The growing population of small-medium enterprise in the country needs to be covered by Health Insurace. One of the most common issues and concerns of SME’s today is when they get sick for days, their business usually gets affected. Worst thing that may happen is if they are not covered by any Health maintenance organization or health insurance benefits when you get sick. The possible results are either you may spend a hefty amount of money for your sickness or experience bankruptcy if you don’t have any savings account during the rainy days.
There are plenty of ways on how to identify a really good health insurance that provides quality health care. Aside from the basic health care needs such as hospitalization and preventive healthcare services one must look for these 10 things.
- Legitimacy of the Company – The insurance commission is the primary organization that is responsible of taking care of the insurance industry. The commission is accountable of revoking the licenses of those companies who are not following the guidelines or misleading the public. It is for public safety and protection. They also share meaningful information regarding the details of each possible company you are dealing with. But remember to do your homework, have a keen check about the details of the company thru different websites, reviews from forums and final reminders. It doesn’t mean that if they got the lowest amount of premium payment means they are already best for you. Look for giant healthcare conglomerates who are partnering with them to check the quality of the service as well.
- Individual and Family Plan – It is somewhat alarming that there are family members who have no insurance to secure them and yet they are jobless or in the elderly stage of life. Finding a package like that will not only help you or your primary beneficiaries but will solve the issue of what will happen to your ageing parents if some emergency conditions occur. It will also prevents you from taking a lot of burdens on the amount of money you will use .The benefits must have Hospital confinement, Outpatient care, preventive healthcare, emergency care, member’s financial assistance and sometimes dental care.
- Specified Benefits include – The inclusion of detailed benefits is really important to make sure that you will experience the total value of your money. The possible specific benefits are the following according to industry standards, for examples are regular annual physical examination, Urinalysis, Chest X-ray, Complete blood count, Fecalysis (Stool exam), once or twice a year Oral prophylaxis, and consultation with the primary care physician.
- Provisions regarding pre existing conditions – Most of the health maintenance organization are having “NO” PEC coverage such as illness or adverse medical condition prior to the sickness and within the twelve months from the time they enrolled to the program. Some HMO’s are requiring every members who have PEC such as disorders of skin, lymph glands, cysts, tumor or cancer, anemia, chest pain and diabetes to pay up to five thousand pesos and above per illness per year, provided that the pathogenesis or onset of such illness started prior to or during the first year of membership
- Locations of the hospitals – One of the major concerns of a person who would like to have health insurance are the locations of the accredited providers – it would be better if there’s close to 500- 1000 hospitals and clinics all over the country that’s affiliated with your health card in order for you to get an access to quality health care as well..
- Clinic Services – This is a must have since this is urgent to most of the Filipinos. These are the following Clinic services most popularly known and being offered in the market today. Dental services such as oral prophylaxis, tooth extractions, gum treatment & adjustment of dentures. X-ray imaging, ultrasound, hematology, clinical microscopy, blood chemistry, serology and histopathology. Issuance of outpatient consultation referrals is the biggest in demand today to avoid big payments in the hospitals.
- Outpatient Services – There should be clinics strategically located in key cities near you. This is an advantage just in case you experience family emergencies; it will save your energy, stress and money.
- Customer Service – We believe that customers deserve better treatment and love companies who exceed their expectations however, we cannot deny the fact that we love fast and smooth transactions. The customer service of every healthcare company should be above average and free from discrimination regardless of your plan. If you enroll to an HMO, have minimum requirements from them so you won’t be disappointed at a later time.
- VIP Plan – Nothing can ruin a perfectly-planned vacation or business trip if you are unprepared during medical emergency. It would be better if your card is enrolled in a VIP plan to secure your stay outside the country or going for a consultation and evaluation with their medical personnel, medical referrals and medical monitoring. Double check the plan especially if the premiums are way higher compare to a regular healthcare card. You can have executive check up and have more options compare to a regular one.
|Company||Benefit Limit||Outpatient Benefit||Pre-existing Condition||Accidental Death||Monthly Premiums|
|Medicard VIP Plan Suite||700,000||Yes||Yes||20,000||5578.58|
|Medicard VIP Plan Large Private||450,000||Yes||Yes||20,000||3811.08|
|Medicard VIP Plan 250,000||350,000||Yes||Yes||20,000||2090|
|Maxicare Platinum Plus||200,000||Yes||No||25,000||3458.83|
|Insular Life iCARE C||150,000||Yes||Yes||No||2028.33|
|Insular Life iCARE B||120,000||Yes||Yes||No||1386.67|
|Insular Life iCARE A||100,000||Yes||Yes||No||1155|
|Fortune Care Plan 900||180,000||Yes||No||No||1123.83|
|Fortune Care Plan 800||160,000||Yes||No||No||1089.17|
|Fortune Care Plan 700||140,000||Yes||No||No||1054.5|
|Blue Cross Select Standard Plan – Ward||500,000||Yes||No||25,000||504.25|
|Blue Cross Select Standard Plan – Suite||3,000,000||Yes||No||100,000||2076|
|Blue Cross Select Standard Plan – Semi private||750,000||Yes||No||50,000||828.08|
- Perks – There are exclusive perks and discounts whenever you use your card, such as travel, dining, fashion and more. You may also have free services in Spas which includes diamond peel at different clinics, yoga classes, weight management and nutrition program. Try to ask or look for these things while shopping for your health insurance, this may not be one of your priorities but you cannot deny the benefits of a good perks.
David Isaiah Angway is a Registered Financial Planner, Chartered Wealth Advisor and a financial consultant for IT-BPO-Banking, HealthCare Industry and Manpower Agencies. He is a conference speaker and was featured multiple times in ABS-CBN News Channel show called On the money, Bloomberg TV Philippines First Up, Morning show of NET 25 called Pambansang Almusal, Eagle Broadcasting Company EagleNewsPh Facebook Live and different radio stations in Metro Manila.
He also writes for BusinessMirror, Rappler.com, and MoneySense magazine. He is the CEO and founder of WinLongTerm Financial Consultancy, You can contact him thru his website winlongterm.com and his Facebook Page @WinLongTerm for more informative ways how to grow your money and secure your family.