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In: Economics

Let us take an example of health care services that transcends country boundaries. Let us take...

Let us take an example of health care services that transcends country boundaries. Let us take treatment services when a patient travels to another country. How does a patient traveling to another country and paying for his/her treatment relate to national and global trade opportunities? How does an organization, in this case a health care insurance or agency, benefit from individual’s decision to cover their treatment while on international travel? Thanks.

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Expert Solution

1) When a person goes to another country for treatment, it will increase business prospects both in that country and in other country. That is, when a person is ready to go from this country to another country, then the transportation service, communication service and other allied activities will increase so that the business of that country will be increased. When the same goes to another country, there will be an increase in the activity of medical tourism, which will also increase business there through transportation, communication and other allied activities which are wholistically profitable for the business.

There will also be an increase in activities related to health and medical, such as insurance in medical, etc. This benefits both countries as trade of goods and services within and out of country Also increase.

2) When a person goes from one country to another for treatment, he will need insurance, which will increase the demand for insurance and the insurance companies will benefit from increasing competition in insurance.

Due to increasing competition, people will be able to get the facility of cheap and durable insurance easily. Due to increasing competition among the same companies, they will try to get ahead of each other in innovation and will provide new products to the people in the insurance sector, which will increase their demand in the market and thus the insurance market can get big benefit.At the same time, insurance companies can also get an opportunity to provide other facilities besides providing insurance such as travel agent and making all arrangements for that person in other country etc.

Rahul Sunny answered 2 years ago
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