Put yourself at ease by protecting those you love
09 July 2021
For many Filipinos, getting health insurance may often come across as intimidating because it seems complex. Some also assume that you won't need one so long as they are currently under an HMO plan at work.
While HMO plans provide you with some benefits, they cannot permanently save you from alarmingly high medical bills. Additionally, they cannot help you pay off any debt you may owe hospitals after receiving medical treatments or consultations.
Many people often struggle to find proper medical help due to the notoriously expensive cost of healthcare in the country. Its prices are so extreme that the treatment for a single critical illness may be enough to make you go bankrupt.
Hospitals and medical centers often charge fees for several factors, including doctor fees, room charges, emergency room fees, medicine, food, and equipment fees. Other hospitals may also charge you extra costs for calculating insurance and processing other payment methods.
With the COVID-19 pandemic still ongoing, many people are looking to save up their resources for the future rather than using them now. However, to properly prepare for what life can bring you, having good health is a vital asset to maintain
Watching over your health includes finding a good health plan that helps you avoid financial debt. However, before you sign up for insurance, it is vital to understand how health insurance in the Philippines works, what factors affect its price, and more.
How Much Does Health Insurance Cost in the Philippines?
Having health insurance provides you with the right to cash in a significant lump sum amount for covered illnesses under a given policy. After a stated period, you can claim this money to help you cover medical expenses and avoid unexpected expenses during an emergency.
While this sounds appealing, you must also be wondering what this is going to cost you. On average, Philippine health insurance can start anywhere between Php1,400 to Php60,000 annually, depending on which provider you sign up with.
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.
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.
Health Insurance Over Hospital Debt
The cost of health insurance often puts Filipinos off from getting the proper medical care they need. As a result, many often struggle to afford the proper medications and treatments when an illness or disease occurs.
However, having the right health insurance plan can help you from unexpected medical emergencies and prevent you from going into debt. Once you understand what affects the cost of premiums, you can easily filter out what insurance plans will benefit you the most.
BPI AIA provides a simple application process to ensure you get the right health insurance plan even in the middle of a global pandemic. To know more about its offers and other information, contact a Bancassurance representative online today.
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