What is the Best health insurance HMO,Prepaid or Critical illness Plans?

By: King San Josè,RFP,CFC,LFA

Filipino started to value insurance after Covid 19 after seeing their friends, families and love ones get affected by this pandemic. But the question is, what is the best health insurance package for you and your family?

What is HMO Card?

HMO or Health Maintenance Organization Card is one of the basic Health protection Filipinos are quite familiar. It covers general expenses for inpatient and outpatients services that you may occur in our accredited hospital partners. Laboratory test,check ups and other medical services are included in this service. Most HMO cards are like term insurance so expect a higher payment compare to other types of health protection. It is very straight forward so you only have limited option.

Price: Medium

Service: Complete Hospitalization services

Benefit: Medium

What is Prepaid HMO Card?

Prepaid HMO card is the quickest and cheapest way to get health protection. The downside is that the service is quite limited. Either you pay for each service or use it only once.

Price: Cheapest

Service: Limited service. You pay for each service you need. Mostly, outpatient services and laboratory are not included.

Benefit: Low

What is Dreaded Disease / Critical illness Plans?

It may start a bit higher than your regular health Insurance however, in the long run, Dreaded Disease plans are good to cover extreme cases that can wipe out your entire wealth such as Cancer, Heart attack and other severe conditions. Some plans even allow you to pay for a limited time and some even comes with investments and life protection. What is nice about this plan is that you don't need to be in any type of hospital to get the benefit, you just need to meet the criteria set by your plan.

Price: Medium

Services. Focuses mostly on Lump sum cash benefit. Some are even bundled with life insurance and investments.

Benefit: High. Up to Php 2.5M for a small fraction of premium

In Summary:

There is a rule in Wealth Management that we start from the basic which is taking your of your health so you can focus on growing your wealth without worrying where to get money when you get sick.

It depends on your current condition. If your require mostly laboratory test and check ups, go for HMO Cards however if you are mostly in low risk, getting Critical illness Plan is the basic plan which we highly recommend as you get lump sum. Most of the dreaded diseases will wipe you out.

For more question, contact your SJP Wealth Manager today.

www.sanjoseandpartners.com/contact or helpdesk (02) 8790.4111