The decline of the value of the American dollar vs. other major world currencies has prompted more than one prospective medical tourist to ask me if “it is still worth it” to go out of the country for medical care. The very short answer is: “Yes, it is still worth it.” The dollar has not declined nearly enough to offset the enormous gap between prices for medical services in the United States and medical tourism destination countries.

But it is worth a closer look, because currency exchange rates do have an impact on costs of medical travel to and from different countries.

The dollar has declined sharply in the past two years against other major world currencies, which generally has the effect of making foreign goods and services more expensive for people who are spending dollars, whether in the U.S. or when they travel abroad. In a feature article in the New York Times on April 21, “If Only the Dollar Were Stronger,” Americans who are living overseas talked about how the fall of the dollar has eroded their buying power. Healthcare costs, the article said, has hit Americans who have retired overseas hard:

“Americans think that health care anywhere but in the U.S. is cheap,” said Daniel Prescher, publisher of International Living, a monthly magazine focused on living overseas. “Yes, it’s less expensive, but when you need it often as a resident in a foreign country, it’s something you still need to plan for as part of your budget.”

Note that this is rather a general statement, and that living abroad as a retiree who must pay out of pocket for regular health care is not at all the same as traveling abroad for one-time surgery or care. Specifically, much of the consternation about the falling dollar is about how it has fallen vis-à-vis the Euro, to record lows recently, with little prospect for recovery in the near term.

But the value of the dollar has not fallen as drastically vs. the currencies in medical tourism destination countries and, even where it has fallen, prices for medical services, surgery and dental treatment have remained at a drastic discount from those in the United States.

In Costa Rica, a prime destination for medical tourists, the dollar has been relatively steady against the colon. In fact, the dollar has risen in value vs. the colon for most of the last decade, and prices of medical services to tourists have remained quite stable. Real estate prices have ballooned in recent years in Costa Rica, but not the prices of dentistry and plastic surgery.

The dollar has fallen against the Mexican peso in recent months. However, one can see from the graph below that the drop is anything but precipitous and that the exchange rate now is about the same as it was in 2003 and again in 2006.

What about the Far East? The currencies of Thailand, India and Malaysia — all strong medical tourism destinations — have risen in value vs. the U.S. dollar over time. The chart below is for the Indian rupee vs. the dollar:

The rupee is about 15 percent stronger vs. the dollar now as compared with two years ago, as are the Thai baht and the Malaysian ringgit. However, prices for medical travelers in those countries have remained among the most affordable in the world.

Does all this mean patients who contemplate traveling overseas shouldn’t bother paying attention to currency rates and fluctuations when choosing a destination? Of course not. If the quality of care and the travel and medical experience in two countries are perceived as being comparable, a difference in cost can be a deciding factor in choosing a destination. Consumers weigh costs as a major factor in choosing care overseas, but it is not the only factor.

But the difference in price between medical care in one’s home country and that in medical tourism destination countries continues to be the main reason patients seek surgery, dental treatment, medical care and procedures far from home. For U.S. patients, the good news is that the declining dollar has not made medical travel a less attractive option than it has been for a number of years now.