The Lockton Companies (Singapore) Pte Ltd has launched an insurance product to cover the cost of medical complications for medical travelers receiving surgery abroad in collaboration with QBE International Ltd, the underwriter of the new product.
“Scope, Insurance for medical complications is now available online for medical travelers at www.locktonmedical.com,” said the bulletin
Lockton explained that for the “past few years, medical tourism has become a phenomenon and the availability of budget airlines has greatly contributed to this trend. Today, it is common to travel half way around the globe to take advantage of surgery available at a fraction of the price at home. However, such surgery will always come with an element of risk which could lead to additional cost and this new product provides the additional assurance for the traveler.”
Tony Mitchell, President of Lockton Singapore also noted: “Today around 75 percent of medical travelers organize their medical travel through the Internet. They take care to buy travel insurance in anticipation of flight delays and baggage loss, yet neglect to consider the biggest potential risk: insurance for their surgery”
Lockton said its Scope, Insurance for medical complications “covers and reimburses expenses related to medical complications due to surgery. Indeed, it is not uncommon to spend a few more days at the hospital as an operation requires additional care and often these cases lead to unexpected expenses that may completely negate the financial advantage of seeking treatment abroad.”
It also “covers patients during and after their surgery and for the duration of the stay in the destination country. Patients also have the option to purchase additional cover so as to provide a more comprehensive insurance plan:
— additional 60 days protection on return to their country of residence
— to reimburse certain legal expenses relating to medical malpractice claims that they bring against a medical institution or medical practitioner.”
The policy “is available for individuals from 21 to 69 years old, including those with pre-existing medical conditions such as asthma or high blood pressure,” the bulletin added. “Residents from most countries around the world (excluding USA) travelling to accredited hospitals are eligible.
Scope, Insurance for medical complications covers more than 100 surgical procedures including liposuction, breast augmentation, Lasik, dental implant, knee or hip replacement just to name a few.
Mitchell added: “In some cases the probability of medical complications can greatly exceed 10 percent depending on the surgery type and we want to give opportunity to most to purchase an affordable insurance so as to travel with peace of mind. For instance, an English resident needing a facelift in Thailand will only pay a premium of $389 for a complete package covering up to $100,000 of additional cost arising from medical complications.”
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