If you’re like most people, you’ve probably never considered getting a personal health insurance plan. For most of us, especially those who are employed, our concept of health insurance usually revolves around PhilHealth or the company-provided HMO. You might be asking, “What is critical illness insurance? And doesn’t my current HMO cover that already?”
Here, we breakdown the features of a basic critical insurance plan found in the Philippines, as well as the benefits of having one. If by the end you feel that you would like to know more, feel free to send us a message.
1. Income Protection
We’ve all heard the stories of those diagnosed with these – They had to sell their car, house, and other assets. They had to liquidate their investments. They had to ask their friends and relatives for help.. Just to pay for their hospital bills and treatments.
The good news is that health insurance can help you pay for medical expenses, so you can just focus on getting better.
2. The Insurance Company Pays You
Health insurance is designed to pay YOU in case you get critically ill. You decide where you want to allocate your lump-sum benefit. Once hospital bills and doctor fees are paid, you can spend a portion of it for outpatient medication and care. And the rest? You can have it for yourself.
3. Use it for Other Things
You are not required to use your lump-sum benefit only for medical purposes. Use it to pay for monthly expenses, amortizations, or even travel! You can use the benefit for the people and things that matter to you the most.
Having sickness should not limit us from living our lives to the fullest.
4. Replaces Lost Income
A lot of times, recovery takes a back seat for people suffering from critical illness. The most common reason is the lack of funding for a lifetime of check-ups, medications and medical procedures, to be able to stay alive. Health insurance provides a financial buffer for these expenses so you won’t dip into your life savings just yet.
5. Also a Life Insurance
We don’t want to burden our family in case of untimely demise caused by accidents or natural causes. Which is why some health insurance also doubles as life insurance, making sure our families would be taken care of financially.
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