Even the healthiest Filipino is at risk of a medical emergency. While some can afford to pay their entire hospital bill for private healthcare, many everyday Filipinos may face some difficulties paying for these large unexpected costs. This can lead to financial hardship for yourself and your family.

One way to protect yourself and your family from the financial burden of medical-related expenses is with a comprehensive health insurance plan. In this article, we explain how InLife’s health insurance plans can meet your different insurance needs and preferences.

What Is Health Insurance?

Health insurance covers your medical expenses. Depending on how comprehensive your health insurance policy is, it can be as basic as paying for emergency room services and consultations, and can be as comprehensive as providing insurance for all your medical-related costs, including dental, psychiatric, and medicine costs.

Health insurance reimburses you for the medically-related expenses incurred. In some cases, it is also possible for the insurance company to pay the healthcare provider directly. Because of this, insurance companies that provide health insurance often have their own network of affiliated healthcare providers where their insurance applies. If a patient seeks healthcare outside of the company’s network or for a treatment that’s outside of their policy, the insurance provider may not cover it. This is why it’s important to get the best coverage for your needs and know your health insurance provider’s network.

Reasons to Have Health Insurance

While Filipinos are entitled to healthcare assistance from public hospitals or government organizations like PhilHealth, for many Filipinos it is preferable or even necessary to turn to private hospitals for certain emergencies or conditions. Some medical services like consultations and basic check-ups may be affordable for most, but when you consider the accumulated costs for you and your family, it can be a significant expense to carry.

It’s even more necessary if you consider the costs of an emergency medical situation. A trip to the emergency room or a highly-skilled operation can reach hundreds of thousands of pesos. While your family may be financially stable today, it only takes one accident or one unfortunate event that could lead you to financial difficulties because of a medical bill. And with medical inflation in the Philippines rising to 13.7% in 2019, the cost of medical expenses is expected to increase in the years to come.

Benefits of Health Insurance

When you or your family members are covered by health insurance, most (or all, depending on your coverage) of your medical expenses will either be reimbursed or the insurance will pay all the expenses covered by your policy. This can give your family plenty of benefits.

• Coverage for Expensive Medical Expenses – According to the Philippine Statistics Authority, most of the P526.3 billion Filipinos spend on healthcare annually was paid for out of pocket. This is either because they weren’t covered by health insurance or their health insurance policy was not comprehensive enough to cover the medical expense they incurred. A good health insurance policy for yourself and your family can help you avoid the burden of paying for medical bills out of pocket.
• Lost Income Replacement– Should you or another income-earner in the family get hospitalized or unable to go to work due to a medical procedure, our health insurance coverage includes a Lost Income Replacement feature. This provides your family with a daily cash allowance to cope with their daily living expenses while their income is compromised.
• Complements Life Insurance for Financial Security – Together with life insurance, health insurance can keep your family financially secure through these troubling times. Health insurance can pay for all your medical expenses. And should the worst happen to you, your life insurance can keep your family financially secure even after their tragic loss.
• Peace of Mind – Everyday Filipinos can appreciate the luxury of knowing that their family is safe and financially secure. In case of a medical emergency or unexpected condition that will incur huge medical expenses, you can feel safe knowing that you have a financial resource prepared for this type of emergency.

What Are the Different Types of Health Insurance Plans?

InLife offers four types of health insurance plans that can suit the different needs of modern Filipinos with specific preferences for their health insurance policy.

• She Cares – The first female-specific insurance plan in the market, She Cares offers health insurance, investment insurance, and life insurance – three insurance plans in one. It’s customizable for all women, allowing them to chose which lifestyle and life stage health coverage in her policy. Can be issued to women ages 20 to 60 years old with health riders until 70 years old.
• Prime Care – A stand-alone simple-issue yearly renewable term plan that covers 35 critical illnesses. Receive a lump sum cash benefit equivalent to 6 month’s allowance upon diagnosis and continue to receive a fixed monthly cash allowances for 30 months while you recover. No medical exam required.
• Wealth Assure Health - Investment insurance and health insurance in one. Allows policyholders to pay for costly medical expenses. You and your family will be given a daily allowance upon your hospitalization to make up for the loss of income.
• Wealth Secure Health – Covers all health-related expenses and replaces your lost income due to hospitalization. This health insurance plan provides life insurance coverage for your family.

Why Choose InLife as an Insurer?

For over 100 years, InLife is the trusted provider of health insurance in the Philippines. We’ve provider comprehensive health insurance plans to millions of Filipinos, giving them the financial resource to stay afloat despite the rising costs of healthcare in the country.

Our health insurance policies can include lifetime coverage that can ensure your health-related expenses are taken care of. At the same time, your family can be well provided for with a daily allowance to replace your household’s lost income. And with a comprehensive insurance plan, you and your loved ones can get some peace of mind knowing that your finances are safe from having to pay out of pocket for expensive unexpected medical costs.