5 reasons why you should get a health protection now

  • Health insurance covers medical expenses, including doctor’s appointments, hospitalization, medication, lab tests, and surgery.
  • It helps to protect you against financial ruin; to prevail over lifestyle-related diseases; to shore up your existing coverage; to build savings, and it gives overall peace of mind.
  • Get protected for as low as PHP 1,200.

Imagine you fall ill and are hospitalized. One of your first concerns, other than recovery, is “how much am I going to pay for this?”

You’re not alone. According to the 2019 Wellness Index, about 40 percent of Filipinos are unsure if they can afford healthcare services. With the average cost of treatment during hospital confinement at around PHP 21,400, not every Filipino can pay for long-term hospitalization.

The global coronavirus pandemic has made Filipinos painfully aware of their vulnerability to illnesses. It’s likely that many of the infected patients do not have any form of insurance, particularly for health.

Health insurance is one of several types of insurance products and is one of the most well-known personal insurance.

What is covered under health insurance?

Depending on the specific plan you get, it can cover medical expenses, including doctor’s appointments, hospitalization, medicine, laboratory tests, and surgery. It may also have pre-defined benefits covering specific illnesses. It’s also popular because of its low cost of entry, starting at around PHP 1,200.

There are numerous reasons for investing in health protection now. But here are five reasons that will convince you:

Protect yourself from financial ruin. You are one accident or disease away from going into debt. With healthcare inflation rising at 13.7 percent in 2019, your ability to pay out-of-pocket may not suffice as you grow older. Many stories abound of patients surviving COVID-19 only to be greeted by skyrocketing hospital bills, some reaching millions of pesos.

Prevail over lifestyle-related diseases. Health insurance also comes with several benefits, such as free or discounted annual check-ups and consultations that can help catch lifestyle diseases at the onset. There are discounts for medicines, too. In case of accidents, your insurance may also cover emergency ambulance response.

Prepare for inadequate coverage. You may be covered by PhilHealth or by your employer’s health coverage benefits. But these are limited in scope and amount. By buying your own health insurance, you can shore up your ability to pay for more of your medical bills.

Preserve your savings. Without health insurance, your lifelong savings may all go to just paying for a few days in the hospital, equipment use, doctor’s fees, maintenance medication, home care services, and a host of other requirements during your recovery. Some health insurance can also pay you back a lump sum equivalent to your total paid premiums once you reach a certain age, essentially setting up your savings.

Peace of mind. Whether there is a new pandemic or you suffer from any of the major illnesses, knowing that your hospitalization and medical bills are covered gives you comfort not just for yourself, but also for your family.

If you’re looking at other insurance options, do check our infographic on the key differences between health insurance and life insurance.

Insurance is the next step towards learning financial management. You can start by saving for the rainy days and getting insurance coverage. Open a Metrobank account now to get an AXA Protect Package that comes with a one-year personal accident insurance worth PHP 100,000, hospital benefit worth PHP 5,000, and free access to AXA Rescue Line. Find out more by visiting https://metrobank.com.ph/AXA-personal-accident-insurance

Check out other insurance products that fit your needs by visiting https://metrobank.com.ph/protect-life and https://metrobank.com.ph/protect-health

This article is part of a collection of stories and practical financial tips that are published with the goal to help people learn from the experiences of others, and to pick out lessons on personal finance and sound money habits beyond the pandemic.