How Much Does Health Insurance Cost in the Philippines?

Factors that can affect health insurance costs

The cost of health insurance in the Philippines also depends on several factors.

1. Age of the client
Insurance companies often factor in your age to determine how much you need to pay for your insurance plan.

Younger clients generally have cheaper payments because they are least likely to develop any health conditions and illnesses. However, older clients are charged with higher-priced premiums because they are more likely to be sickly and require medical treatments. 

2. Pre-existing conditions
Your past medical records play a vital role in determining the price of your premiums. If you show no pre-existing disease or health problems, your health insurance cost will be significantly lower. 

If you have existing conditions, such as cancer, diabetes, or asthma, your insurance may be higher than the regular price. 

3. Maximum coverage or benefit 
Different insurance companies will also provide different annual limits reflecting the insurance plan you pick out. They may also offer multiple options. For example, BPI AIA provides insurance plans that cater to different needs at an affordable price.

All health insurance plans also cover basic benefits such as lab tests and annual checkups. However, some companies may also offer "add-on" benefits that you pay extra for, such as maternity and dental care.

4. Inpatient and outpatient treatment
Several health insurance plans often cover inpatient and outpatient care. But because of the COVID-19 pandemic, the government and several other insurance companies have revised their policies to reflect the situation. 

Insurance companies such as PhilHealth now offer case-based payment of benefits for COVID-19 patients. Those considered a confirmed case can receive benefit packages ranging from Php43,997 to Php786,384. Similarly, private companies are offering COVID-19 packages and benefits at affordable rates. 

5. Emergency services
Emergency care is another benefit that most basic health insurance plans offer. The coverage for this factor can be applied when you need to receive immediate care in the event of an accident. 

Insurance plans that have more comprehensive coverage will be priced higher compared to basic plans. However, not all plans cover all forms of accidents or injuries.

6. Other policy riders
Health insurance premiums that cover a longer duration will typically cost less compared to a short-term plan. Simultaneously, you get more cost savings from this in the long run

Different plan categories can also affect the cost of your health insurance, such as individual or family plans. Most insurance policies allow adding one dependent to your plan with the same coverage for a higher premium cost.

7. Coinsurance
Coinsurance is generally expressed as a percentage that you will have to pay once a deductible has reached its limit. These terms apply once you have already reached the out-of-pocket amount stated in your health insurance policy. The additional amount you pay for this benefit is determined by the limit your insurance company sets.