by Kevin Brass

The Costa Rican government is promoting a plan to help developers build projects centered on health care facilities for foreign retirees.

New developments would offer clusters of services, including nursing and research facilities, catering to senior citizens looking for an inexpensive alternative to medical care in their own countries

In the wake the global economic slowdown, health care centers are an opportunity for developers to “change strategy,” Minister for Competitiveness and Regulatory Improvement George Woodbridge told La Prensa.

Retirement communities generate “two to three times” the revenue of traditional tourism and real estate projects, Woodbridge said. A population of 10,000 retirees could produce 40,000 jobs and $340 million in foreign exchange, the government estimates.

Last year, medical tourism attracted 30,000 visitors to Costa Rica, according to government data. That number is expected to increase as health care costs continue to rise. The U.S. is expected to generate 1.3 million medical tourists in 2011, according to a report by the Deloitte Center for Health Solutions, which ranks Costa Rica in the top 10 destinations for medical tourism.

Until recently, most of the traffic in the past has been young people looking for cosmetic surgery and dental work, not seniors, Deloitte says.

“With health care at the center of attention in the U.S. this concept could certainly gain ground if implemented properly,” Panama developer Sam Taliaferro notes in his Panama Investor Blog. “If Obamacare gets legs one area that you can be sure will be left out in the cold is alternative health care practitioners. I bet they will head south with technology and skills.”

(For the record, the World Health Organization ranks Costa Rica’s health care system at 36th in the world, one spot ahead of the United States.)

If there’s a way to save money, you can bet the insurance companies will be interested . . .

Dental tourism has become increasingly popular lately, especially with consumers feeling the pinch of the recession. Mexican clinics target US patients. Eastern European practices treat British nationals. It’s big business these days, with Latin America, Eastern Europe and Asia offering low-cost dental care to international patients.

We talked recently about how a British company is offering limited dental vacation insurance to protect patients from medical mishaps while they’re out of the country. Well, an American insurance company has now upped the ante!

Based in South Carolina, Companion Life Insurance Co. offers standard insurance products – and now, a little something more for dental patients.

They are adding an “international treatment option” to every one of their US dental plans.

“International Treatment Option”

Here’s what that means: Companion has added three Costa Rica dental clinics to their network.

An offshoot company, Companion Global Dental, will make all travel and treatment arrangements for American patients who want to go to Costa Rica to save money on dental care.

“Do you need dental work? If you’ve priced it lately, it may have come as quite a shock. Companion Global Dental is your gateway to affordable dental care. We give you access to dental services in Costa Rica, where you can get dental care at a fraction of the cost you would at home.”

It’s the standard dental tourism pitch — but this time it’s coming from an American insurance company!

In a press release, Companion Life’s vice president of field marketing, J.C.Preas, said:

“We believe we are the first national dental insurer to provide international travel and care as a value-added option on all of our policies. This option will allow our members to get the dental treatment they need at a credentialed facility, to save significantly on out-of-pocket costs, and even combine an exciting vacation with their dental treatment.”

Doctor, you probably provide excellent quality of care, but you cannot compete with the prices offered by international dentists.

And I know many dentists have no love lost for insurance companies.  But take a moment to imagine: What would happen if all dental insurance companies decided to encourage patients to become dental tourists?

Dental tourism has the potential to change the face of dentistry as we know it. No longer are your competitors located within driving distance… Your competition will be across the entire world.

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