Dengue on the rise: Here’s how to safeguard your finances & protect your family
Jane and her family went to Subic for a summer vacation in June 2021. What was meant to be a relaxing trip turned into a nightmare when her daughter fell ill with a fever. At first, she feared it might have been COVID-19 until the rashes started to appear on her daughter’s skin.
The same thing happened to Cecille’s nephew, who traveled from Laguna to Manila to renew his passport. The night before his scheduled errand, he was already burning with fever.
Jane and Cecille’s true-to-life story is a typical scenario of dengue fever. Sudden and alarming, symptoms are flu-like and are accompanied by a 40-degree celsius fever—lasting from two to seven days.
Along with the health threats of dengue fever are the catastrophic effects it can cause on one’s finances. For Jane, she paid an amount of approximately ₱40,000 for her daughter’s medical expenses. While for Cecille, her nephew’s confinement cost them more than ₱120,000.
These amounts can punch a hole in one’s budget, especially for a family with only one source of income. Our latest blog post explores this and how you can arm yourself financially.
The rise of Dengue fever and its risks to your finances
Dengue is endemic in the Philippines and the risk of transmission is high during the rainy season between the months of May to November.
The Department of Health (DOH) announced recently that dengue cases in the country surged to 100,000. This is 131% higher compared to the last year’s report.
Treatment for dengue may require hospitalization, especially if the case is severe. For the record, a standard dengue test will cost you about ₱400 up to ₱3000, while confinement ranges from ₱20,000 up to ₱40,000.
The charges don’t end there as you have to pay for hospital accommodation, admittance fees, laboratory tests fees (i.e. blood tests, swab tests), medicines, doctor’s professional fees, plus other expenses such as food and transportation.
Fortunately, Dengue is covered by PhilHealth. However, it only insures a portion of the total medical expenses. You’re still left with no choice but to cover the remaining costs out of your own pocket.
Arm yourself financially against Dengue
The Philippine Statistics Authority’s survey in 2021 reveals that a typical Filipino household allocates only 3.3% of its income for health-related expenses.
What’s even more alarming, a study shows that 25% of Filipinos will borrow money from their friends or relatives to pay for their medical bills.
Considering the healthcare costs of dengue treatment, being financially unprepared leads you and your family to financial distress.
As your financial buddy, SAVii is here to help you how to safeguard your finances against Dengue and any other medical emergencies. Check out these #MadiskarTips:
- Build an emergency health fund. Create a separate emergency fund dedicated only to medical expenses. Doing so will help protect your savings so you can allocate them for other major life events (i.e. retirement & calamities). The rule of thumb is to constantly build it until you reach an amount equivalent to at least six months worth of your monthly income.
- Sign up for medical insurance. The best add-on for your employer-provided HMOs and PhilHealth is getting medical insurance. Usually, this type of insurance can substantially cover essential health care costs, which saves you and your family from most of the financial burden. Related article: Four reasons why you need health insurance ASAP
- Get a low-cost loan from SAVii. SAVii is here to equip you with the right financial solutions through our affordable, reliable, and convenient salary loans. So when things get rough, you won’t need to use your hard-earned savings! Use your SAVii loan either to beef up your emergency health fund or to help you pay medical bills.
- 📉 Lowest interest rate starts at 0.5%
- 🕒 24-hour fast disbursement
- 🔁 Repayment via salary deduction
- 💯 All done 100% online!
A critical illness can strike at any time. Don’t let it catch you vulnerable and unprepared. It’s better to plan ahead and secure yourself financially because preparation will be your best protection, buddy.