This pandemic has taught us lots of lessons in life: from relationships to survival to financial preparedness. Our family had first-hand experience when both my parents succumbed to the dreaded Delta variant of COVID-19. When critical illnesses happen, having a health insurance policy (or more), would greatly help the family in distress.
Having Health Insurance
There are many aspects of life we need to be financially prepared for. When our current business sector goes bad, we should have the money to start a business that is suited for the situation. When sickness and death come to the family, we need to be also prepared.
And insurances are actually a helpful tool when the need arises. But sadly, not many benefit because many thought, they did not need it.
Take for example having health insurance. It may seem like a useless expense just paying for it every month, but when a critical illness happens, the benefits of health insurance give many families a big financial reprieve.
Francesca Tolentino, Affinity Partnership Manager, Health & Accident Team, Sun Life, shared from her personal experience about losing money and properties due to sickness. Her mom battled with cancer that took a toll on their family’s emotional and financial aspect. They lost their mom, as well as most of their earthly possessions, to cancer. Learning from that experience, she is working on having multiple health insurance policies so that she will not burden her family when the need arises.
When Income is Not Enough
If there is one thing that I learned in the Sun Talks session I attended last April 20, it is the term “medical inflation.”
We are so concerned with the little things that increase in costs, such the prices of transportation and commodities. But along with these rising costs of everyday needs also mean the rising costs of medical expenses should illness occur. This is when you realize that a single income alone is not enough.
And this is where health insurance comes in. The coverage ought to protect the family when something happens to the breadwinner. Depending on the policy, the benefits should cover medical bills as well as loss of income during times of sickness.
Common Reasons Why People Don’t Get Health Insurance
Many people think that getting health insurance coverage is beyond their reach. They feel that as regular employees, coverage is beyond their reach. But there is always something for different budgets and having little coverage over nothing is still so much better.
Another common problem is confusion. It is no wonder because there are just too many kinds of health insurance available, each with its own pros and cons. An able financial advisor should be able to explain the differences, answer questions, and pre-empt the necessary information needed by a prospect client.
Tips on Getting Health Insurance
Sun Life Financial Advisor Garett Maralit encourages every Filipino to fix their finances and include health insurance. He said that it is as simple as listing down expenses and budgeting income in order to make way for things that matter more in the future.
Since everyone has a different earning and spending capacity, he tells that one should choose an insurance product that is sustainable.
An honest and open discussion with a financial advisor is the first step in determining the best health insurance coverage for a person’s needs.
Conclusion on Financial Preparedness
Being prepared means you do things beforehand. A health insurance coverage should be in place so that the person and the family should be prepared when the need arises.
Thanks for sharing mommy. Health insurance is very important because we can’t predict our future. We never know what will happen to us and to our family. Mas maigi na maging handa at maiiwasan ang financial problem.