Preparing for your medical needs

Besides giving you stress and mental anguish, an unforeseen illness can leave you emotionally and financially drained because of the expenses it would incur. By setting up an emergency fund or getting a suitable health insurance plan, you can be prepared for sudden medical expenses while keeping your savings intact.

Health is wealth

It may be cliche, but it’s true. When your health suffers, a portion of your hard-earned money has to go into the necessary treatments.

Money can't exactly buy you good health, but if you plan your finances well, you can be ready for the expensive costs of healthcare in the future. Often, it's as simple as having emergency savings prepared or getting medical insurance.

Create a savings fund

Emergency funds can help you pay for the costs of medical services, either in part or in full. By setting aside money in your monthly budget for a rainy day, you can cover thousands in medical bills should the need arise. Many medical providers are also willing to negotiate payment plans if you can’t pay your bills upfront.

A good rule of thumb is to have at least three months' worth of your income in your emergency fund. Of course, the more money you can save, the better.

Determine an amount you can put each month toward your emergency savings. Treat your medical emergency fund as if it's an important bill. Don't touch it for any other reason so it's always there when you need it.

Additionally, you can keep your funds safe and secure by opening a dedicated emergency savings account at Metrobank.

Sign up for medical insurance

Getting medical insurance is a good way to prepare for the financial side of a medical predicament. While Filipinos are entitled to health care assistance from government organizations and public hospitals, sometimes it is preferable or even necessary to turn to private hospitals for certain conditions or emergencies.

Signing up for medical insurance gives you and your family plenty of benefits, such as:

• Coverage for expensive medical costs. According to the Philippine Statistics Authority, 47.9% of the country’s current health expenditure is paid out-of-pocket. This is either because these expenses aren’t covered by medical insurance, or the policy of the medical insurance was not enough to cover the expenses incurred. A good health insurance plan helps you avoid paying for expensive medical bills out of pocket.
• Lost income replacement. If you or another working member of the family couldn’t report to work due to medical emergencies, medical insurance can cover some of the income lost. This provides your family with a daily cash allowance to cope with expenses while your income is compromised.
• Peace of mind and financial security. Medical insurance keeps your family financially secure during trying times. You also have the luxury of knowing you have a financial resource prepared for medical emergencies.

Keep your health and wealth safe with Metrobank

With a good medical insurance plan, you have a financial cushion to help prevent depleting your savings in times of medical emergencies. This allows you to use your savings for other things such as buying a car, getting a home loan, investing in your child's education, and planning for retirement.

Do not hesitate to contact Metrobank for any questions or inquiries on how you can secure your family’s health and future today.