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What you can do to lessen the burden of rising health care costs

Published Jul 27, 2021 4:10 pm

Health care spending in the Philippines is projected to continue rising amid the pandemic. Average amounts of inpatient and outpatient claims are going up and physician fees are increasing to cover additional expenses such as costs of Personal Protective Equipment (PPE). How can Filipinos keep up with these rising costs?

According to findings from the Willis Towers Watson 2021 Global Medical Trends Survey Report, Filipino breadwinners tend to prioritize their family's daily needs more such as food, utilities, and shelter over health care. They usually turn to their Health Maintenance Organization (HMO) coverage to take care of their health and wellness needs.

Unfortunately, some of those who have HMO coverage find out later that it is not enough, and 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," said Gae L. Martinez, InLife’s Chief Marketing Officer said.

"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,” she remarked.

Easing cost burdens

InLife offers two plans under its VUL health packages, which can help ease the burden of health care costs. The Wealth Secure Health (premiums starting at P30,000 per year) and Wealth Assure Health (premiums start at P80,000 per year) are life insurance products with investment components, which have the dread disease and hospitalization riders as supplementary contracts.

The dread disease rider provides a 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 a daily allowance of up to a maximum of P2,500 per day to replace lost income during the insured's hospital stay.

InLife's VUL health packages may be availed by Filipinos aged 20 to 60 years old. They cover the insured until age 99 and give death benefits equal to the sum insured plus the fund value. Funds from these life insurance funds may also be invested in money market, fixed income, balanced, and equity-laced funds.

For inquiries, visit or email [email protected] to get in touch with an InLife Financial Advisor.


Editor's Note: This article was provided by Insular Life.