Of rising health care costs and how to lessen the burden

Health care spending in the Philippines is projected to continue rising for the duration of the pandemic. This, as average amounts of inpatient and outpatient claims go up, with increases in physician fees to cover additional expenses such as costs of Personal Protective Equipment (PPE).

These are some of the findings in the Willis Towers Watson 2021 Global Medical Trends Survey Report for the Philippines.

As the economy tries to bounce back from the setbacks brought about by the pandemic and made worse by the existence of new variants of COVID-19, health becomes an unwilling sacrifice. Breadwinners tend to prioritize daily family needs such as food, utilities and shelter. They usually turn to their Health Maintenance Organization (HMO) coverage to take care of their health and wellness needs. Unfortunately, those who have HMO coverage may find out later that it is not enough to take care of their health concerns. But not every household is covered by an HMO plan.

“Many Filipinos are trying to survive this pandemic. Many have to brave the streets and public transportation to go to work and provide for the family, even if they have yet to be vaccinated against COVID-19. Their immune systems may be compromised. For all of us, as we age and depending on our lifestyle,we become prone to health conditions such as high blood pressure, diabetes  heart disease, stroke, among others. It is important, then, to have funds that would help shoulder health-related expenses and possibly augment lost income so the family is not burdened by sudden illnesses. This is what Insular Life’s (InLife) Variable Unit-Linked (VUL) health packages are for,” said Gae L. Martinez, InLife’s Chief Marketing Officer said.

InLife’s VUL health packages are composed of two plans: Wealth Secure Health with premiums that start at P30,000 per year, and Wealth Assure Health with premiums that start at P80,000 per year. Both plans are life insurance products with investment component and have the dread disease, and hospitalization riders as supplementary contracts. The dread disease rider provides lump sum cash of up to a maximum of P10 million upon the diagnosis of any of the 59 covered illnesses. Meanwhile, the hospitalization rider gives daily allowance up to a maximum of P2,500 per day to replace lost income during the insured’s hospital stay.

InLife’s VUL health packages cover the insured until age 99, and give death benefits equal to the sum insured plus the fund value. They may be availed of by Filipinos aged 20 to 60 years old. As these are life insurance plans with investment component, funds may be invested on the following: money market, fixed income, balanced, and equity-laced funds.

For inquiries on InLife’s VUL health packages, please visit http://www.insularlife.com.ph/wshealth, https://www.insularlife.com.ph/wahealth, or email e-mail inquiry@insular.com.ph to get in touch with an InLife Financial Advisor.