10 Costliest Countries for Hospital Stays
Healthcare expenses in the United States are high. For some tourists, the threat of facing a health issue abroad can be a disincentive to visiting America.
Based on a British study, these are the most costly countries for hospitalization.
The Study Shows
Staysure, a UK-based travel insurance company, used World Health Organization data to compile a list of the most expensive countries to be hospitalized in. They also polled 2,000 Brits about their travel attitudes. These are the results.
1: Monaco
Monaco is the most expensive country for a Brit to be hospitalized in. A hospital stay costs £2,400 (about $3,074) per bed per night. This is a similar price as an economy flight from New York to London.
2: Luxembourg
It costs travelers £1,500 ($1,922) to stay in the hospital for one night in Luxembourg. It’s a pricey stay, but at least you’ll have access to among the best hospitals in the world.
3: Norway
A one-night stay in a hospital in Norway runs £1,150 per bed. That works out to $1,473, which is more than the average cost of rent for a two-bedroom U.S. apartment for a month.
4: Switzerland
The cost of a hospital stay in Switzerland is £900 per night ($1,154). That’s about what a family of four spends on groceries for a month in the U.S.
5: Australia
In Australia, the cost of a hospital stay works out to £700 ($897) per night. Given the number of dangerous animals in Australia, the cost of a hospital stay might be something for all travelers to keep in mind.
6: Denmark
If you need to stay in the hospital in Denmark, it will cost £700 ($897) per night. Denmark ranks 7th in the world for healthcare innovation, though, so at least there’s a good chance you’d be in excellent hands.
7: San Marino
A hospital stay in the microstate of San Marino costs about £650 ($833) per bed per night. That’s about the price of a 16-inch Dell Inspiron laptop.
8: Qatar
In Qatar, travelers who need to stay at the hospital spend £600 ($769) per bed per night. It’s pricey, but the care is the best in the Middle East, according to the Legatum Prosperity Index.
9: Sweden
Hospital stays in Sweden cost £600 ($769) per night. That’s about equivalent to the cost of a room at the Ritz-Carlton in Waikiki Beach, Hawaii.
10: United States
According to Staysure’s study, the average cost of a Brit hospitalized in the U.S. is about £600 ($769). However, Americans who’ve seen a hospital bill or two might doubt that number. According to Healthcare.gov, the cost to fix a broken leg in the U.S. can cost as much as $7,500. As for the cost of a three-night hospital stay? That runs around $30,000.
Hospital Prices Affect Travel
Staysure’s survey found that almost one in five travelers worry about the high cost of healthcare in certain destinations. While no one wants to stay in a hospital on vacation, sometimes it’s a necessity, and travelers worry they could end up in debt.
Tourism Is Big Business for the US
Tourism is a $20.2 trillion industry in the United States. If a large percentage of would-be foreign tourists choose against visiting the U.S. because of high healthcare costs, it could be detrimental to the U.S. economy.
Not Just a Tourism Problem
Of course, the high cost of healthcare isn’t just a problem for tourists and the tourism industry. Many Americans regularly suffer from high healthcare prices. Some even put off needed medical care or choose not to fill necessary prescriptions because of the cost.
The Cost of Healthcare in the US
Compared to other countries, the United States spends an enormous amount on healthcare. Recent studies show the U.S. spends about $11,912 per person to cover healthcare costs. For comparison, the UK only spends $5,388.
Growing Rate
The amount of money the U.S. spends on healthcare is only increasing. Experts predict that just over 20% of the U.S. GDP will go towards healthcare by 2025 as more people age.
Why It’s So High in the US
There are several reasons the cost of healthcare is higher in the U.S. than it is in other countries. Administrative expenses, corporate greed, price gouging, and higher utilization of expensive medical technology are among them.
A Lot of Waste
As one Harvard researcher noted, the cost of American healthcare is about $3.5 trillion per year, but one-third of that goes to waste.
It’s Greed
Some of that waste is greed-related. Many Americans believe the healthcare industry and pharmaceutical companies are out to make money first and foremost. They tend to blame pharmaceutical companies, especially for putting profits over people.
Mostly at the Top
Studies show that the top 5% of U.S. patients account for 50% of healthcare costs. Though many assume this is because of expensive pharmaceuticals, it’s actually because of high treatment costs.
But Not Just Greed
While greed may contribute to the high costs of healthcare, it doesn’t explain everything. Even if the U.S. cut the cost of all prescription medications in half and eliminated all health insurance company profits, the gap between U.S. spending and other developed countries would fall by less than 25%.
Administration Costs
One of the other major sources of waste is administration costs. Costs go down when systems run efficiently, but it’s nearly impossible to run an efficient healthcare system in the U.S., where each insurance provider has its own unique requirements.
The Love of Healthcare
Interestingly, Americans seem to utilize healthcare more than citizens in comparable countries like Canada. Even though U.S. citizens see doctors the same number of times as their Canadian counterparts, U.S. citizens are more likely to undergo intensive screenings and treatments.
Research
Some of the healthcare costs in the U.S. are attributable to research. The U.S. pharmaceutical industry is responsible for developing many new and life-changing drugs, which the rest of the world benefits from. Policymakers fear putting caps or limits on pharmaceutical company profits and drug costs could negatively impact future research.
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