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September 13, 2011, 2:01 pm
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Global Health Voyager, Inc. Introduces New Options to Use Health Savings Accounts for Medical Travel

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Global Health Voyager, Inc. Introduces New Options to Use Health Savings Accounts for Medical Travel

BEVERLY HILLS, Calif. – September 14, 2011 – Global Health Voyager, Inc. (OTCBB: GLHV), a full-service, web-based, medical tourism facilitator, today announced that it will now offer its medical travel programs to Health Savings Accounts  (HSA), a tax-advantaged medical saving account available to individuals covered by High-Deductible Health Plans (HDHP) established in 2003.  This initiative gives GHV first mover advantage in the medical travel marketplace, and marks the Company’s entry into large-scale, business-to-business medical travel transactions.

“HSA account holders will now have the opportunity to take advantage of a medical travel option and access high quality healthcare services at significant savings virtually anywhere in the world,” says Ali Moussavi, president and CEO of Global Health Voyager.   “Medical travel promotes the advantages of personal choice, an underpinning of HSAs, and we look forward to expanding these opportunities for all Americans.”

The funds contributed to an HSA account are not subject to federal income tax at the time of deposit, roll over and accumulate year to year if not spent, and may currently be used to pay for qualified medical expenses at any time without federal tax liability or penalty.  According to a recently released report from the trade association America’s Health Insurance Plans, the number of people with HSA Plans has nearly doubled in the past three years. This year, about 11.4 million U.S. residents can use the tax advantages of an HSA.

“HSAs apply to anything where the services purchased qualify on publication 502, issued by the IRS,” adds Moussavi.  “Of course, individuals will have to ascertain what percentage of the money spent on medical travel is credited towards satisfying their deductible.”

HSAs allow patients to receive needed care without a gate keeper to determine what benefits are allowed, and make consumers more responsible for their own health care choices through the required High-Deductible Health Plan.

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5 Responses to “Global Health Voyager, Inc. Introduces New Options to Use Health Savings Accounts for Medical Travel”

  1. Travis Middleton | September 14, 2011 at 12:01 pm

    The two biggest problems that will arise from using a domestic policy for healthcare outside of the United States are:
    1. Verifying coverge with the domestic insurer carrier and pre-certifying any elective medical procedures
    2. Depending on the covered individuals policy the insurance carrier may reimburse on an out-of-network basis. On an out-of-network reimbursement the covered individuals deductible may be higher, the co-insurance may be a lower percentage and higher out-of-pocket and the claim may be paid on usual and customary leaving a surprising larger amount not covered by the insurance.
    The coered individual would want to talk to their insurance carrier, Human Resource Department, or insurance agent to check what is covered and not covered.
    A HSA and high deductible can be used but the use of the HSA funds should be thoroughly vetted prior to utilizing these funds for medical procedures.

  2. Gavin Menavusar | December 21, 2011 at 6:04 am

    The trend in medical travel mirrors developments in US health care policy to measure health care outcomes to determine which health care is effective, safe, and of high quality.

  3. Nathaniel Chandter z | December 24, 2011 at 3:33 pm

    The UnitedStates alone treats health care as a commodity distributed according to the ability to pay, rather than as a social service to bedistributed according to medical need.

  4. Todd | May 31, 2012 at 5:28 pm

    Travis,
    I disagree a little with your statements. The BlueCross Association already has a program in place with an international network of hospitals that verify coverage and precert care. You are correct that an out-of-network facility may cause someone to have a higher out-of-pocket but so what. How is that any different than in the US? Better check your benefit plan.

    If someone is planning to travel abroad, they should use JCI accredited facilities and ones that have been fully vetted that fit a carrier or facilitator’s network.

    • Allan | July 18, 2012 at 9:13 pm

      One of the policies that I like from the Bush adsimintration is the establishment of Health Savings Accounts. If they a) raise the contribution limitsThe contributions are about $9.3k your insurance premium. I’ve done some serious digging and you can get policies anywhere from $40-200/month without any trouble. Do you envision needing to put more than $8.5k away each year? and b) make it available for any plan (currently only available for high-deductable plans) then I will lead a parade in support of it. It is a step in the right direction.You can pay all of your expenses out of it anyway Why do you need a lower deductible? What I have found is that many doctors’ offices will actually give you a discount if you expressly tell them that you’ll pay in cash up front.Just mention that you have insurance, but you don’t want to both them with all the forms their eyes light up.That is, unless you are among the 45 million uninsured Americans.Let’s look at the numbers here Contrary to what some people would have you believe, nearly 60% of these people are in their mid-20 s and make 50k+/year. The reason they are uninsured is because they simply choose to be.If you want to have a serious discussion about this, break down the numbers and we’ll talk.

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