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  • Why You Should Consider Health Benefits When Looking for a Job

    05 May 2021


    Why You Should Consider Health Benefits When Looking for a Job banner

    “How much is the salary?”

    This question is probably the first thing that most job seekers consider when looking for employment. Much of this concern comes from the fact that our job is our primary source of income, so we want to make sure that it will give us sufficient earnings to survive daily.

    Indeed, salary is important, but it’s only one of the many factors you should consider when job hunting.

    Ideally, you should have health insurance in the Philippines as part of your employee benefits. Health insurance benefits are just as significant as the money you receive every payday because of the value and security you get from them.

    Here are the top reasons why healthcare is a must-have benefit for jobseekers.

    1. Healthcare in the Philippines is expensive. 
     
    Healthcare remains a major problem for many Filipinos. Getting sick is a constant cause of worry because of the high cost of medical checkups, medicine, and hospital care in the country.

    In fact, the 2019 Medical Trends Around the World survey found that the Philippines is the second Southeast Asian country with the most expensive medical costs next to Vietnam.

    Here at home, the Philippine Statistics Authority (PSA) reported that Filipinos’ health expenditure in 2019 grew by 10.9%. This figure means that, on average, every Filipino had to increase payments for healthcare goods and services, from P6,200.30 in 2018 to P6,662.20 in 2019.

    Another key finding by the PSA is that most of the spending came out-of-pocket, meaning Filipinos have to draw from their personal funds to get medical care.

    When you have access to health benefits in your job, you don’t have to worry as much if you or your family dependents get sick, as your health provider can help ease some of the burdens. You’ll be entitled to out-patient and in-patient benefits, and some packages even include other healthcare essentials like maternity benefits in the coverage.

    2. Your salary may not be enough to cover sudden emergencies.

    Medical emergencies can happen to anyone, but not everyone can cope when such a situation arises.

    Take the case of a worker who’s earning minimum wage. There is a huge deficit between the measly net pay of about P6,000 per month and the costs of sudden hospitalization, which may be broken down in average as follows:

    ●        Use of the hospital’s emergency room: P2,500

    ●        Ambulance: P5,000+

    ●        Overnight hospital stay: P2,500

    In this situation, you may find yourself either withdrawing from the savings account that took you months or years to build or seeking the help of your relatives or friends to pay for hospital bills.

    On the contrary, your health benefits as an employee can go a long way during medical emergencies, serving as your means to get immediate medical attention without causing a strain on your financial resources or needing to borrow money.

    3. Health and wellness are paramount, especially in the middle of a pandemic.

    If there’s one positive thing that can be gleaned from the COVID-19 pandemic, it’s none other than the need to prioritize one’s health.

    Staying healthy not only helps in protecting yourself and other family members from COVID-19 but can also save you from the huge costs of getting treated for coronavirus, approximately worth millions of pesos.

    On the other hand, the pandemic is a health crisis that can be addressed by a strong healthcare support system, including private health insurance from your HMO (Health Maintenance Organization) provider.

    Hopefully, it won’t be long before the vaccines against COVID-19 reaches every Filipino, but it’s vital to have guaranteed healthcare coverage that can lower your medical expenses should you get sick prior to inoculation.

    4. You can have an ideal quality of life.

    The lack of health benefits to cover medical expenses can lead to catastrophic health expenditures, which refer to health spending beyond what a household can afford.

    Simply put, if you’re spending a large percentage of your income—or anywhere from 10% to 40%—on health care, you’ll need to tighten your budget even more by reducing your allocation for living essentials like food and transportation allowance.

    However, in sacrificing these basic needs, your living standards take a hit. And so, you may be forced to incur debt or sell some assets to improve your situation.

    If you have health benefits courtesy of your company’s HMO, you can avoid having to make catastrophic payments. Better yet, have enough financial capability to support the daily living expenses of your family.

    Health Benefits as a Job Perk

    Unlike your salary, health benefits should be non-negotiable. This type of employment benefit can make all the difference to sending a family member to routine medical checkups, having the money to cover emergency expenses, and ultimately, saving the life of a loved one.

    Therefore, before signing off on an employment contract, take a moment to discuss with your future employer how important it is for you to have health benefits on the job.

    It also pays to be insured by BPI AIA's comprehensive health insurance plans. Schedule a virtual appointment with a Bancassurance Sales Executive today.

    Live Longer, Healthier, and Better

    Invest in both your health and wealth with BPI AIA Wellness Series

    AIA Vitality

    RECOMMENDED PRODUCTS

    Life Ready Plus

    Protection

    Get the power to protect yourself and your family with an affordable life insurance plan. Life Ready Plus is easy on the budget, but offers coverage of up to 30 times your yearly payment to support the financial needs of your loved ones.

    The plan gives you fast access to coverage and benefits and can match your long-term financial goals when maintained within an appropriate term.

    Philam Life Vitality

    Critical Care Max

    Health

    Critical Care Max will help you make more memories by providing financial aid during the early stages of a critical illness. This unit-linked life and health insurance plan offers assistance on your recovery. You can build a health fund that grows over time, depending on your chosen investment, to pay for other medical costs.

     

    In addition, it comes with a hospital confinement benefit that will replace lost income due to hospitalization. This daily cash benefit may also come with optional benefits like cash payout for surgery-related expenses, allowance for consultation fees, and many others.

    Philam Life Vitality

    Build Estate Plus

    Life Protection

    Let your loved ones enjoy the fruits of your labor even when you’re no longer around. Build Estate Plus is a unit-linked protection plan that will cover your estate taxes after your passing so that you can ease your family’s burden.

    It doubles as an investment savings fund that builds Account Value as you pay. It is also integrated with AIA Vitality that provides additional upfront coverage of 20% to your policy and add-ons.

    Philam Life Vitality

    CRITICAL CARE PLUS

    Health

    Be in good hands in times of sickness. Let Critical Care Plus, a unit-linked health and life insurance plan, take care of you with financial aid in case of a major illness, so you can focus on getting better and spending more time with your loved ones.

     

    It even gives you more benefits for having good health through the AIA Vitality program that adds 20% upfront coverage and supplemental benefits on your policy. 

     

     

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