Comparison of HMO and Health Insurance in the Philippines

Health Care In The Philippines

According to the latest statistics available in the country’s public insurance system, PhilHealth (June 2013), 85% of the working class are enrolled in the system. Since 1991, there had been major changes on how the Filipinos view health care, mostly through active involvement of the private sector accounting for 50% of the health care system in the Philippines.

Difference Of HMO, Health Insurance And Medical Insurance

Health Maintenance Organization (HMO) is a prepaid health care system wherein an Insurance Company handles the distribution of networks, providers, and members all in one umbrella. Health insurance on the other hand, covers pre and post care that handles an individual’s well-being. Lastly, medical insurance covers treatments at the time that an accident or disease occurs.

What Is The Difference Of Life And Health Insurance?

Life insurance is a contract where upon death of the insured, the insurer is bound to pay a lump sum of money, provided that the insured pays a premium. Payment is also possible in the event of critical illness. Health insurance is a contract between the insurance company and an individual or group that can avail services provided by third parties. Health insurance comes in the form of an HMO, PPO and Medical Insurance. For both instances, the insured pays a premium depending on what the person wants, either monthly, quarterly, semi-annually or annually in exchange of a later payment (for life insurance) or discounted services of various providers in the insurance company's network (for health insurance).

What Is Health Insurance Policy?

An insurance policy is typically a plan the insured chose. Insurance policies are not made alike resulting to different amount of premiums, pay-outs and lock-in periods. The insurance policy states all the terms the insured and insurer agrees upon.

Health Insurance Companies

There are various companies in the Philippines that offer a wide range of health insurance, aiming to make health care affordable to every Filipino. Here are the most trusted health insurance companies currently in the market: Insular Life, Manulife, BPI, Philamlife, AIG, and Blue Cross.

What Should I Look For In A Health Care Insurance Provider?

First, work out a budget, this will effectively narrow down all available health care providers. Next is to choose which plan makes the most sense based on the needs of the policy holder. Lastly, get feedback from other customers on how the health care provider responds to insurance claims. You can also read about our article for additional tips on how to identify a good health insurance provider.

Why Is It Necessary For Me To Have A Health Plan?

Inpatient Care is a benefit wherein an individual looks for therapeutic consideration and treatment in the doctor's facility due to a quick need. This dependably prompts control wherein the benefits that accompanies it incorporates the following but is not constrained to: hospitalization, recovery, rescue vehicle charges, research center tests and medicine. Outpatient is similar to inpatient care, wherein the difference is that the person involved as exhorted by the specialists can medicate from the solace of the person's own home or just outside the doctor's facility. Outpatient care normally incorporates the following: well being, preventive care systems like research facility tests, ECG, Physical Exams, Chest X-Ray and Urine and Stool Analysis. Further coverage includes crisis care wherein the expression "crisis" signifies taking quick care due to a result of a dangerous occasion brought about by voyaging or just from a general mischance.

To summarize, health insurance provides financial assistance for unforeseen circumstances that may or may not happen to you in the future. Being prepared is always better than having a cure, especially if it would cost money that may hamper your cash flow. To give you a better idea, our article on how health insurance can help you avoid being bankrupt, will provide added info on the financial importance and advantages of having a health insurance coverage.