Investing in the Right Health Insurance for You and Your Loved Ones
There was a time when investment referred to stocks, real estate, market funds and business. While these are still important in growing one’s wealth, health has now risen as one of the most critical investments one must consider.
A survey done by Sun Life Grepa Financial, Inc. (Sun Life Grepa), a joint venture between the Yuchengco Group of Companies and Sun Life Philippines, indicated that health insurance rose from fourth to second top priority in financial protection among the general public. The respondents of the said survey, done in the third quarter of 2021, revealed that while they are concerned about having a stable source of income to help in emergency situations, they are also highly concerned for the health and well-being of their loved ones and themselves.
According to Richard S. Lim, president of Sun Life Grepa, the pandemic has raised the awareness of people on the importance of health plans. Plans that offer hospitalization and other benefits for dreaded disease treatment or COVID-related confinements are highly sought after at this time, together with life insurance products.
With this growing interest in mind, here are a few more factors to consider when choosing a health insurance policy.
Health Insurance that provides options for a wide range of treatment benefits. While different people have different protection needs, it is very useful to have health insurance plans that provide coverage options for life-threatening conditions such as critical illnesses. Upon diagnosis of a critical illness, are some benefits paid out to provide the insured person sufficient funds for incurred medical expenses? In certain instances, these conditions may require additional tests and even initial confinements and procedures before the actual course of treatment is finalized. During the treatment process itself, it may be useful to check if the plan has options available to cover surgical-related costs should the treatment program require such intervention. An additional consideration would be hospital confinement-related benefits. This could range from regular room confinement to the more complex Intensive Care Unit (ICU) confinement options.Another useful aspect to consider would be a health plan’s post-recovery benefit options related to post-confinement treatment such as follow-up consultations and even rehabilitation.
Group coverage for MSMEs (Micro, Small and Medium Enterprises). MSMEs realize now, more than ever, the importance of securing their employees’ health to keep their business/es going. There is a right health insurance plan for the varying needs of such enterprises. Employers just need to thoroughly review plans best suited for them. There are various group hospitalization plans available in the market to choose from. It would be helpful to select one that includes surgical benefit options and possibly to pay for hospital expenses in case an employee needs to be confined. You could also look for an insurance plan that likewise covers the employee’s immediate family members. After all, employees caring for sick family members will likely be distracted and less productive at work if their loved ones’ needs are not looked after.
Reliable, extensive access to medical partners. It helps to check on the insurance company’s access to medical providers. This access would ideally include: hospitals, clinics and health care centers that are of good reputation, experts in their respective fields and with a history of trustworthiness. The more medical partners in more locations the better. A life insurance company with wide provider access can truly help in ensuring flexibility in service options like reimbursement, and also proves the organization’s stability, competitiveness, and responsiveness to needs.
Financial advisors that speak your language. All financial advisors are trained, so it is important to try talking to various advisors before deciding on one that connects with you the most. It would be ideal to consider not just an advisor’s years of expertise and track record but also his ability to listen, understand your needs, and provide you with relevant financial protection coverage options that will best address your specific requirements. From sharing protection options to providing assistance in processing claims, an advisor’s clarity in explaining products and steps to take is highly beneficial.