How to Protect Yourself from Hospitalization Costs

August 14, 2019

In 2017, the PSA or Philippine Statistics Authority reported that Php 712.3 billion was spent on health care in the Philippines, and of that total amount, 54.5% was out-of-pocket. That’s more than half of the total healthcare expenditures for that year. The other percentages came from the Government, Philhealth, HMO’s and other sources. In this case, spending on healthcare also included out-patient, in-patient confinement, medicine, and other medical supplies and necessities.

The Philippine Health Insurance Corporation or Philhealth is the institution mandated by the government to serve as the national health insurance for all Filipinos. In 2009, 77 million or 82% of Filipinos are covered by Philhealth. The agency's aim is to lessen the out-of-pocket expenditures of Filipinos when it comes to healthcare, as these out-of-pocket expenses usually come from family’s savings, relatives' financial help or money lending.

There can be countless reasons to get hospitalized. Heart diseases, cancer, tuberculosis, kidney and lung related-illnesses are amongst the top fatal diseases in the country. Getting ill doesn't just mean you're burdened with single confinement alone, but can also include the maintenance medicines and other treatment procedures, which can be expensive. It is unfortunate that 21.6% of Filipinos still live below the poverty line, which makes it impossible for them to afford medical necessities in case something happens to their health or to any of their family members.

Everyone needs medical attention at least once in their lives, and everyone has to prepare for unexpected hospitalization. To protect yourself from unwanted confinement, early planning is always the best solution. Here are some essentials that you have to secure to protect yourself and your family from hospitalization costs.

  1. Having a balanced lifestyle and diet. Acquiring diseases is inevitable for anyone. However, having a balanced diet with the nutrients that your body needs is important in preventing certain diseases. Also, it's important to take note that taking too much of anything may lead to illnesses or diseases. This includes not just the food you eat but also your lifestyle. For instance, if you smoke cigarettes, drink alcohol without moderation, or are inactive most of the time, these may certainly lead to health problems. Heart, liver, and lung ailments are common diseases related to these vices and inactivity. Maintaining a balanced lifestyle is important, and managing your diet and lifestyle may lower your risk of developing serious health problems, so it's never too late to start.

  2. Savings. Having your own savings is a prerequisite for a quality life, and like many things, it's best to start at an early age. When it comes to savings, the typical mindset of a young Filipino is because they want to buy something, such as the latest gadgets, a planned trip, or to start a small business. But besides saving for material goods or goals, it's also ideal to have an emergency fund for yourself and your family. Saving helps you not only in attaining financial freedom but may also save you from financial mishaps in case of a health emergency. This is one of the ways to lessen your stress and worry in case something unexpected emerges, especially when it comes to sudden hospitalization or illnesses.

  3. HMO or Health card. HMOs or health cards can definitely help you in case of hospitalization. Many companies in the Philippines compete to offer the best health card, which works by covering a hospitalization cost up to a certain amount or limit, depending on the plan type you choose. Your HMO card is renewable every year and can be used for in-patient and out-patient procedures as well, like consultations or physical exams. Unfortunately, most HMO companies have access to accredited hospitals and clinics only. The approval of coverage will depend on your medical evaluation result and premium increases as you age.

  4. Health Insurance. Like an HMO card, health insurance is meant to protect your health and expenses. However, the two have different terms of usage. Health insurance has continuous coverage from the date of your payment until you’re 80 years old, and need not be renewed every year as long as your premiums are paid on time. Coverage is not limited to the company’s accredited hospitals because the cash reimbursement will be given directly to the insured after hospitalization. A good example of this would be the PremiumHealthCare Plus Plan of Paramount insurance, where the eligible age to apply is from 50 to 74 years old with coverage up to age 80. The premium starts at P216 monthly and will not increase as the insured ages. It has a low premium that will provide you up to P3,000 daily hospital cash benefit for regular confinements, or up to Php3,000 daily cash benefit for ICU-related or serious cases confinements. The plan's application process is convenient for anyone because of its online application.

Hospital confinement is the last thing we like to spend our money on. That's why it is better to plan today - get your own health care coverage, and do all possible things to invest in your health. Accidents, diseases, and health-related problems may hit you anytime. Being financially prepared is the best protection we can have when these things inevitably happen.

Gear up today! Apply for the Premium Healthcare Plus Plan by clicking the APPLY NOW button below.