How Health Insurance Protects Your Finances During This Pandemic


July 3, 2020


COVID-19 is the greatest health challenge that we are all facing now. Fighting this disease is a shared responsibility. That’s why we need to protect ourselves and our loved ones by following the standard safety protocols such as wearing masks, washing our hands, disinfecting our homes and staying healthy. We should keep doing these preventive measures even if restrictions have been lifted in some parts of our country because the virus is still out there. This pandemic hasn’t ended yet and we are still at risk of getting infected. In fact, cases in the Philippines are still rising according to DOH Undersecretary Maria Rosario Vergeire on her interview last month. 

Being ill with COVID-19 is stressful and may cause anxiety. With its high cost of medical treatment, from testing to hospitalization, it will certainly affect our personal and household finances. One family of a confirmed patient in Muntinlupa appealed to President Duterte for help as their hospital bill has already reached P1.44 million in just one week. Imagine the stress it brings when you or any of your family members get infected with this virus. 

This pandemic situation is taking a toll on everyone’s physical and mental health which may also trigger depression, or genetic and family history of illnesses that may lead to serious diseases, confinements or even death. Apart from taking the necessary precautions to avoid being infected, we should also prepare ourselves financially - have a plan, manage our finances and make the most of our resources. 

What should we do? 
If you haven’t started out a plan yet, now is the best time to do it. Make a budget or plan where your money should go. Instead of buying unnecessary things, focus on priorities. For example, paying your bills, loans or debts on time to avoid paying additional amount for piled up interests. This pandemic will not exempt you from paying your obligations and missing out payments will put you in a more difficult situation later on. 

Prepare for potential health emergencies and medical expenses by diverting your spending to building your emergency fund. By doing so, you are not jeopardizing your family’s long-term financial goals such as buying a house or funding your children’s education. 

If you want extra protection during this time of uncertainty, get health insurance that covers COVID-19 cases. Getting a Health insurance may be your last option when you think you don’t need it, but it is extremely useful these days especially since we don’t know when this virus will be contained. Besides, hospitalization costs increase yearly and even if you are a Philhealth member, they will only shoulder a specific amount depending on conditions and the rest will still be an out of pocket expense for you

Health insurance ensures your peace of mind covering hospitalization expenses regardless of any illnesses. Get it while you are still young and healthy. Age is a big factor when applying for insurance if you want to save on your premiums. If you wait until you become sick before you apply, then it will already be too late. 

Paramount Direct offers Hospital Income Benefit Plan, a health insurance product that covers you, your spouse or children against injury or illnesses including COVID-19

Hospital Income Benefit Plan provides daily cash assistance of up to Php4,000 for regular confinement, up to Php8,000 for dread disease confinement and up to Php80,000 lump sum benefit for long-term confinement. Affordable premium starts at Php69 per month* that would definitely not hurt your budget. 

With our health insurance products, you can keep your savings intact. And since going out of your home is still not advisable, we have made your application easy, convenient and safe. Just visit www.paramountdirect.com to apply and pay online. 

*Based on Insurance Age of 20, Plan 500


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