With the rising cost of healthcare in the Philippines and the impending risk of increase of other household utilities over the next few years, health insurance provides security to cover the high cost of payment for healthcare. PhilHealth, the government's universal health insurance program intended to provide affordable health care to all Filipinos, covers only 80% of the population, far from its 95-100% target. On the other hand, it is estimated that only 1.89 million Filipinos (1.9% of the total population) has invested in a private health insurance.
Why should you invest on your health insurance? Let us discuss the further benefits of being medically insured.
- Financial security from unexpected medical expenses
Insurance can seem costly, but not having it can have more disastrous effects to your finances in the future. Medical bills can add up very quickly from diagnosing the disease to being confined in the hospital, ending up with a lot of debt to the medical facility or to your close friends or relatives. Carrying a basic health insurance policy can be the line between bankruptcy and financial security when need for healthcare arises.
- Access to preventive and primary care
Most health insurance policies cover annual checkups and preventive care such as mammograms, vaccinations, prostate cancer screenings or colonoscopies without incurring any cost to the insured individual. This equates to lower risk of diseases and the capacity to catch health problems early, when they’re easier and less expensive to treat.
Since insurance policies offers free preventive care such as vaccines, screenings, and some check-ups, people with health insurance are much more like likely to avail of these services. This is contrary to common practice where healthcare from medical facilities are only considered as an option when the condition have worsen and becomes more expensive to treat.
Studies shows that people with health insurance have a higher tendency to have a regular doctor and higher frequency of visits.
- Maintenance for chronic health condition or ongoing/future medical needs
Acquiring health insurance is most beneficial if you have a medical condition that requires you to see the doctor on a regular basis, such as diabetes, heart disease, asthma, cancer and other chronic conditions. Besides from these conditions being extremely expensive to treat, the expenses can also become unmanageable without the help of a health insurance policy.
- Getting health insurance is Easy with proper planning and research
People often see the process of availing health insurance as a time-consuming and unnecessary expense. While it’s true that health insurance plans can be confusing and overwhelming to those new to the venture, proper research and planning goes a long way.
Before jumping into any payment plans, know what kind of coverage you need. Look carefully at what the plan covers and what it doesn't cover. Compare benefits and compare health insurance plans and try to find which insurance fits your budget and needs the best. Finding the right healthcare insurance requires patience, but it is well worth the time and effort in the long run.