Helping Your Grandparents Manage Their Pension

June 28, 2019

Close your eyes for a moment as we bring you back to your childhood days. Remember when your grandmother was eager to cook your favorite adobo or sinigang while your grandfather was ready to buy all your favorite ice cream flavors? Grandchildren have a strong connection with their grandparents and matter how much you’ve grown or wherever you may go, it will always be there.

The bond between grandparents and grandchildren is special because, in Filipino culture, most lolos and lolas stay with their married children, unlike in most Western cultures. Growing up with your ageing grandparents can contribute a lot to your personal growth and help improve your character.

You aren't the only one who benefits from a great bond with your lolo and lola. A good relationship is also beneficial to them, as this helps in keeping their memory sharp and maintaining their good health and disposition.

However, time does fly. Your grandparents are starting to age, and will eventually encounter different illnesses. Now that you’re an adult, it’s your turn to take care of them by helping with some important aspects of their lives, such as their pension and retirement. Make sure to assist them in filing for their SSS pension when they retire and help them prepare for what comes after. Retirement age in the Philippines is between 60 to 65 years old, and can be a huge and confusing transition. Luckily, all the details about SSS retirement benefits, requirements, retirement forms, and SSS pension computation can be found on their website.

Consider these tips below to ensure that your beloved grandparents get the most out of their monthly pension from SSS and manage their savings wisely.

  1. Make a budget plan - List down all their monthly expenses such as maintenance medicines, regular checkups, groceries, etc. Budgeting is an excellent way of meeting all their needs and preventing them from overspending.
  2. Apply for a senior citizen card - This is considered as one of the government IDs in the Philippines and one of the senior citizens benefits. Seniors get a 20% discount plus VAT exemption on restaurants, cinemas, groceries, domestic air and sea fares, medicine purchases, checkups, laboratories and many more.

    There are only three requirements when applying for a senior citizen card: birth certificate, 1x1 latest photo and valid ID. Make sure to accompany your grandparents to your municipal’s Office of Senior Citizens Affairs because they need to fill out an application form.

  3. Plan their vacation - Let your grandparents enjoy their retirement years with their hard-earned money. It’s about time to explore different destinations they’ve never been to, so why not bring them to top Asian countries like Japan, Hongkong or Singapore. They will surely find pleasure in travelling as this is good therapy for older people like them.

    Check the do’s and don’ts before travelling with your senior grandparents such as planning the itinerary, getting travel health insurance, having enough pocket money, being prepared for any emergencies, getting clearance from their doctors that they are fit to travel, and bringing important medications.

  4. Find the best health insurance in the Philippines - Assist them in finding affordable health insurance on top of their Philhealth coverage that could help them in case they encounter any health problems in the Philippines during their senior years.

    Pick the right health care insurance that will make it easier for the elderly and your family to deal with expenses brought by unexpected hospitalization.

    Paramount insurance offers PrimeCare Cash Plan that gives cash assistance during hospital confinements. This plan is designed to suit the needs of individuals from age 50 to 75 years old. Health insurance premiums for this product start as low as Php213 per month, meaning your grandparents won't have to worry about spending too much of their pension or savings.

    Be your grandparents' guide to carefully manage their savings and pension, so they can live comfortably during their retirement years. PrimeCare Cash Plan allows you to focus more on recovery, rather than worrying about increasing hospital bills. Enroll your loved ones simply by clicking the APPLY NOW button below.