No matter how young or old one is, it is important to keep an individual equipped for the inevitable. Life insurance is a powerful financial tool that makes this possible for anyone as this helps them achieve financial security not only for themselves but also for their loved ones for whom they earn a living. A life insurance plan that suits the one’s needs, as well as those of his or her household, can lend them a helping hand with everyday living costs or, especially, critical financial or medical crises.
Numerous insurance plans and policies are available in the market, providing a wide range of benefits seeking to align with the financial needs and goals of individuals. Understanding how a life insurance plan works, especially in providing protection and ensuring stability to one’s life, can thus help them build a better and more secure future.
At its core, life insurance is about financially protecting oneself and loved ones when unexpected events occur. Recovering from an illness or accident or, worse, coping with the loss of a loved one can become a challenging time for anyone, especially when hospital bills and other related expenses are concerned. Getting insured, nonetheless, could lighten the burden off the injured or aggrieved family members.
With the financial stability it brings to individuals and their families, a life insurance plan gives an extra layer of comfort as it assures that their loved ones will be taken care of financially when the inevitable occurs. Typically, life insurance coverage includes death benefits that can cover financial expenses like medical bills and funeral costs. An insured’s beneficiaries can also receive a lump sum payment that can be used for other sudden yet essential expenses. Another financial pressure that an insurance plan can take off beneficiaries is debt, which either occur from medical and funeral expenses or accumulating over time and left unpaid.
For employees, protecting their income is first and foremost important, and insurance plans are a great way to protect their incomes. When they see themselves facing a medical issue, like an accident, illness, or disability, then the insurance company steps in to provide medical benefits, ultimately protecting their income. Having life insurance coverage helps these employees navigate life’s uncertainties, ensuring they have the financial means during difficult times.
For breadwinners, a life insurance plan is like income replacement for them and their families when illnesses or emergencies hinder them from work. No matter if it’s a corporate job or managing a business, their income plays a big role in helping meet the family’s daily needs. During unfortunate events, the life insurance benefit can help protect their family by giving financial support to manage their expenses, such as housing, food, clothing, utilities, and children’s education, among others. This support would help their families fill the financial void, maintain their current lifestyle, and help them get back on their feet.
On top of protecting their income, life insurance is also a smart way to protect their wealth. Even those in a good financial position can hit rock bottom once emergencies strike. As a result, many people turn to insurance plans for backup and help them avoid such scenarios down the line. As a matter of fact, it keeps their investments and assets secure, allowing them to keep their financial wealth stable without the need to sell off anything when money is tight. Certainly, life insurance is also about wealth protection, shielding individuals from any financial setbacks.
Adequate health coverage for Filipinos
Over the years, the Philippines showed significant growth when it comes to insurance coverage yet remains relatively low. According to data by the Insurance Commission (IC), the country’s insurance penetration rate sits at 1.73% in the third quarter of the present year, higher from the same quarter last year. Even with such progress, more improvement is still needed to enhance insurance coverage in the country.
For its part, the Philippine Health Insurance Corp. (PhilHealth) continues its efforts in providing affordable and accessible health coverage that protect Filipinos from financial turmoil and expensive healthcare. PhilHealth has committed to providing exceptional healthcare services and benefits to Filipinos, focusing on their financial and medical needs. Fundamentally, the main goal is to provide medical assistance, which covers in-patient services, outpatient services, Z benefit packages for life-threatening conditions, SDG-related illnesses, and mental health benefits.
“Much like the nation’s resurgence from COVID-19 pandemic, PhilHealth programs, benefits, and services thrive and continue to prosper owing to deliberate strategies, effective execution of processes, and a workforce that has the heart and relentless drive for excellent service,” Emmanuel R. Ledesma, Jr., president and chief executive officer of PhilHealth, shared in the state insurer’s Annual Report for 2022.
“The pandemic has taught us a lot, especially in the aspect of health. Now, Filipinos are provided with an opportunity to avail of preventive health services that can help them address illnesses at their early stages, if not altogether avoid them.”
“The path to Universal Health Care (UHC) has once been arduous and challenging. Thanks to the commitment of the entire PhilHealth workforce, and the support of stakeholders, health partners, and the government at all levels, the route now teems with clarity, assurance, and purpose,” he added.
More recently, PhilHealth is looking at establishing new benefit packages. According to the Department of Health, one of these packages that the PhilHealth-Benefits Committee previously discussed intends to pay for the assessment of children for errors of refraction, including a pair of prescription glasses if needed.
The other one concerns emergency care, seeking to pay for emergency department services, including ambulance coverage.
The board of directors of PhilHealth also approved a package covering preventive oral health services, which include mouth examination or oral screening, oral prophylaxis or cleaning, and fluoride varnish application. A maximum P1,000 is set to be allotted for each patient per year.
As the new year approaches, PhilHealth also assured members that it has sufficient funds next year for all its benefit package payments, as well as its planned expansion of package rates. — Angela Kiara S. Brillantes
