Complete Peace of Mind: The Power of Dual HMO and Health Insurance Coverage

Medical emergencies can happen to anyone, and they can happen in a matter of seconds. Have you ever thought about how prepared you are in case one were to happen to you right now?

Many people put off preparing for different reasons, not knowing that doing so puts their health and security at risk. You shouldn’t make that same mistake, and must try to always stay one step ahead of emergencies. The best way to do that is to purchase protection for yourself and your loved ones.

If you’re an employee, you might already have PhilHealth coverage coupled with additional company-provided health benefits. Chances are, however, those won’t be enough for a lot of the more common medical emergencies.

Appendicitis, for example, is a common and painful medical condition with symptoms that come on suddenly. Those who are diagnosed with it usually get an appendectomy, a surgical procedure that removes the appendix. An appendectomy can cost somewhere between P15,000 to P50,000 at minimum, depending on the type of procedure and the facility doing it. Patients could also be asked to stay in the hospital for a few days, ensuring there are no complications. That means they not only have to pay for the surgical procedure but also the confinement afterwards, along with any other miscellaneous fees, all while missing time from work.

For that reason, you can no longer rely on a single health plan alone. Instead, you have to combine the benefits of different health plans, specifically HMO and health insurance, to truly be prepared and enjoy peace of mind.

(For more serious conditions, you’ll need critical illness insurance. Learn about its unique benefits and why it’s also very important here.)

In case you’re unfamiliar, HMO charges your medical bill against your annual limit, while insurance foots your expenses upon diagnosis. The former provides you access to a limited network of doctors and hospitals, while the latter lets you choose your own. These are, of course, just a couple of the key differences between the two that illustrate how each one works. You shouldn’t pit one against the other here as they are both essential to a comprehensive and well-rounded coverage. Where HMO falls short, for instance, health insurance supplements, and vice versa. That’s why you ideally need to have both.

That said, not everyone feels the need to invest in both types of health plans, either thinking they don’t need it or don’t need it yet.

Young adults, for example, might feel they are strong and healthy, and thus don’t need health coverage yet. Those who know their family’s medical history might also say they were fortunate enough not to have inherited any condition that they should immediately be worried about. While you’re fine today, can you be sure you’ll be the same tomorrow or the day after that and so on? You definitely can’t, so it would be unwise to take your chances, and live each day without anything to protect your security and health.

Some might say that they don’t need a health plan because they’re wealthy. That may be true, but it’s also worth pointing out that you can’t pay for your hospital bills using the assets you own. You’ll first have to liquidate those assets, which can take time. What’s more, when you need to sell them fast, you won’t have the luxury of time, meaning you can’t choose your buyer and can be forced to sell it for a lower price than you intend to. Plus, you surely wouldn’t want to be thinking about selling off your assets while you’re dealing with a medical emergency.

Even when you have enough savings, wouldn’t it be better to have all that intact than spend it on an emergency? Why spend your hard-earned savings when an insurer can cover your expenses for much less?

Others might also say their spouses don’t want or need a health plan. Don’t let that stop you from fulfilling your responsibility of taking care of your family. Even if your spouse refuses to purchase coverage, take it upon yourself to do it for him or her. Not having adequate health coverage is downright irresponsible.

In an average Filipino household, couples share the expenses, so in case you encounter an emergency, your spouse has to carry the financial load while you’re out of action. What’s worse is that he or she has to do that while taking care of you. Would you want to be a burden on him or her? Certainly not. Having coverage saves you from the stress of ever finding yourself in that situation.

Remember, choosing not to purchase health coverage not only affects you but also the people around you. While coverage doesn’t prevent you from getting sick, it at least gives you a safety net to fall back on in case you do find yourself in a medical emergency. The best thing you can do for yourself and your loved ones is to get on top of purchasing adequate health coverage as soon as possible by reaching out to a professional today.

(Need a healthcare plan? Purple Cow might be the provider for you. Check out what it has to offer here.)

Bridges-PH Executive Director Janet Ng made it her mission to empower Filipinos by helping them gain access to quality and affordable healthcare plans. Through Bridges-PH, she looks to reach the decision makers of MSMEs, which employ close to 65% of the Philippines’ working population, and design employee benefits solutions for them. Doing so allows her to bring value in the lives of more working professionals without having to reach out to them individually.

Want to consult with an experienced professional? Janet Ng is open to chat. Visit https://www.bridges-ph.com/janetnng/ to book a free, no-commitments consultation with her today.