Prepare for the Unexpected: Get a Decent Health Insurance

"Bahala na si Batman."

"God will Provide."

"Marami naman akong anak."

Sasali na lang ako sa "Go Fund Me."

To be honest, I really hate hearing these things from people. Why do we expect OTHERS to be the one to save us in times of need? Why do people not prepare properly so that they don't become a burden to others, especially to their families?

I think, people who don't get life or health insurance when they can clearly afford it (plus, it's technically part of the "essentials" when it comes to budget allocation) are being selfish.

There, I said it.

My husband (who works in an international bank) even told me that the no. 1 cause of bankruptcy even for the richest people in the world is HEALTHCARE COSTS.

As a parent, I don't expect my child to be the one to pay for my medical bills later in life. I invested in a good Health Insurance, aside from my HMO.

Yes, I consider Health Insurance as an INVESTMENT. When I say investment, I mean, committing my money today for a smaller amount, to be able to benefit from it in the future.

Health Insurance is also a form of PROTECTION. It can safeguard my money from any unexpected expenses on health care, like treating illnesses or accidents. And, with health insurance, I can get QUALITY treatment for a small amount of premium.

So, how did we decide which Health Insurance to get?

Before I jump into that, let me explain the difference between Health Insurance and HMO.

Health Maintenance Organization (HMO) is renewable every year. You will be provided with a health card that you need to present during outpatient or inpatient availment. Depending on your coverage, this provides up to a maximum allowable benefit amount per illness.

Some companies provide HMO as part of their employees’ benefits, but for others who don’t, getting an HMO would be their last option because it is costly and the coverage is very small (until I discovered Global Health Access - more on this later).

Health Insurance, on the other hand, has flexible payment terms and more plan options to choose from. Cash assistance is provided when you get hospitalized with the list of covered illnesses. You have the freedom to choose where and how to spend the money. And in the case of the plan I got (Health Max), if I don't get sick and consume the coverage amount - I can just withdraw portions of the fund (coverage amount) for whatever reason starting at age 70.

This product would be best if you are looking for an affordable health care plan that could ease your financial burden during hospital confinements.

Let's talk about HMO. When we got Kara her HMO, we didn't know about GHA yet. The cost of her HMO was almost P30,000 a year and the coverage was only P150,000.

A client of mine (in my digital agency) mentioned Global Health Access which he got for his family. I was so surprised to hear that the coverage amount is P100,000,000 per year! Plus, it can be used globally. When his wife got diagnosed with Cancer after being a member for 5 years, he opted to get her treated at the best hospital in US. The cost of her chemo was USD7,000 for an initial round (PHP360,000 in Pesos). She had to get treated for 8 weeks straight. You can do the math. If they just got an ordinary HMO, that would have been a heavy blow on their finances. But with GHA, they didn't need to worry. His wife was already 55 when she got diagnosed and her annual premium for GHA was between P300-400,000 which was totally fine because she can get treated in any hospital of her choice and choose any doctor she wanted. Plus, that's just the cost of 1 chemo treatment for her. GHA covered all her treatments.

That got me really interested to get a quote for Kara. For a 2 years old for example, her annual premium was P35,000 for a coverage of P100,000,000 per year and this can even be used globally (we are frequent travellers, so this was very important for us).

Just to show you the math, for a P100,000,000 that would cost P20,000,000 with the initial HMO we got (and that only covers local treatment and a few number of critical illnesses).

Here is a table to show you some price & feature comparisons:

For myself, I got the AXA Health Max (Around P50k a year for 20 years for a P2,000,000 coverage). I also got for Kara (for her age, I'm only paying P13k a year for 20 years for a P1,000,000 coverage).

It provides maximum lifetime coverage as it gives medical benefits until age 100. It also has the widest coverage of illnesses in the market today – 56 major medical conditions and 18 minor illnesses (yes, I checked - I also have other insurance plans that I got years ago and my friends and I compared because we got different coverages). It also includes early stage cancer diagnosis and angioplasty.

It also has a high cash benefit (insured amount) of up to 10 million as well as a special Advanced Health Fund that starts at age 70 (as I mentioned previously, you can withdraw portions of your medical benefit as CASH and use it for whatever by the time you reach this age).

When getting an insurance plan, make sure you get the proper coverage for yourself and that it's suitable for your age, location, family history of diseases, and budget.

Don't postpone getting one. You will never know when you will need. Better prepare earlier too so that you are still healthy and the premiums are much more affordable.

P.S. I was very happy with AXA Philippines' advocacy and products that I joined them as Unit Head. My team and I do talks for companies and other groups to help people achieve their life goals by guiding them in using different financial instruments with their CURRENT resources through proper and disciplined money management.

We provide our clients with a variety of financial planning solutions, including: retirement planning, educational funding, tax strategies, business planning, life insurance, estate planning and health care planning.

You can set-up a meeting with my team to discuss your financial needs so you can PLAN WISELY AND PREPARE PROPERLY.

~ The Mommy Matters Team | email:

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