A mom’s love is shown in many ways, from the baon you prepare for your kids, to the math homework that you helped work on last night, to the warm hug at the end of a long day. Another important way a mother shows her love is in the preparations you make so the family will not be caught off-guard by any unforeseen event. Now more than ever, it's important to think about how your family would cope with a medical emergency. Here are some things to consider:
1 Medical expense. Paying for the treatment and recovery of a family member will be your primary concern in the event of a medical emergency. This may include doctor’s fees, hospitalization fees, testing and procedures, and medicine. These fees can add up quickly, so keep in mind worst-case scenarios when estimating how much funding you need access to.
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2 Loss of income. Depending on who among your family members is having a medical emergency, you may not only have to pay for healthcare, your family may lose all or part of its income for a time. Without a salary coming in, you’ll need alternative funds to cover regular expenses such as food, transportation, and rent. Try to secure at least three months’ worth of your monthly expenses, and up to six months’ worth, if possible.
READ: 4 ideas to instill the habit of saving money in your family
3 Longer-term expenses. An accident or sudden medical emergency comes with immediate costs. But sometimes, complications can lead to even more expenses across a longer time period. If the illness becomes chronic, or if the condition needs follow-up procedures or medication for months, those initial medical bills can stretch out to a longer period than you initially planned for. Keeping this possibility in mind will help plan even further ahead if you have already hit your other funding goals.
READ: 5 ways to secure financial protection of your child
How do you fund these expenses?
If you are a paying member of PhilHealth, our government’s universal health coverage plan, then a portion of hospital fees can be covered. Unfortunately, the benefits through PhilHealth are unlikely to cover all your expenses.
There's another option you can look into in order to ensure that you have the means to fund a medical emergency. BPI-Philam's suite of products under BPI-Philam Direct provides essential protection through affordable products that you can easily avail of.
For instance, there's Smart Shield, which can help you in your emergency planning. This life insurance plan can provide coverage for your entire family – including your spouse, children, and parents – and provide cash support in the case of accidents or illness.
If you're looking for other benefits and forms of cash assistance, there are more products to choose from under BPI-Philam Direct. Learn more and schedule a virtual appointment with a Bancassurance Sales Executive today.