Healthcare Provision in Latin America and the Caribbean

The Latin American and Caribbean countries are experiencing a growth in popularity these days. Their economy has now become more stable, and there are more business opportunities for expats. Industries like oil, copper and tourism helped the economy in the LATAM and Caribbean region to grow by 3.1% last year, whereas the global economy grew by 2.2%.  

Courtesy of www.worldbank.org

The team at Medibroker has recently won the chance to advice on a range of healthcare products serving expats in this area in the world. So, we thought we would look at the healthcare provision there.

The tables have definitely turned, and it is now the European countries that are experiencing a decline not only in employment, but in healthcare provision, due to the financial crisis. One reason may be that macroeconomic 'prudence', as economist Alicia Bárcenas puts it, is now mainstream in the region. 

However, it remains the most unequal in the world in terms of economy. In fact, Colombia only recently included the right to healthcare into its Constitution. Also, their often regressive tax systems make it really hard for governments to spend in social policies and healthcare. 

However, if locals are having difficulty in obtaining access to adequate healthcare, it might not be any easier for expats without international health insurance either. Expats should also consider the language barrier.

Why an international health insurance in the region would be useful?

Some of the reasons as follow:

• Facilities can range from poor to excellent depending on location and budget. 
• Hygiene may also be an issue, especially outside of big cities. 
• Standards of care may vary, and expats are advise to enquire if products are compliant with international standards. For example, blood screenings prior a transfusion
• Serious illnesses may require treatment in private hospitals, which may increase healthcare costs.

Well done Steve McCrady and the Medibroker team!

Thanks for reading.