Four reasons why you need health insurance ASAP

You’ve probably heard or read it a gazillion times: “Health is wealth.”

This adage may seem trivial to some but when one experiences lying on a hospital bed unable to function properly, that’s when they realize the true value of maintaining good health.

What’s more pressing is when an unexpected global health crisis hits, such as COVID-19, being financially unprepared is the last thing you want to be. Having health insurance that you can rely on during times like these provides peace of mind and enables you to fully recover, without worrying about high hospitalization bills. 

In the Philippines, the Department of Finance (DOF) reported in March that about 16.7-billion pesos insurance claims were made between 2020 to 2021– this is solid evidence that health insurance is indeed a need.

If you’ve already secured a health insurance plan, good for you. But if you are one of the many people who are still unconvinced, we rounded up four reasons why you need to get health insurance as soon as possible. 

  • To cover your medical expenses

No one wants to get sick and no one is immune from illnesses. Having health insurance helps you save hundreds of thousands if you ever need to get treatment for accidents or major illnesses. Health plans range from 150,000php up to millions worth of hospital benefits. Be prepared for any scenario to prevent financial stress on you and your family.

  • To combat medical inflation

The world is currently experiencing hyperinflation, affecting fuel prices, transportation, and basic commodities. These also affect medical costs. And as medical technology continuously improves to cater to different and evolving illnesses, so does the cost of treatment including professional fees of medical practitioners. This is one of the major reasons why you need health insurance–to be able to afford hospitalization expenses. If you compare the medical treatment costs from a decade ago to today, you would notice a great disparity in the prices.

  • To protect your family

If you are a parent or your family’s breadwinner, getting sick and unable to work will impact your family’s daily expenses and lifestyle. Health insurance will help you take care of your family even as you undergo medical treatments, allowing you to focus on your healing.

  • To safeguard your savings

For the uninsured, their savings are the source of medical expenses. But doing so will remove your safety net for other major live events. A health insurance plan will protect your savings so you can allocate it for something else—-like a home downpayment, a major purchase, or for retirement. 

Ultimately, having health insurance gives you and your family peace of mind that whatever health crisis you may get into, you know that you can financially recover. Talk to your trusted financial advisor to know how you can get health insurance ASAP!