Health

2018-06-16 11:34:13.0

“Health is Wealth" How many times have we heard this saying? Most of our adult lives are concentrated on knowing how to make money, but without a healthy lifestyle, the quality of life may be severely affected. According to the latest WHO data published in 2017 life expectancy in Philippines is: Male 65.3, female 72.0 and total life expectancy is 68.5 which give Philippines a World Life Expectancy ranking of 124.

We may engage in a regular exercise, maintain a healthy diet and live a stress free life but sometimes our genes have the final say. How many times have we heard a very active, young and fit person suffered a heart attack or stroke? One must be prepared financially for all the possible health issues we may encounter in the future. Most of the top 5 diseases in the Philippines (Myocardial infarction, Cancer, Stroke, Chronic Kidney disease and Diabetes), there is a huge health gap among these disease. This means the coverage falls short from the actual cost and leads to more expensive and sacrifice savings to have treatment. Diabetes costs 871k, Cancer up to 2.42 M. We must need to educate ourselves about the different tools we can invest and acquire to provide treatments at the time of illness or accident occurs.

Health Insurance – these are health care benefits that are provided by Life Insurance companies. It covers pre and post care that handles an individual’s well-being. They are usually attached from a traditional or investment type of insurance plan.

HMO (Health maintenance Organization) It is a prepaid health care system that handles the distribution of networks, providers and all members all in one umbrella. You will be given a HEALTH CARD you can bring along and use in accredited providers only.

PhilHealth – is a national health insurance program of the government that aids in the health care services of People of the Philippines. PhilHealth is a GOCC Government owned-controlled corporation attached to Department of Health for its policies and guidance.

SSS (Social Security System) from www.sss.gov.ph

The SSS Sickness Benefit is a daily cash allowance paid for the number of days a member is unable to work for a minimum of four days. Qualifying members must have paid at least three monthly contributions within the 12-month period prior to illness. In addition, all company sick leave pay for the year must have been used. SSS members are entitled to receive 90 percent of their average daily salary per day.

The SSS Disability Benefit covers employees who cannot work due to partial or total disability and have paid at least one monthly contribution to the SSS before the disability took place. Disability benefits can be paid in two different ways: monthly pension or lump sum. Only members who have paid at least 36 monthly contributions to their account qualify for monthly payments. The lump sum payment is available to those who have not paid the required 36 monthly contributions. Just like any other type of pension, the monthly cash benefit is computed based on the disabled member’s number of paid contributions and years of membership. According to SSS, the lowest monthly pension is P1000 for members with less than 10 credit years of service, P1200 for those with at least 10 CYS(credited years of service), and P2400 for those with at least 20 CYS.

Critical Illness

Critical illness insurance was founded by Dr Marius Barnard, with the first critical illness product being launched on 6 October 1983 in South Africa, under the name dread disease insurance. Since 1983, the cover has been accepted into many insurance markets around the world. Other names of the insurance cover include: trauma insurance, serious illness insurance and living assurance. –Wikipedia

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