Health Insurance: Necessity or Unnecessary
Updated: 2021-06-10T18:49:00Z

 

Unlike the pre-pandemic era where you spend most of your time outside and always on the move, which keeps you at least relatively healthy. The pandemic era confines us to our homes, unable to move much, and at high risk when it comes to health problems.

 

Life Insurance 101 - Part 1
"family-health-hands-security-human" by geralt is licensed under CC0


Humans are evolutionary built for movement, this is why you feel lethargic if you just laze around the couch waiting for something to happen. This is not wrong per se, as we need a bit of laziness to recharge. But as the saying goes, moderation is the key to everything.

 

Health issues come when you are least expecting them. Regardless of who you are, where your live, or how healthy you think you might be. Sickness will visit you in any way, shape, or form. So might as well prepare for it.

 

The recent news regarding a radio personality whose child was hospitalized speaks volumes about the power of Faith (God) and preparation. Being prepared by having Medical Insurance saves them from paying the hospital bill of Php2.3 million (USD48,181.16).

 

 

 

Where can I get Health or Medical Insurance?

 

We can categorize our health organizations into three:

 

  • State sponsored - PhilHealth
  • Employer sponsored - HMO
  • Self sponsored - Health Insurance companies

 

 

PhilHealth

PRO

  • Full coverage when you are confined to a government hospital.

CON

  • If the hospital is private, coverage is limited.

 

 

Health Maintenance Organization (HMO)

PRO

  • Wide coverage in terms of hospitals, clinics, and other medical establishments.

CON

  • Not all employers offer HMO benefits to their employees.

 

 

Health Insurance Companies

PRO

  • Covers practically everything, be it a regular check-up or long-term confinement.

CON

  • Payment premiums and payment timeframes will depend on your chosen coverage.

 

 

Any recommendations?

 

Selecting the appropriate health insurance policy will depend on several factors like your age, pre-existing conditions, capacity to pay, and location. Thorough research is needed to select the right one.

 

Click the links below for more information on some of the health insurance companies available in the Philippines

 

 

 

Takeaway

 

Getting health insurance is indeed an added expense, but it is an expense that is worth spending. It is much better to think solely on recovery than to think of where to get the funds to pay the hospital bills.

 

 

If you already have health insurance or know a good one. Leave it in the comments below for our other readers to check into.

 

 

 

Quote

 

"He who has health, has hope; and he who has hope, has everything."
Thomas Carlyle
 
 
 
- Your Life In Perspective by ÆlfRæd (Elf Counsel)
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