20/01/2025
Part of the Financial Education classes focuses on a financial foundation called: HEALTHCARE. This is very important because this is the main cause of personal bankruptcy. How many properties and assets were pawned, sold and bargained at a very low price because it was necessary to pay someone's hospital bill.
Did you know that there are two types of Healthcare or HMO? Short-term and Long-term.
For example, someone rejected the offer for a Long-term HMO because according to her, she already has a Short-term HMO as an employee benefit from her company. Good. But... what if you resign or retire from employment, you cannot bring this benefit with you.
Another instance, a person said to pass on the offer because he said he already has PhilHealth. Yes, that's also good but we all know that PhilHealth wouldn't pay the entire bill. Plus given the alarming news that PhilHealth has no budget for 2025 and it will just depend on its reserved fund.
Below is an example of a Long-term HMO client. She already fully-paid her plan so she stopped paying for two years already. But... her coverage continues. On her recent hospitalization (to a private hospital), her total bill was P33,806.04. But PhilHealth only covered P5,187.00. That's only 15% of the bill. That's okay but very minimal help.
Good thing, she has Kaiser Long-term plan, now on its extended period. She got covered with P25,542 even though she's not paying anymore. That's 76% of the bill. Amazing, right? On short-term HMO, if you stop paying, your coverage also stops.
Don't get me wrong, having both is good but we need to understand that there are certain features and limitations. Long-term HMO still has a better edge.
cto
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