical coverage has become an issue of considerable concern.

In fact, according to Reuters, a recent study conducted by Fidelity Investments, the world’s largest mutual fund company since 2002, the amount retirees need to cover healthcare costs has risen 6 percent a year on average in the U.S. — about double the average U.S. inflation rate in that period.

In response to the rising costs of healthcare and loss of medical benefits into retirement, global healthcare benefit programs are becoming an intriguing option for more U.S. companies due to the enormous cost savings available on high-quality medical care in other countries around the world.

For instance, heart surgery in Singapore, Thailand, or Turkey costs anywhere from 40 to 80 percent less than in a U.S. hospital (including the costs of travel, hospital fees, etc. for the patient and a travel companion). Meanwhile, the quality of care delivered rivals many leading U.S. hospitals.

These hospitals are accredited by the Joint Commission International (JCI), the global arm of the organization that accredits U.S. hospitals. They have U.S./U.K. trained and Board Certified surgeons, medical staff that is fluent in English, state-of-the-art amenities, and the latest innovations in medical technology and techniques. Many of these hospitals even have direct affiliations with top U.S. hospitals and medical universities, such as Johns Hopkins, Harvard Medical and Tufts University School of Medicine, to name a few.

Many common procedures that early retirees need, such as orthopedic and cardiac procedures, are eligible for reimbursement from their employer via a tax-advantaged Health Reimbursement Account (HRA). These funds can then be used to cover the patient’s future medical expenses for years to come. Specifically, under Satori World Medical’s proprietary business model employers will fund a portion of the savings to their employees through a HRA and, as an added incentive, waive all out-of-pocket costs including co-pays and deductibles when an individual selects the Satori Global Network™ for their medical procedure.

As a result, not only does the employer and payor receive a financial benefit through dramatically reduced healthcare expenses, but the employee does as well. This offers early retirees a real and meaningful financial incentive to opt for receiving medical care outside the U.S. Meanwhile, there is no cost to the employer or plan sponsor to provide this benefit option to retirees as part of their existing employee health plan design.

As healthcare costs continue to escalate and more Americans are heading toward retirement, there is now more than ever a need for cost effective alternatives to delivering healthcare.    With high-quality healthcare available outside the U.S., thousands of dollars in out-of-pocket expenses that consumers can save and an economic benefit of $5,000-7,000 on the table to offset future expenses, medical travel is becoming a more attractive alternative for many Americans.