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Even with the existing insurance benefit, a majority of Filipino employees still use their hard-earned savings to pay for unexpected medical expenses.[/vc_column_text][vc_column_text css=”.vc_custom_1598941621198{padding-right: 30px !important;padding-left: 30px !important;}”]
The insurance benefit gap
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Getting diagnosed with sickness is downright expensive. In fact, a patient spends an average of PHP 21,400 on medical treatment alone. And that still depends on the severity of the illness. Hospitalization due to dreaded diseases can cost up to a staggering PHP 2.78 million.
These figures are considered catastrophic, especially for an employee who relies on a single source of income.
While PhilHealth and employer-provided HMOs offer medical coverage, both are still limited. In reality, it only insures a portion of the patient’s total health expenses. Employees are left with no choice but to cover the remaining costs out of their own pockets.
Alarmingly, a 2019 PhilCare survey reveals that 25% of Filipinos will acquire debt to fund their medical expenses. This event often leads to the path of even more devastating financial distress.
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The state of employees’ financial wellness
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Our recent survey reveals that 67% of Filipino employees are not ready to face unexpected financial emergencies. Such emergencies include paying for medical expenses amounting to PHP 30,000.
Knowing that employees have three or more dependents, 56% of them are struggling from paycheck-to-paycheck. Most of the employees are also unable to save even a small amount from their hard-earned income.
Furthermore, having no adequate financial support, especially from a trusted source, even pushes the employees to a more crippling financial burden. Worst, this may result in employees neglecting their own health to pave way for the most important needs.
Poor employee health, on the one hand, can affect work productivity, which can be injurious for the organization.
Thus, there is a need for you to broaden your insurance benefit. It is to ensure that your employees have access to the financial protection they deserve, especially now that we’re dealing with a global health crisis.
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PHP 1.1 Million cost of COVID-19 treatment
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A breakdown of major expenses from an 18-day confinement based on a report from a patient.
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How Uploan can help your employees
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Uploan aims to provide your employees with the financial cushion they need amidst the crisis. With medical expenses being the Top 2 Reason for employees to seek financial assistance from Uploan, we’ve designed a COVID-19 Support Package with an insurance benefit. This offer is available until September 30 only.
[/vc_column_text][vc_column_text css=”.vc_custom_1598964189591{padding-right: 30px !important;padding-left: 30px !important;}”]What’s inside Uploan’s COVID-19 Support Package?[/vc_column_text][vc_column_text css=”.vc_custom_1598964156973{padding-right: 30px !important;padding-left: 30px !important;}”]Financial Help
- Salary Advance with 0% interest rate
- Salary Loan with 0.5% starting rate (3-12 months)
Free Insurance
- Free COVID-19 Insurance Policy (coverage at PHP 100,000)
- Free Personal Accident Insurance Policy (coverage at PHP 15,000)
Financial Wellness
- 1x per Quarter – Mental Health Webinar
- 1x per Quarter – Financial Literacy Education Plan
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It is time to give your employees support when they need it most!
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