Valuing Health and Insurance

After what happened to my cousin last Tuesday, I became all the more resolved that I will not waver in paying my insurance premiums and ensure that my office health insurance card is always in my wallet.

You see, my cousin did not have a health card or a personal accident insurance at the time of her accident.  She just started work at her office and you know how it is in private companies sometimes, they are really slow in processing the admin papers.  So her employer is not going to be liable in the medical expenses of her operations.  And that is the reason why we want to really go after the operator of the jeepney (PUV) that hit her, as they should be held liable for the physical damages the reckless driver caused her.    My cousin still has 2 more operations to go, and countless therapy sessions after.

As for me, I have a health card courtesy of my office but I don’t have a personal accident insurance.   I have traditional life, critical illness cover and savings insurance.    It never occurred to me to get myself a cover for injuries that may be caused by an accident.

Admittedly, Personal Accident Insurance (PAI) does not come cheap.  All medical health insurances are.  That’s why there’s a bit of apprehension every time insurance agents offer these to clients.  No money back guarantee unlike in a savings plan.

But that is not a reason for me and for us not to consider getting one.   I am in fact interested about Insular Life’s I-Heal product.  Here’s the product description as provided in their website:

I-Heal (Insular Health Expense ALlocation) is a health savings plan that provides health security until age 80. It is payable in 5, 10 or 20 years giving you the flexibility to afford the health insurance protection you need. It is designed to help you set aside money to pay for future medical needs such as hospitalization, prescribed medicines, doctors’ fees, surgical and ICU expenses.

Consider what I-Heal can do for you:

Replace lost income due to hospitalization
I-Heal provides daily hospitalization allowance that can replace income which should have been earned had it not been for the insured’s illness. An amount equal to 0.2% of the health fund (subject to maximum limits) is provided per day of confinement and can be claimed for a maximum of 365 days per disability.

Supplemental funds for critical hospitalization and surgical procedures
I-Heal provides an ICU allowance for every day that the insured is confined in the ICU. This allowance is equal to 0.2% of the health fund and is given during the continuance of the ICU confinement for a maximum period of 90 days per disability. Moreover, the plan provides a surgical reimbursement benefit up to a maximum amount of 2.5% of the health fund that can supplement expenses incurred for surgical procedures.

Contingent Medical Expense Benefits
The plan provides Medicine and Doctor’s fee reimbursements to subsidize some of the expenses. Medical reimbursement subject to a maximum amount of 0.5% of the health fund, and doctor’s fees equal to the actual fee charged by the attending physician subject to the maximum amount of 1% of the health fund, can be reimbursed for confinement-related medicine expenses and physician’s consultation services.

Life Protection
I-Heal provides insurance coverage equal to 125% of the equivalent annual premiums paid, or the remaining Health Fund, whichever is lower. .

Supplemental health coverage when most needed
I-Heal covers the insured until age 80, a period when no other HMO plan benefit is available. I-Heal provides a level of comfort knowing that future health expenses need not drain one’s personal pocket.

If you think Insular Life’s product is too comprehensive and therefore costly, there are other similar products in the market that are specific to our medical needs and which you may want to consider.

Prulife UK Philippines also has a personal accident insurance that is packaged to suit the client’s age, income, occupational and lifestyle characteristics.

On the other hand, Sun Life Philippines has the Sun First Aid hospital income plan that helps defray the cost of hospitalization.  I like its money back feature that will give me the unique benefit of receiving cash whether I get hospitalized or not.

Getting an insurance is one of the wisest decision one can make.  We should not be content with the little health coverage our company provides us, nor the little savings we have in the bank.   It’s high time that we consider getting additional protection for ourselves and our loved ones, to ensure that in time of contingency, the impact of loss in income or life will not totally paralyze those you will left behind.

Disclaimer:  I am not in any way, endorsing the above insurance products but are only presenting them as options for those who are interested about getting medical or personal accident insurance.  To know more about these products, consult the proper financial agent by clicking on the links provided.