For many Filipinos, getting health insurance may often come across as intimidating because it seems complex. Some also assume that you won't need one so long as they are currently under an HMO plan at work.
While HMO plans provide you with some benefits, they cannot permanently save you from alarmingly high medical bills. Additionally, they cannot help you pay off any debt you may owe hospitals after receiving medical treatments or consultations.
Many people often struggle to find proper medical help due to the notoriously expensive cost of healthcare in the country. Its prices are so extreme that the treatment for a single critical illness may be enough to make you go bankrupt.
Hospitals and medical centers often charge fees for several factors, including doctor fees, room charges, emergency room fees, medicine, food, and equipment fees. Other hospitals may also charge you extra costs for calculating insurance and processing other payment methods.
With the COVID-19 pandemic still ongoing, many people are looking to save up their resources for the future rather than using them now. However, to properly prepare for what life can bring you, having good health is a vital asset to maintain
Watching over your health includes finding a good health plan that helps you avoid financial debt. However, before you sign up for insurance, it is vital to understand how health insurance in the Philippines works, what factors affect its price, and more.
How Much Does Health Insurance Cost in the Philippines?
Having health insurance provides you with the right to cash in a significant lump sum amount for covered illnesses under a given policy. After a stated period, you can claim this money to help you cover medical expenses and avoid unexpected expenses during an emergency.
While this sounds appealing, you must also be wondering what this is going to cost you. On average, Philippine health insurance can start anywhere between Php1,400 to Php60,000 annually, depending on which provider you sign up with.