Understanding Long-Term Healthcare

UNDERSTANDING THE IMPORTANCE OF LONG-TERM HEALTHCARE

One major illness can cost us hundreds of thousands and even millions of pesos! In reality, any critical illness of a family member could wipe out our savings or worst, set us off to bankruptcy.  In recent years, the prices for hospitalization bills, maintenance, disability rehabilitation and recovery, and other long-term healthcare treatments have risen dramatically. 

MEDICAL STATISTICS

In 2013, the Philippine Statistics Authority (PSA) reported that persons ages 60 and older are more likely to report having been confined compared to persons ages 5-59. It also stated that the average cost of in-patient care for sickness and injury at private facilities is P25, 271. The amount would definitely vary on the type of illness and the duration of treatments. Coincidentally, less than half of this cost will be paid by PhilHealth. That leaves majority of the medical expenses for us to shoulder.

Kaiser

See the difference of Kaiser International Health Group from the traditional short-term HMOs in terms of offering the best services. This informative video will show you the facts you need to know to help you make the right decision in choosing the best health care provider.

Posted by Kaiser International HealthGroup, Inc. on Tuesday, March 8, 2016

 

According to a study, “By year-end 2018 there will be 8,013,059 Filipinos over 60, constituting 8.2% of Filipinos. Of this group, 5,082,049 will be 65 and older.”  Further, the percentage of elderly people in the Philippines, ages 65 and above, will most likely increase. It is projected to grow to 4.9 per cent by 2020, 5.6 per cent by 2025, and 6.3 per cent by 2030.

ARE WE READY?

Is it safe to say that the Philippines is moving toward the aging population? If so, are we ready to support the healthcare needs of our retirees? Is living a comfortable and worry-free retirement for Filipinos within reach? If not, “What can we do about it?

One thing is for sure, we cannot solely depend on government-sponsored or social healthcare. We have to act now. First, by understanding long-term healthcare. Next, by availing one.  It is risky to go without adequate health insurance coverage; it is even riskier (and costly!) to grow old without any medical plan at all.

WHAT IS A LONG-TERM HEALTHCARE?

A long term healthcare involves the delivery of medical care to persons with chronic medical conditions. It may be provided in a nursing home, in an assisted-living community, or in patient’s home. 

DO YOU NEED LONG-TERM HEALTHCARE?

These guide questions can help you decide if you need a long-term healthcare:

  1. Do you have insufficient savings?
  2. Do you worry about medical costs in your old age?
  3. Will your company-sponsored healthcare cease once you retire or resign?
  4. Does your family have any medical history of critical illnesses?
  5. Do you have assets to preserve for your beneficiaries?
  6. Does your family depend on your income?
  7. Do you have other big responsibilities?
  8. Can you afford the premiums?

If you answered “Yes” to these questions, then a long-term healthcare can help you achieve a worry-free retirement. 

CHOOSING THE RIGHT POLICY

  1. Buy your long-term healthcare while you are still young and healthy. Premiums are definitely way cheaper for younger ones than for the older ones, not to mention those with medical history or preexisting illness.
  2. Buy the appropriate type of health insurance, enough to cover your needs.
  3. Compare the benefits, policy coverage, maturity, and costs of different healthcare.

WHAT ARE THE POLICY PROVISIONS?

Does your healthcare contain the following policy provisions?

  • Healthcare/Hospitalization Benefits
  • Fixed Premium Payment
  • Guaranteed Renewal
  • Return of premiums for non-utilization
  • Flexible payment terms
  • Healthcare benefit even beyond age 60
  • Guaranteed Savings and Investment
  • Life Insurance coverage
  • Wide network of hospitals and clinics
  • Other benefits aside from healthcare, insurance, and investments

 

KAISER ULTIMATE HEALTH BUILDER

In the Philippines, Long-term Healthcare such as Kaiser Ultimate Health Builder can help you with a good medical plan.

KAISER Ultimate Health Builder is an HMO with a Savings Account.  Specifically, it has a fixed premium in 7 years (so you don’t worry about increasing premiums!), guarantees renewal, and matures in 20 years.

Kaiser Ultimate Healthcare Builder is basically a 3-in-1 product:

1. A Lifetime Healthcare (up to age 100),

2. A 20-year Insurance coverage, and

3. An Investment (retirement) fund

WHAT ARE THE BENEFITS OF KAISER ULTIMATE HEALTHCARE? 

  1. Basic Medical Benefits—with over 1,000 accredited Physicians and with over 500 accredited hospitals.
  2. Annual Physical Exam—Chest X-ray, Stool and Urine Analysis, Complete Blood Count, ECG.
  3. Dental Benefits—unlimited dental check-up and tooth extraction.
  4. Special and Extended Benefits—Magnetic Resonance Imaging (MRI), CT Scan, Dialysis,  etc.

OTHER LONG-TERM BENEFITS:

  1. Long-term Care Benefits—guaranteed benefits after 20 years, or at age 70 onwards. Take note, long-term care benefits will be given irrespective of the sickness.
  2. Yearly Health Benefits—10% yearly accumulation from 8th year up to the 20th
  3. Long-term Care Bonus—return of 85% of premiums if no claim was made during the paying period.
  4. Accumulation of Unused Yearly Health Benefits—All yearly health benefits accumulate with interest

 

FOUR-WAY INSURANCE COVERAGE

Kaiser Long-term healthcare also comes with a 4-way Insurance Coverage:

  1. Term Life Insurance Coverage,
  2. Accidental Death and Dismemberment,
  3. Waiver of Installment Due to Death/Credit Life, and
  4. Waiver of Installment and Premiums Due to Total and Permanent Disability

Understanding long-term healthcare insurance is indeed an important step to retirement planning. Avail now a long-term healthcare as fast as you can, while you can. Save on premiums when you start early. Undoubtedly, it would be more a more practical option to regularly pay small amounts now than to pay higher premiums as you get older. 

EMAIL US

For inquiries and to request for a FREE Kaiser Long-term Proposal, click http://bit.ly/2FMM1cJ

Email us at financialliteracyadvocacy@gmail.com

or

message us at CP#0933.863.7865.

 

Thank you for reading! Wishing you good health and prosperity!

 

About the Author

Divina Gracia M. Cabaddu is a part-time College Professor, a Resource Speaker of the Department of Trade and Industry (DTI), and a CEO-Marketing Director of the International Marketing Group (IMG).  As part of her advocacy, she conducts financial lectures to impart her knowledge on financial planning including investment and healthcare planning. You may contact her at 0933.863.7865.

Disclaimer: The information on this site is provided primarily for discussion purposes only, and should not be misconstrued as an advice. Under no circumstances does this information represent a recommendation to buy or sell any product.

Would you like to learn more?
I agree to have my personal information transfered to MailChimp ( more information )
Hello!
Receive regular updates on investments, healthcare, and other finance matters. Don't worry, your contact number and email address will not be shared with anyone else.
Share: