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Feb 26, 2014

How Important is it to have your own Health Insurance?

Many of us don’t know how serious it is when faced with a very difficult challenge of suffering from a dreaded disease. It’s uncertain when this can happen but it is definite that one day you will get sick no matter how health-conscious you are right now.

So what happens when you’re on the hospital bed, waiting for the doctor’s diagnosis? What if that’s you in the picture above? I’m sure no one would want to be in that scenario but what if you were; would you be able to handle it?

Here’s some statistics that may be useful to you. The numbers speak for themselves.  

Heart attack, stroke and cancer are the top causes of death in the Philippines.

5 Filipinos die of cancer every hour.

61 people die of diabetes every day.

276 Filipinos people in this country suffer from a fatal heart attack every day.

1 person dies of stroke every 9 minutes.


Health is wealth as many would say. We need to live healthy, avoid vices, and stay fit so to become efficient in our work. And it is only fitting to say that we all should be saving up for our medical fund during our prime. Most people would think about saving for it later as they have other priorities to focus on. Then again, do you know that HEALTH INSURANCE COSTS MORE AS YOU GROW OLDER? The older we get, the more susceptible we become to dreaded diseases and critical illnesses.

Non-communicable diseases comprise 60% of total deaths in the Philippines in 2010. And with the increasing population of the elderly, you too can be part of the growing number of those living with heart and lung ailments.

There is also a high probability that insurance companies would deny an application for insurance for a lot of reasons, one of which is due to pre-existing conditions. Think of it this way: If you are an owner of an insurance company that provides big coverage benefits for all of your insured clients, would you be accepting an applicant whose life is but a flickering flame and it would just be a matter of time before it is blown off by the wind? Of course not! You’d be losing millions paying for that person’s insured amount, who by the way, have only just contributed 6 months of premium. It is definite that there would be applications that would be rejected depending on the “life risks” that the each applicant represents. You might as well be taking advantage of the fact that you are “generally in a healthy condition” at the moment to get insurance. 

Although some say that they have HMOs through their companies, most employees can’t enjoy their coverage benefits to its fullest extent because of restrictions like pre-existing conditions and other factors. More often than not, HMO companies would only pay just a portion for major surgery procedures. And no, your Philhealth coverage is simply not enough.  I almost forgot to mention that your HMO benefit would only start to be in effect when you get regularized from your work. Worst case scenario, you would have to still pay out-of-pocket for your medical expenses.

In the span of 2005-2007, the out-of-pocket expenses to cover medical expenses and health services increased by 14%. At this rate of annual increase, a P500, 000 medical expense valued today will be P1, 853,611 after 10 years - PNHA, 2007.

But it doesn’t end there. What would then happen when you retire? I’m pretty sure there’s no company that would continue to provide HMO benefits even when you’re not working for them anymore, wouldn’t there?

So before it’s too late, get yourself a sound plan and start having that peace of mind TODAY!

AXA’s Health Max provides you coverage for an extensive list of 56 major and 18 minor medical conditions. This guarantees that you have an available fund for medical expenses in case you get diagnosed with a critical condition even upon retirement until age 100.

Another product is AXA’s Health Exentials, It's a comprehensive insurance plan that provides cash benefits if you are diagnosed with a critical illness, including cancer, stroke, or heart attack. It gives Daily Hospitalization Income coverage that provides cash allowance to pay for hospitalization to help you recover from unexpected medical crises.

Let us help you plan for your lifetime health needs. Talk to your AXA Financial Partner or email petersalanatin@gmail.com 

Peter SalanatinPete is a financial advisor who shares the advocacy in promoting financial literacy to every Filipino. Before becoming an advisor, he worked for about 5 years in the BPO industry getting paid a reasonably high compensation but still lived paycheck by paycheck. Learning that time is a valuable resource and great ally when it comes to saving up and investing, he now aims to help other Pinoys working locally by sharing knowledge on how to manage their finances wisely.

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