Why is heart disease the leading cause of death in the Philippines?

Financial wellness that dictates food choices and health monitoring is among the factors

There’s a heart-stopping reality many Filipinos face. Medical expenses can cause bankruptcy.

Recent articles from BusinessWorld and the Inquirer noted an increase in cases of heart disease among Filipinos, even among younger adults.

Ischemic heart disease is the leading cause of death among Filipinos from January to October 2024, according to the statistics agency.

The reason, researchers believe, is the rising cost of healthy food and the steady prices of processed food. As the cost of living rises, more people turn to canned and processed food.

Food, such as instant noodles and other highly processed items, keeps hunger at bay but is loaded with sodium and sugar, negatively affecting heart health. Add a sedentary lifestyle, and this unhealthy diet contributes to more Filipinos suffering from high blood pressure and elevated levels of bad cholesterol.

You may wonder why this is about financial wellness. According to the World Bank, out-of-pocket payments account for over two-fifths of the Philippines’ total health expenditures, suggesting a substantial uninsured population.

The lack of coverage leaves many vulnerable to financial hardship during medical emergencies.

The financial impact of health emergencies

Just think back on your own experiences. How many times have you paid for a medical emergency out of pocket? Let’s talk about numbers.

Household out-of-pocket payments accounted for the highest contribution among the healthcare financing schemes in 2023, trumping government and compulsory and voluntary healthcare financing schemes, according to the statistics agency. Data showed that household’s out-of-pocket expenditure was 44.4% of that year's health expenditure.

Many go knee-deep in debt when they or a family member gets hospitalized.

How much do you spend on healthcare each year? How about your family?

Practical tips to protect your health and wealth

We want to emphasize finding a balance. True wealth is about having the financial resilience to withstand life’s events – including medical emergencies. It’s best to avoid those medical emergencies in the first place. Here are some other strategies:

• Allocate a health budget: Dedicate a specific percentage of your monthly income to health-related expenses – covering nutritious food, regular medical check-ups, and health insurance premiums.
• Establish an emergency fund: Aim to save at least six months' worth of living expenses to cover unforeseen health emergencies. This fund acts as a financial buffer, preventing the need to incur debt during challenging times.
• Invest in health insurance: Explore health insurance that suits your needs and budget. While employer-provided HMO offers basic coverage, it may not be sufficient. Supplement your work HMO with private health insurance for more comprehensive protection.
• Prioritize nutrition: Allocate a portion of your budget for nutritious foods. A healthy diet strengthens the immune system and reduces the risk of chronic diseases.
• Ensure adequate rest: Prioritize sleep and rest to maintain physical and mental health. Adequate rest improves productivity and reduces the likelihood of health problems.
• Engage in physical activity: Incorporate regular exercise into your routine. Cost-effective activities such as walking, jogging, or home workouts enhance overall health and can be achieved cost-effectively.
• Seek preventive care: Regular medical check-ups can detect potential health issues early, allowing for timely intervention and reducing the risk of costlier treatments later.

Navigating rising consumer prices

Inflation can strain budgets and make it challenging to prioritize health expenses. However, maintaining health should remain a top priority. Here are some strategies:

• Reassess your budget: Review and adjust your budget regularly to accommodate rising costs. Identify inessential expenses that can be reduced or eliminated to free up funds for health-related needs.
• Adopt cost-effective health practices: Engage in activities that promote health without significant costs, such as home-cooked meals, outdoor exercises, and mindfulness practices.
• Community support: Engage with community organizations that offer health services, workshops, and support groups. These resources can provide valuable assistance at little to no cost.

Are you really wealthy?

Proactively invest in your health to enhance your quality of life and protect your financial well-being. Implementing practical strategies such as budgeting for health expenses, establishing emergency funds, and adopting healthy lifestyle habits can lead to a more secure and prosperous future.

Disclaimer: This article is for general information purposes and does not constitute formal financial advice. Always do further research before making financial decisions and seek professional advice from a certified personal finance counselor. For more information, read the Earnest disclaimer here.