The demands of everyday life will cause you to focus and spend on things that matter in the present. For most people, allocating money for food, rent, long-term investments, and other personal needs may become the main priority while saving for emergencies, retirement, and potential hospitalizations take a back seat. Unfortunately, managing your finances this way will prove to be detrimental in the long run.
Critical illnesses can happen the moment you least expect it.
In 2016, the Philippine Statistics Authority (PSA) reported that major diseases like heart disease and stroke are among the top causes of more than 582,000 deaths in the country. These statistics alone show how crucial it is for Filipinos to prioritize their physical well-being and maintain the necessary amount of funds for prevention and potential treatment.
Preparing for a critical illness isn’t the most pleasant thing to do, but it’s a reality we all have to face.
Other than dealing with the physical discomfort it may bring, your financial condition will be a huge factor in the social, mental, and emotional strain you and your loved ones may face. Considering hospitalization, therapy and rehabilitation, medicines, and other necessary things for proper treatment, acquiring a serious disease can already cost millions of pesos. So, taking the necessary precautionary measures is a must.
Preparing for a medical crisis starts through awareness and action. In this article, we’ll take a look at critical illnesses and what you can do to stay financially prepared.