#6 - The Cost of Health Care

My amigos, how nice to see you back on day 6 of this series!; Retiring in Colombia Like a Millionaire.

Today, we are going to take a deep dive into an important part of living in my beautiful country: healthcare.

As my husband Craig and I planned this part of the series, I was shocked to learn about the high price of healthcare in the United States and to find out that only a minor emergency room visit can lead to medical bills well into the thousands of dollars. Meanwhile here in Colombia, our current annual medical expenses total less than $1,000 USD*. One of the reasons our medical expenses are low is because we are enrolled in the government’s private healthcare system known as an EPS, which is more or less comparable to an HMO in the United States. Each month we pay a joint price of $96,000 COP or around $24.00 USD for coverage. Though our public health system is affordable, it is at times bureaucratic and slow, which is why we pay for some procedures out-of-pocket.

If you are wondering about prices, here are some out-of-pocket price ranges based on medical providers that we contacted in Armenia, Colombia*:

1. Physical Exam: $43 - 53 USD

2. Root Canal: $90 - 130 USD

3. Colonoscopy: $55 - 56 USD

4. Eye Exam: $13 - 30 USD

5. Mammogram: $20 - 25 USD

6. Prostate Exam: $43 - 58 USD

Moving on to quality, Colombia is ranked as having the best healthcare systems in Latin America and it is well known for having some of the best specialists and medical professionals in this part of the world (1). This reputation has caused a boom in international medical tourism in recent years (2). Medical tourists also come here to seek out non-traditional medical care such as wellness centers that offer lodging along with acupuncture, messages, mediation, and reiki. However, by far the most popular option for nontraditional medical tourism in Colombia is its volcanic hot springs, which mineral waters are believed to hold natural healing properties.

Amigos, make sure to watch our next video, where Craig compares the price of prescription medication between Colombia and the United States.

¡Chao!

*Last quarter of 2023 based on a $1.000 USD to $4,000 COP exchange rate.