The Top 5 Frequently Asked Questions on Finances for Medical Tourism!
1. Why are prices for medical tourism so much less than at home? The cost advantage evolves from the lower cost of living and wages paid in most destination countries as compared to North America.
2. How is payment handled for the trip and the surgery? Your air tickets, hotels and deposit for surgery must be paid in advance through Global Healthcare Connections Inc. We will be pleased to provide you with specific payment information once you have decided on the service provider, facility, and choice of travel date. Full financing for Canadian citizens is available for your medical trip; please let us know if you would like us to help with financing options.
3. Can I seek reimbursement through the government or my private medical insurance for medical travel? Not generally and especially if it is an elective surgery. There may be special circumstances; you will have to check directly with your private medical plan administrator for private insurance, and if you are looking for support from the Canadian Government, all requests for support are reviewed on an individual basis and expenses for healthcare outside of Canada must be pre-approved prior to travel.
4. Are the costs of medical services outside of Canada tax deductible? If you are incorporated there is a legal way to deduct up to 100% of your out of country medical costs. For individuals, your tax relief is limited to the amount by which your expenses exceed 3% of your income. Always seek the guidance from a chartered accountant for allowable income expenses.
5. Do I have to pay any fee for their services? Generally, no. We receive a contracted service fee from the medical providers in our network.
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