You might be wondering why I was not able to post new articles within a month. The reason is I was dealing with some personal event, and that is the passing of my mother.
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The Story
Readers of my blog know that I've been emphasizing the importance of having an emergency fund. As it can save you the headache during sudden events just like this.
When my mother was hospitalized in the first week of February, the family's pool of funds was able to cover these expenses.
However, when it was decided to transfer to another hospital (a much more expensive private hospital than the first) because of her worsening condition, it dawned on me that the emergency fund is not going to cover the whole hospital expenses. Yes, there was the PhilHealth benefit, the senior citizen discount, and the government medical assistance but it can only cover a limited amount.
To deal with the rising expenses, I've set up a donation drive through social media, which I was able to raise a fair amount.
Unfortunately, after more than two weeks of battling with her illness, my mother slipped into a coma and expired several days later. As painful as the event was, I still need to approach things logically as we dealt with the tragic event.
When the final hospital bill came, I tapped the funds of my Stock Market investment to raise the necessary amount. It wiped out the whole account that I am back to square one.
What Lessons Can You Get From This Story?
Below are the points that I hope you can get lessons from:
- Having an Emergency Fund is always a good thing regardless of how small or big the amount is.
- Having an Investment is a plus because it can act as a buffer if the emergency fund is depleted.
- Having a separate Hospitalization Expense Fund is a must.
The 3rd point is my wake-up call that I need to build a separate fund just for this matter.
How Much Fund Will I Set Aside for Hospitalization?
Hospital expenses depend on the kind of hospital, public or private. As for my experience and the consensus, even private hospitals differ in rates depending on how upscale it is.
When my mother was confined in the ICU, the daily rate of the room is at Php 35,000 excluding the fees of the doctors and nurses assigned to that room.
To be safe, your hospitalization expense fund should be at least Php 1,000,000.00 (One Million). This is to have a minimum buffer just in case the situation turns for the worse. Especially in dealing with complicated illnesses.
Aside from having a dedicated fund, any kind of help is always a great help. Below are some of the many ways to tackle these expenses:
- PhilHealth - If you are confined to a public hospital, then you can get the full benefits of state-run healthcare. But due to the pandemic, the well-equipped public hospitals that we can find are in full capacity and are not anymore accepting patients.
- The Government's Financial/Medical Assistance Programs - Frankly, the process of obtaining this assistance is quite cumbersome. We are just fortunate, that we have a family friend that knows how the process works and got some connections to the right individuals.
- Donations - This part will test how good your character is. I was able to raise a fair amount through social media, which I can say an unexpected success. Is it because of our family's character or the situation resonate with theirs?
- Health Maintenance Organization (HMO) - Only a handful of HMOs covers dependents above senior age.
- Health Insurance Plans - This is a very good plan when thinking long-term.
- Investments - Having an investment intended for a certain need is imperative.
Takeaway
As our family is slowly moving on with the loss of our loving mother, the lessons, realizations, and even regret brought by the event will forever shape our lives for the better.
To all those who helped our family, I really can't thank you enough. I may not be able to personally return the favor for now, but I am sure blessings will pour from the heavens when the time is right.
Thank you very much and God bless.
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