3 reasons why health insurance is key in Latin America and the Caribbean
Access to medical treatments not available in your country
Medical technology is advancing rapidly, and new treatments, drug therapies, and medical specialties are constantly being developed. However, not all countries and medical centers have the most advanced resources to make these available to their patients.
Suppose you require medical treatment that is not available in your region. In that case, health insurance plans such as those offered by VUMI® can make the difference by providing access to health services anywhere. For example, VUMI® has an extensive network of medical providers in more than 100 countries.
The case of Arsenio Molina, a VUMI® insured in Chile, is a good example. Arsenio was diagnosed with cancer and needed a very specialized surgery to remove a tumor in his lung. This intervention required state-of-the-art technology, including cameras and robots, to make minimal incisions and avoid significant damage.
“Here in Chile, there is very good medicine. However, in this case, the instruments to do that kind of biopsy of the lung were not available,” says Cristina Lira, Arsenio’s wife. Thanks to his insurance, he was able to receive top-quality care at one of the leading cancer treatment hospitals in the United States and regain his health.
Better alternative to public health care systems
According to a study by a prestigious consulting firm, there is a perception that access to public health services has deteriorated in Latin America and the Caribbean after the pandemic. Some believe this is due to multiple causes, such as long waiting times for treatment and appointments with specialists, high healthcare costs that prevent systems from effectively and quickly providing service, and low availability of medical personnel.
A McKinsey survey shows that 62% of respondents reported having deferred some health treatment in the last 12 months due to costs and accessibility problems.
The Inter-American Development Bank confirms this data. For example, in 2022, the average wait time for a hip prosthesis was 408 days in Chile and 632 in Costa Rica. For coronary bypass surgery, more than three out of four patients were on the waiting list for more than three months.
Would you be willing to wait that long to treat a major illness? With an insurance plan like those from VUMI®, these barriers disappear. You can access specialists, and schedule tests and procedures when needed. Plus, you have a service that coordinates all your appointments and benefits.
Protects insureds' finances from the high costs of complex medical treatments
Medical costs, especially for treatments and medicines for serious illnesses, are high the world over. This is due to factors such as inflation, high demand for medical services, shortages of medical personnel, and the growth of expensive new technologies and medicines.
To give you an idea, a drug such as Zolgensma, used to treat spinal muscular atrophy, can cost more than US$2,100,000 per year. This is completely unaffordable for most people. However, with health insurance such as VUMI®, patients can access state-of-the-art treatments and highly specialized medications without compromising financial stability.
