4 Benefits of Having Health Insurance During the COVID-19 Pandemic

More than six months after the World Health Organization declared COVID-19 a global pandemic, the Philippines is still struggling to control the virus. As of September 2020, cases in the country have passed 300,000, with more than 5,000 deaths. While the mortality rate is relatively low, the virus’s threat is still present, with its impact hitting everyone differently.

Due to the lack of universal healthcare, getting sick isn’t just a threat to many Filipinos’ lives but also their finances. Some reported instances of COVID-19 hospital bills reached up to P1 million—more than a typical family’s combined life savings.

At a time like this, getting health insurance in the Philippines can be one of the smartest decisions you can make. Below are some of the reasons why you need to get health insurance during the pandemic.

1. Minimize medical costs

Hospitalization costs, no matter the illness, can put a considerable dent in your savings. Now with COVID-19 in the picture, bills may even bloat up further. Getting a comprehensive health insurance plan means you can be prepared for most of the hospital expenses you may incur because of the illness.

There are plans like MedLife Protect Plus that can cover up to 90% of your medical bills, so you don’t need to worry about your finances getting affected.

It is worth mentioning that insurance plans like this don’t just explicitly cover COVID-19 costs but other illnesses, as well. So, even after the pandemic blows over, you and your family can still be protected for years to come.

2. Secure your family’s future

As the years go by, the cost of living gets higher. Whatever you save up today will count towards the future you want to build for your family, including getting a new home, providing for both needs and wants, and ensuring your children will get a quality education.

COVID-19 threw off the plans of millions of people worldwide, especially financially. By staying safe and prepared, you can adapt and make better decisions to give you a better turnout in the future.

With your apprehension for medical expenses out of the way, you can go ahead and continue planning for your family’s future. You can also get that extra peace of mind that, whatever happens to you, your family will be supported with a life and health insurance plan.

With MedLife Protect Plus, policyholders can enjoy up to 90x life insurance benefits, with long-term coverage up to 80 years of age.

3. Build your wealth

Yes, you read that correctly—investing in your health can also help you grow your wealth if you choose an insurance plan with investment options tied to it. Variable Universal Life (VUL) investments come standard with many insurance policies so that you can grow your money and make your payments count toward something in the future, in case you need it.

Even healthy people have seen or experienced the effects of the pandemic first-hand through displacements across many industries. An emergency fund on standby, accessible to you whenever you may need it, is a smart thing to have.

With this kind of set-up, it’s a win-win situation: decrease any potential medical bills and increase your long-term savings funds.

4. Get motivated to stay healthy

It’s probably not every day you encounter an insurance plan that will reward you for staying healthy. This is one of the unique programs included with the MedLife Protect Plus plan. And there is no downside to this—the healthier you are, the more you can do with your life, whether that’s chasing your goals, spending more time with your family, or doing the things you love.

One of the goals of being insured is to have one less thing to worry about. Without that added stress and pressure weighing down on your shoulders, you will indeed have a more positive disposition and feel safer no matter the situation. Getting rewards for being healthy is just a bonus!

The pandemic has made people reevaluate what matters the most in their lives, including their well-being, loved ones, and financial security. This has come in different forms, like being more health-conscious, spending more time with your family, or planning your finances better.

The last step is to make sure you and your family are protected so that you can face whatever challenges in the future head-on.

Are you interested in getting more information on the MedLife Protect Plus plan? BPI AIA makes it easy for your family to get the health plan you need during this crisis. You can get in touch with any of our Bancassurance Sales Executives at our customer care hotline to learn more about our products. Stay at home and be healthy!