It’s a waste of money. That’s what most people think about health insurance. But it is also expensive to get hospitalized. That’s why this early, I suggest that you look into the average health insurance price and see if you can fit it into your budget.
A PIDS report indicates that recent studies show that Filipinos spent Php 9,800 for health related services in the past years. If you have a critical illness, expect this to be higher, maybe reaching millions.
Monthly Rate of Health Insurance
The monthly price of health insurance usually starts from Php 3,000. But note that this is my rough estimate because I’ve seen some people having to pay up to Php 5,000 per month. They include full coverage of almost all diseases and expenses if ever the policy holder gets hospitalized.
Most insurance companies will require that you pay every year. When you receive a quote, you have to settle the amount that will cover the upcoming year. You just have to divide the actual rate by 12 so you can get the monthly cost.
I noticed that most agents will not give you a direct price quote. They usually want to have a meeting with you before they provide a monthly cost for protection. Sounds practical because each one of us has a different preference and needs.
The more benefits and coverage we want, the higher the monthly or annual price will be. There is also an option to add “riders” and investments so you need to tell this to the agent.
Good Health Insurance Products
Let me give you some choices where you can avail of health insurance even if this is your first-time.
AXA Health Start
You can be protected against critical illnesses with its offer of about Php 1,500 a month. There is also an option to join your family members and protect them against stroke, heart attack and cancer.
The payment term is either 10 or 20 years. If you wish to share the protection, there is an option for a joint account. You may attach one sibling, parent, or spouse. With its 24/7 consultation through MyPocketDoctor, there is peace of mind for you.
Sun Fit and Well
This offering from Sun Life covers you against advanced stage cancer. There is a 50% additional benefit of your policy’s face amount.
The good thing is you can pay in 5, 10, 20 years with a fixed amount. It is also convenient because it offers monthly payments aside from annual and quarterly modes. If you are on a budget, then its monthly rate will be a good option.
InLife Resilience
It is a good health insurance plan because of its lump sum cash benefit when you are diagnosed with critical illness. You can use this cash for just about anything like paying for medicines, private care of other medical products.
The payment period is 10 years and based on its data, an annual fee of Php 54,080.00 is paid under the critical illness extra mode. This means the monthly cost is around Php 4,506. This rate is computed for a 35 year-old female.
Is it different from HMO?
Yes because health insurance will cover more of your problems. HMOs have limitations when it comes to coverage and I’ve seen that the maximum they can pay is Php 250,000, subject to terms and conditions.
A comprehensive insurance is more expensive but gives more coverage for your needs in the future. HMO plans are cheaper but are usually limited within a year.
How long do I need to pay?
It is up to you. You see, coverage will depend on the number of years you want to pay for your policy. Some are comfortable with 5 years, others in 10 years. The actual monthly rate will depend on the duration of payment too.
There are some policies that can cover you up to 100 years old. It may not sound realistic but at least you have protection if you reach that age.
For many years, I have been wondering if I truly need insurance. When my sister had to undergo a 2-day confinement due to gallstones, I realized its importance. She spent up to Php 346,000 for the hospital’s service (including shockwave treatment).
Her HMO plan covered only Php 250,000 and the remaining was paid by Philhealth and her health insurance. This shows the benefit of having insurance. You see now that these products are helpful during unexpected moments. Consider this cliche phrase, “it is better to have it and not need it, than to need it and not have it”.
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