The health emergency has become a major concern for Filipinos, with the Department of Health (DOH) identifying the rising costs of medicines, hospital bills, and related costs as the main factors pushing many families into debt. There is. The average Filipino spent nearly P10,000 annually on health-related goods and services in 2021, according to the Philippine Statistics Authority (PSA).
Employers contribute to both health maintenance organizations (HMOs) and Philippine Health Insurance (PhilHealth), which are valuable aids in managing medical costs, but it is essential to evaluate your medical protection and invest in an appropriate protection plan. is. Understanding the benefits of each healthcare option, such as PhilHealth, HMO, and private health insurance, is important to maximize its benefits and reduce your overall healthcare costs.
phil health. PhilHealth is a government-run social health insurance program that aims to provide universal health coverage to Filipinos. Employees’ monthly contributions are automatically deducted from their paychecks, but freelancers can make voluntary contributions. PhilHealth covers medical expenses based on certain requirements and subsidizes hospital bills, a portion of doctor’s fees, laboratory tests, and other medical expenses.
HMO. An HMO is a private organization that provides a comprehensive health care delivery system as part of the benefits provided by employers to their Filipino employees. These plans have certain dollar limits but cover a wide range of medical services. HMO members have access to a network of health care providers for a variety of medical procedures, emergency assistance, hospitalization, and more. However, HMOs are typically only accessible until age 65 or until the employee retires.
private health insurance. Private health insurance in the Philippines is usually purchased voluntarily by individuals and provides extensive coverage and higher compensation for critical illnesses. This has proven beneficial in long hospital stays and expensive treatments. Health insurance provides financial protection beyond medical coverage, providing cash benefits to policyholders upon diagnosis of serious illnesses such as cancer, heart attack, and stroke. In the event of the unfortunate death of the policyholder during the policy period, the cash benefit guarantees financial support to the family.
As we navigate life’s uncertainties, the assurance provided by these medical options is invaluable. An investment in health is an investment in safety, and protecting your health remains an essential asset with immense value. After all, when it comes to health, true wealth lies in active protection and the peace of mind that comes with it.
If you have any further questions or need assistance, please feel free to contact Lockton Philippines at info.philippines@lockton.com. (Opens in new window).
The Philippines celebrates National Health Insurance Program (NHIP) Month every February to recognize the important role that the National Health Insurance Program (NHIP) plays in the lives of every Filipino.
