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Medical bills can stack up pretty quickly. A consultation with a doctor can cost you P500, while an overnight stay at a private room in a hospital can cost you P3,000. To prepare yourself for these expenses, consider getting an HMO plan or getting health insurance. An HMO plan is a kind of health program that gives you access to a specific set of healthcare practitioners and institutions. It’s also as good as cash. You can learn more about HMOs here

Health insurance, on the other hand, offers a wider range of inclusions. The amount is either reimbursed to you or given to you upon diagnosis of a disease. 

Here are some of the popular companies offering health insurance in the Philippines: 

Interested in life insurance instead? Click here!

FWD Life Insurance Corporation

If you think you’re likely to contract a critical illness more than once, FWD’s Set for Health allows you to make a claim three times over the course of your contract duration. It also waives premiums when you’re diagnosed with your first major illness and gives you 100% of your premium back if you end up not contracting a major illness before age 75. FWD also has a specific health insurance plan for cancer called Fight Plan. It covers you up to P2 million and protects you against all types of cancers for 15 years. If the cancer is at the early stage, you’ll get 20% of the benefit amount. As the disease progresses, so will the amount increase. Full benefit is guaranteed if you are beyond the cancer’s early, non-threatening stage.

Sun Life

While known for its life insurance and investment products, Sun Life also has health plans that cater to a wide range of lifestyles. If you’re specifically worried about medical bills from surgery or hospital confinement, Sun Life First Aid offers hospitalization benefits for 10 years. In the event of death, the premiums paid also act as a death benefit. If you’re worried about critical illnesses like stroke, cancer, or kidney failure, Sun Life Assure offers protection against 36 major critical conditions, four of which include surgery. Upon diagnosis, you get a lump sum cash benefit equal to your plan’s face amount. 

Check out Sun Life’s other health insurance products here.

Manulife

Like most life insurance companies, Manulife also has a critical illness health plan. Health Choice protects you against 60 illnesses, provides daily hospitalization allowance, and rewards you for staying healthy. The life insurance company has also a specific health plan for men called Adam and another for women called Eve

Learn more about Manulife’s other health plans here.

AXA

If you’re looking for affordable health plans, AXA’s Health Start Lite might be an option. It doesn’t just protect you from cancer, stroke, and heart attack, the top three major illnesses, but also from nine minor conditions. It also acts as life insurance and can start for as low as P535 per month, depending on your age and health condition. There’s also Health Start, which provides greater coverage, not just for yourself, but your family. It has built-in coverage for your child (if you have any) and allows you to cover the health of a spouse, sibling, or parent. You can also customize your health plans with other health riders to get the exact plan that meets all your needs. 

Learn more about AXA’s health plans here.

Philam Life

No stranger to health plans, Philam Life also has a portfolio of health insurance products that might appeal to you. One of them is Health Invest, a plan that doesn’t just protect you against major critical conditions and accidents, but also creates an investment fund for you, which you’ll be able to use for healthcare and other costs in the future. In case you’re worried about contracting a critical illness past 75 years old, which is when most health insurance providers cap their health plans, you might be interested in the AIA Critical Protect 100, which gives you coverage against 100 illnesses until age 100. 

Learn more about Philam Life’s health plans here.

PRULife UK

Dealing with a major disease while struggling with mounting medical costs doubles the amount of stress on you and your family, so having a backup plan in the form of health insurance is important. With PRULife’s PRUWellness, you get a daily hospital income benefit, long-term hospitalization benefit, dread disease benefit, ICU benefit, surgical expense reimbursement, and even death benefit from term insurance. There’s also PRUHealth Prime, which doesn’t just cover you against cancer, but also has investment features that’ll help ease the burden of medical costs. 

Pacific Cross

While more known for its travel insurance plans, Pacific Cross also has a wide range of medical plans that might interest frequent travelers. Younger clients might like LifeStyle, a medical plan designed especially for new clients aged 21 to 35 with limited coverage abroad. Blue Royale is a worldwide medical dollar plan that ensures you get the best possible care wherever you are.

Check out Pacific Cross’s other health insurance plans here. 

PHOTO: Pixabay.com

Here at PesoMatters, we’ve talked about getting into the Philippine stock market, investing in Bitcoin, and even investment gifts you should give yourself, but not all investments are monetary in nature. In fact, some people have found that other types of investments yielded better returns. Here are some of them:

An online course membership

In some ways, a work-from-home arrangement has benefited a lot of employees. Les, a 33-year-old marketing officer, found that it gave her more time to pursue other interests. “Before, I would be too exhausted by my daily commute,” she shares, “but since our company allowed us to work from home, I’ve been using the extra time to develop new skills.” In June, she signed up for SkillShare, an online program that gives members access to a multitude of courses, from creative writing to graphic design. “The skills I’m learning don’t just help me become a more capable person at work and my everyday life,” she says, “they’ve also made me feel less helpless the past few months, which, I think is pretty priceless.”

An ergonomic office chair

Ben, a 29-year-old, lead developer, put a great deal of money in something that was more tangible. “I spend most of the day sitting down, so I look at an office chair the same way I look at my computer,” he explains. “It’s part of my equipment.” Given its price tag, which Ben requested that we not share, the award-winning chair of European make is certainly a big investment. However, unlike other financial investments whose returns aren’t guaranteed, this one is already paying off. “I can spend longer hours in front of the screen without my back or my legs suffering for it.”

A weighted blanket

Not all investments have been about work or about personal growth. “The best investment I made this year was in my quality of sleep,” says Jade, 35, a freelancer who has been having trouble sleeping since the pandemic. “I invested in sheets with higher thread counts, an aromatherapy diffuser to help me sleep, and the biggest splurge of all, a weighted blanket!” According to Jade, the weighted blanket was the one that required the most consideration. It had seemed like another trend at first, but she did her due diligence and by the time she was ready to purchase, she felt more than confident with her decision.

A fitness device

Reggie, a 29-year-old developer, is very happy about his Apple Watch. “I’ve been trying to become more conscious about my health,” he says, “but it’s really been a challenge.” A regular gym goer, Reggie confesses that he’s been sliding towards the unhealthy side of the scale since he cut his gym membership early this year. “I bought a few weights and a bench press to create a home gym, but having the watch strapped to me almost every second of every day has been really instrumental in keeping me on track.” 

Investments can take on different forms. One of the most important ones you can make is in your education. If you’re interested to learn more about how to manage your finances, we suggest starting with our quick introduction to the wealth generation cycle here

PHOTO: Pexels.com

As told to PesoMatters

It’s no surprise that we’re huge fans of food delivery apps in our household. We were already huge advocates before the pandemic, ordering milk tea during weekends and fast food meals on cheat days, but ever since March, we’ve come to rely on them so much more. After reviewing last month’s credit card bill and after seeing this article online, I felt inspired to make a change. For a week, I removed both Foodpanda and GrabFood on my phone. 

Here’s what happened when I abstained from my favorite food apps for a week: 

Monday

The first day of the work week has always been an excuse to treat myself. I tell myself that my favorite Tim Hortons or Starbucks drink from Foodpanda or GrabFoodwill make me work harder, but today, I stick to the instant coffee in the kitchen. I save myself P110. Lunch is liempo and sitaw cooked at home, so I don’t shell anything out. It’s the same story for dinner, too.

Tuesday

I congratulate myself for resisting temptation yesterday, but already, I can feel myself wanting to check my options at Foodpanda and GrabFood. Since I uninstalled them before I began this week-long abstinence, however, I have no choice but to get my food fix elsewhere: YouTube. I watch several food videos and suddenly develop a craving for dim sum, which we sadly don’t know how to make at home. On a normal day, I would have ordered Tim Ho Wan’s Baked Buns with BBQ Pork (P213), Pan Fried Radish Cake (P194), Vermicelli Roll with BBQ Pork (P235), Vermicelli Roll with Shrimp (P263), and Beef Ball with Beancurd Skin (P169). Normally, I would have easily justified this because I’d be sharing it with my family, but I don’t. I save P725. 

Wednesday

Hump day is traditionally another excuse to order food online. Starbucks and Tim Hortons is almost always on the agenda, and I resist as best as I can. It’s a lot harder though when someone in the family tells you that they’re ordering something from Foodpanda or GrabFood and asks you if you want anything. My immediate answer should have been no, but I stutter and stall for a good 30 seconds before ultimately deciding that I will have to pass. I save myself P110.

Thursday

Back when I was still going to a physical office to work, I’d often eat out. I never developed the habit of bringing baon—although that would have saved me a lot of money—and neither did most of the people in my family. It’s no wonder that we’re not used to having to come up with our own meals every single day. The rotation grows old fast. Liempo and sitaw, bangus and kalabasa, fried chicken and pechay. This is why food apps have been so integral to our lives—not just mine. Today, I sit in front of the usual ulam and feel a strong urge to just order food online. Pizza sounds really good. At Shakey’s, we always fall back on thin crust Manager’s Choice (P417) and Classic Cheese (P675). I really want to suggest ordering it, but I don’t. I save P1,092. 

Friday

Finally, the work week is coming to a close. I eat lunch and dinner on autopilot, not wanting to even give myself a chance to think of what exciting food choices there are just a few taps away. However, I do have an e-numan session with friends later. Usually, this means going to Boozy.ph and ordering a Yellow Tail Pink Moscato (P549), and while I technically wouldn’t be ordering from Foodpanda or GrabFood, I make do with water. It’s the principle of the thing.

Saturday

Weekends are classified as cheat days and while the idea of ordering in sounds really appealing (honestly, when isn’t it?), I decide to make sinangag from yesterday’s leftover rice and cook SPAM and eggs for lunch instead, which, weirdly enough, makes me just as happy as if I ordered something from Army Navy, another weekend favorite. I would have ordered a Steak Burrito (P245) and a Liber Tea (P115). Dinner passes by without incident and I save P360.

Sunday

The last day of my week-long abstinence can’t have arrived sooner. I’ve been good all week, and so I almost feel “allowed” to slip just once, to order an Avocado Shake (P180) from Avocadoria.ph, which I realize I miss so much, but I hold on to my resolve. I avoid watching food-related content on YouTube and other social media apps and spend the rest of the day watching a drama series on Netflix. Dinner is the usual meat and vegetable combination and I breathe a sigh of relief as the week ends without further incident.

So, all in all, how was the experience? Did I learn anything?

By uninstalling the food apps on my phone for a week, I saved myself a total of P3,126. It’s a lot of money for just seven days, but I attribute this largely to the fact that I have a tendency to rebel against my own rules. The more I tell myself I’m not allowed to do something, the more I want to do it. That said, had I actually spent this much for an entire week, I’d have probably kept it simpler for the rest of the month. 

To paint a more accurate picture of how much I actually spend every 30 days, I looked at my Foodpanda and GrabFood bill history for November and saw that combined, I spent a total of P6,870. The month before that, my total bill was more or less the same. It’s a lot of unnecessary spending for a week, a month, a year.

I’ve since installed the food apps back on my phone, but I think I’ll be more conscious of the fact that I’m spending nearly P7,000 on these food apps. Having a number makes it so much more real than just telling myself I spend “too much.” 

To get into the habit of spending less, I’ve created an acceptable budget for myself for December, one that I’ll hopefully be able to lower even further in the next few months. I’ve also started involving myself in cooking at home, just so I wouldn’t feel justified in ordering food online all the time. It’s not a huge change, but my priority is sustainability. As they say: slowly but surely

Here are some of the online loan apps that you can try here in the Philippines.

How to apply for a loan online?

Tala Loan Application

Provide fast and personalized loans for all android smartphone users. Tala fulfills the needs of Filipinos in financial accesses. For inquiries, you may visit them at their main office at TIM Building, Osmeña Highway cor. Arellano Street, Makati City. There are also branches in India, Mexico, and Kenya.

Step 1: Go to the play store and download the Tala App on your mobile device.
Step 2: Register and answer all the questions in the app. Make sure that the details you provide are complete and correct.
Step 3: After you fill out the form, an admin will approve your application. Next, choose where you want to cash out your loan.

Cashwagon Loan Application

Cashwagon’s financial services address the Filipinos’ need by lending. They’re approve by the Securities and Exchange Commission (SEC). The loan application is open for all citizens here in the Philippines.

Step 1: Go to their website Cashwagon and click the register button.
Step 2: Sign up and provide the required details.
Step 3: Wait for the message from Cashwagon. Your loan application may be approve in less than a day.

Asteria Lending Application

Asteria lending Inc. is a licensed company, based in Makati. They consider the covenience and flexibility of clients to apply for loan and to pay for it.

Step 1: Go to asteria.com.ph and choose what type of loan you need (Personal loan, business loan, car loan, or salary loan.
Step 2: Complete the loan application form, by providing all the details needed. Within 24 hours, you will get the approval.
Step 3: After the approval, your cash loan will be sent in less than a day.

Robocash Loan Application

Robocash is a legit and licensed online loaning company with various branches in the Philippines. You may contact them by landline (02) 8876-84-84 or simply go to any of their branches nationwide.

Step 1: Go to the Robocash website and fill out the form. Make sure to give all the details correctly.
Step 2: Choose the most convenient way to cash out and pay your loan.
Step 3: Confirm your application by the confirmation code that will be sent through a text message. You will receive your loan within the day of approval.

Cashalo

Cashalo is a local lending company and fintech platform that helps Filipinos with their financial needs. All loans are financed by Paloo Financing Inc. recognized by Security and Exchange Commission (SEC). They are located at 16F World Plaza, BGC, Taguig City.

Step 1: Download the Cashalo loan app on the play store.
Step 2: Sign up with your mobile number, and give the required details. Verify your account and click apply.
Step 3: Wait for the approval of your loan, and choose where you want to cash out.

You might want to invest with little money. Just click here for details.

The holidays are often when you allow yourself to splurge as a reward for all your hard work the last year. You buy expensive gadgets, feast at high-end restaurants, and justify your purchase of designer goods. While there’s nothing wrong with treating yourself, it’s important to consider what gifts your future self might benefit from, too, especially if you don’t have much to your name yet. 

Below are some investment gifts you should give yourself this 2020. 

A life insurance policy
A lot of preparing for the future is preparing for the unknown, but while that seems like an impossible task, there are several ways to make sure that you and your loved ones will at least have options. Life insurance is one example. In the event of an accident or worse, life insurance (as long as it hasn’t lapsed) will give your beneficiaries a lump sum amount that you agreed on when you signed up, whether you’ve just started paying or you’ve been paying for 10 years.

A health plan
A doctor’s appointment at a private institution can cost you P500 or more—imagine how much more an overnight stay at a hospital would be. Of course, you might think that that’s a problem for the future—and maybe it is—but do you really want to be scrambling for cash in the middle of a medical crisis? We didn’t think so. Give yourself an investment gift of a health plan. Depending on the health plan you choose, you can get unlimited out-patient consultations, specific lab test inclusions, and even hospitalization benefits. 

A retirement fund
The age of retirement in the Philippines is 65, and while that might be decades away from now, you might want to start building your way up to a sizable amount while you still can. If you’re very conservative, you can choose to open a time deposit account at a bank and build your retirement fund by putting money in consistently. However, you can also choose to invest your money in different investments with better returns. You don’t need to jump right into buying and selling stocks. You can choose to invest in mutual funds or government bonds first. 

Real estate
Another investment gift you might want to consider is a house and lot or a condo unit, but don’t make this decision lightly. Buying a property requires a considerably more significant commitment than any of the items mentioned above. However, if you manage to complete your payment, you’ll have an asset to your name. You can rent it out as a way to get your investment back or as a source of income when you’re older, but you can just as well live in it and pass it on to your heirs in the future.

PHOTO: Pexels.com

Holiday shopping can be stressful, but with a strategy in place, you’re less likely to feel overwhelmed. Not sure what your gift-giving style is or if you even have one in the first place? Read on to see if any of these sound familiar!

Made With Love

While it’s more convenient to buy your gifts, you prefer to create them from scratch. Whether it’s baking a batch of cookies or composing a song, you take pride in being able to offer your loved ones something of yourself in the process.

General Merchandise

Christmas shopping is a breeze for you because you tend to give all of your friends the same presents. While going to tiangges is not as easy this year, there’s no shortage of online shops that’ll probably carry what you’re looking for.

Christmas Espesyal

You believe in giving each of your loved ones gifts that are perfect for their personality. While this is more time-consuming, you take genuine pleasure in the hunt. In fact, it’s highly likely that you start searching for the perfect gifts as early as September.

Only the Essentials

You prefer function over form, choosing to give your loved ones gifts that you think will be of actual use to them. You have a sixth sense for sussing out what they need—sometimes, even before they know it!

Your Wish Is My Command

You don’t like to play guessing games. In fact, you often ask your loved ones straight up what they want for Christmas or sneak a peek at their Lazada or Shopee wish list. While you’ve lost the element of surprise, you figure it’s worth the perfect batting average.

Advocacy Campaign

You like to use every opportunity you have to push a cause or a charity that’s very close to your heart, and admittedly, there’s no better time to do so than the season of giving. Just don’t forget to consider the actual recipients of your gifts, too.

Reduce, Reuse, Recycle

There’s no shame in re-gifting a present that would otherwise waste away in the back of your closet. As they say, one man’s garbage is another man’s treasure. Of course, if said gift will eventually end up in the back of their closet, too, then perhaps a change in strategy is due.

PHOTO: Pexels.com

When someone tries to borrow money from you, it can be difficult to say no, especially when you know you have the cash and they have a real need. However, this also puts you in a vulnerable position. After all, you’re never sure if they’ll be able to pay you back or how lending them money now will affect you in the future. That said, knowing what to expect may help you be wiser about whom to lend your money to. Here, we list down five kinds of borrowers and how to deal with them.

Who: One-Time-Big-Time
What: They’ll only borrow once, but the amount in question is so big that once is more than enough.
How to Deal: Regardless of their reason for borrowing money, make sure you have a signed formal written agreement for this. Draft a document that includes all pertinent information, such as the complete names and addresses of the lender and the borrower, date and place of signing, the amount loaned, and the payment terms, among others. Ask a lawyer to help you create this, and make sure both you and the borrower sign all copies. It might be prudent to have the borrower assign a guarantor, someone who’s willing to take on the debt in case the borrower fails to meet the payment terms, and to have witnesses be present and sign the copies as well. Make sure you have all documents notarized and double-check other precautionary measures you can take with your lawyer.

Who: Small But Terrible
What: These are the people who borrow only small amounts, but do so often.
How to Deal: Lending someone money once is admittedly already a terrible inconvenience. Imagine having to keep track of several IOUs from the same person all the time. If you want to put a stop to this habit—and it has become a habit—you’ll need to take yourself out of the equation. The next time they ask you for money, firmly tell them no. And if you find yourself struggling to come up with reasons why you’re refusing to lend them money, remember that you don’t need to explain yourself to them. If, however, you don’t mind them borrowing money from you, you can at least make the arrangement more convenient for you. Have them transfer the cash directly to your account or impose interest rates so that there’s something in it for you.

Who: Latecomers
What: These people never pay their debts on time. Most of them probably subscribe to the old adage “It’s better late than never.”
How to Deal: Affixing fees, interest rates, or some sort of consequence to the debt in case of late payment is one way you can encourage people to pay on time. Having a signed formal written agreement with set dates of payment can also go a long way into making sure you get paid on time (see details for drafting a legal document under “One-Time-Big-Time”). If the person is a friend or a family member, you can also consider setting up calendar notifications that will inform both you and the borrower, possibly even the witnesses, when their debt is due.

Who: Feeling Close
What: These can be friends or family members who think that they have a right to borrow money from you whenever they want.
How to Deal: It can be hard to say no to people, especially from those who feel that you will not refuse them, but the more you do it, the easier it gets. Again, you don’t need to provide an explanation for why you don’t want to lend them money. Your money is yours to use as you will. If you do lend them money, especially if the amount is significant, don’t let your relationship get in the way of drafting a legal document (see details for drafting a legal document under “One-Time-Big-Time”). Sometimes, it’s your friends and family members who actually betray your trust.

Who: The Vanishing
What: Perhaps the worst of the lot, these people will borrow a certain amount from you and then completely disappear from your life.
How to Deal: Consider whether the amount they borrowed is worth the effort of chasing after them. If it’s a negligible amount, you might be better off letting it go. If the amount is significant enough to hurt, draft a game plan. Note that this doesn’t necessarily mean you’ll get your money back. People who have no intention of paying their debts have a talent for making themselves scarce.

What should your game plan include? First, check if you have a signed formal written agreement that they owe you money. That will make your case stronger. If everything has been communicated verbally or if you no longer have evidence of the debt, try to create a paper trail when you reach out to them. Through email or SMS, get them to acknowledge their debt—if they respond to you at all. Although this might not hold up in court, it’s something at least.

As tempting as it might be, avoid insulting or threatening them with bodily harm. You can also go to the local barangay hall where the person resides to report them after which a hearing will be scheduled or hire a lawyer to help you manage the next steps.

Disclaimer: I’m not saying that Bitcoins are a good investment nor am I recommending it as a money-making venture—I’m not. If you’re interested in Bitcoin, I simply hope that my take on it can help you come to your own conclusions about it.

You’ve probably heard of Bitcoin, a form of cryptocurrency that first made waves back in 2008. Since then, big and small businesses, most of which are based in the US, have started accepting it as payment. Curious as to why it’s been gaining traction these past few years? Here are six popular advantages of using Bitcoin:

Limited supply

Unlike most bills and coins or fiat money, which can technically be produced as many times as issuing bodies want, Bitcoins are not supposed to exceed 21 million in circulation. While this might change at some point in the future, seeing as there are only close to 2.644 million bitcoins left unmined as of April 2020, the current situation makes them a limited commodity, which, in my opinion, gives them more value.

A digital substitute for gold

Like gold, the value of Bitcoin doesn’t depend on a central body, a nation’s economy, or government stability, but on supply and demand. Another similarity is that both gold and Bitcoins can be exchanged for fiat money. In case you’re wondering, one bitcoin is, as of press time, worth P782,809.10. Don’t be too alarmed. Most people don’t go out buying one bitcoin just as they don’t casually go to a bank to buy one whole gold bar. They buy just a percentage of a bitcoin, which, fingers crossed, will increase in value in the long run.

Potential for growth

Right now, most of us still use fiat money, especially in the Philippines, but the economic landscape is changing, and there may come a time when most, if not all of the world, will use Bitcoin as the primary currency. Once that happens, the value of Bitcoins will likely increase, and early adopters will be glad to have invested in it early.

Security

Military-grade cryptography protects every Bitcoin transaction, making it practically impossible for anyone to override transactions (provided you take proper precautionary measures on your end). But what makes Bitcoin most interesting to me is that it’s not governed by a single body like a bank or a credit card company. Rather, it’s regulated by a community, allowing for all transactions to be recorded at the same time and making anomalies immediately noticeable.

Affordability

The fact that no singular body is controlling the strings means that no one has monopoly on payment fees or flow of currency. This makes the use of Bitcoin cheaper, even if you use it in  different countries.

Fast transfer

Without the middlemen, Bitcoin makes money transfers so much faster, too. No need to wait for several days or abide by cutoff periods before you can receive your cryptocurrency.

These advantages of using Bitcoin aside, the idea itself isn’t infallible. There are some areas where the cryptocurrency can still improve, and even if the concept itself is sound, not all institutions that make a living out of trading Bitcoin can be trusted. However, I believe the future of currency will continue to evolve, just as it always has, and I’m interested to see what happens next.

Interested in other forms of investment? Check out our investment stories here!

PHOTO: Pexels.com

Big companies often offer their employees medical benefits as an additional perk of working for them. We’re not talking about PhilHealth contributions—those are actually required by the law—we’re talking about the benefits provided by a health maintenance organization or HMO like MediCard, Maxicare, and Intellicare. In fact, an HMO form is one of the first forms they’ll ask you to fill up upon regularization. But, first things first, what does HMO mean?

What is HMO?

HMO stands for health maintenance organization. It’s a type of health plan that gives its clients access to a specific network of hospitals, clinics, and health care practitioners. Some HMOs are paid annually while others come in prepaid packages. 

HMOs aren’t just limited to members of the workforce. Whether you’re an entrepreneur, an investor, or a freelancer, you, too, can benefit from one.

How is it different from health insurance plans?

Like regular health insurance plans, HMO plans have a specific set of benefits depending on the coverage amount. They also have certain limitations when it comes to the kinds of health conditions they cover. 

However, unlike regular health insurance plans where you can choose where to use the lump sum or allowance (within their set guidelines, of course), HMO plans actually tie you to specific health care practitioners and health institutions. This means that if your chosen doctor or hospital is not on the list, you won’t be able to use your HMO plan. 

What’s good about HMOs is that your health card is as good as cash. With regular health insurance plans, you’ll still need to pay the hospital or doctor upfront and get reimbursed by your insurance provider later. 

How do I know which HMO is right for me?

There are many factors to consider when choosing the right HMO and the right HMO plan for you. On top of your list should be dependability. Has the HMO done a good job of servicing its clients? Scour the Internet for reviews. You don’t want to end up with an HMO that doesn’t deliver when you need it to. 

Another thing to look at is compatibility. Are both the HMO and the plan in question a perfect fit for your needs? Don’t just consider your present situation. Skip to years ahead in the future. If you have a preferred hospital or doctor, are they in the HMO’s list? If you want to get an HMO for your loved ones, you’ll have to consider their needs as well.

Affordability is another thing to consider. What can you realistically afford? Which plans are actually worth it and which ones are overpriced? However, don’t make this the primary basis of your decision. 

What HMOs are available to me?

What HMOs are available to me?
These are the most popular ones:

Choosing the right HMO and HMO plan requires a lot of cross-referencing. However, you’ll breathe easier at the end of the day, knowing that you’ve chosen the best possible option for you. 

While we’re on the subject, you might want to think about getting a life insurance plan or upgrading your current portfolio. Click here to see the Top 10 life insurance companies in the Philippines.

Wondering if you need life insurance to begin with? This article might shed more light on the matter.

PHOTO: Pexels.com

Financial advisors often help us choose insurance and investment plans for ourselves and our loved ones, but have you ever thought of asking what they’ve purchased themselves? We asked a few friends in the industry about some of their own policies as well as why they decided to get them in the first place. Hopefully, their answers will give you an idea of why life insurance is important to Filipinos and help you choose the right policy for you.

Adi, 29

Life insurance company: Sun Life of Canada Philippines
Life insurance product bought: VUL
Reason for buying it: I got a VUL for my husband when my mother-in-law decided to liquidate her non-earning policies and diverted part of the funds to pay for the first annual payment for his VUL. I particularly chose that plan because the only insurance he had so far was a critical illness policy that his mom got for him when he was young, and it would be better if we both had an insurance policy that had an investment linked to it since we’re both not as well-versed in that space. On top of that, it gives us both peace of mind that if one of us [passes on], the other wouldn’t be as stressed when it comes to money.

Steph, 36

Life insurance company: AXA Philippines
Life insurance product bought: AXA’s HealthMax
Reason for buying it: While we can keep saving for that dream purchase or retirement plan, unexpected needs such as being stricken with a critical condition can easily drain what we’ve accumulated.

Russell, 35

Life insurance company: AXA
Life insurance product bought: HealthMax (health insurance for critical illness)
Reason for buying it: I had just gotten married and my wife and I were looking for health insurance for extra security and additional investment at the time; we both only had life insurance back then. We were in our late 20s and we figured it’s best to get additional insurance while we’re still young—so it’s cheaper, too! We opted for HealthMax because it comes with built-in life insurance and you can maximize your premiums even if you don’t get sick.

Kevin, 33

Life insurance company: FWD Philippines
Life insurance product bought: FWD Set For Health
Reason for buying it: I was opening an account in the company’s affiliate bank when I realized that my current P1M critical illness plan (from a different company) wouldn’t be enough for me should something unfortunate happen. Since I was already processing my application anyway, I decided to get the complimentary plan for it. I already had life insurance that ensured money for my beneficiary, so I signed up for another P1M coverage worth with FWD because I wanted peace of mind. I didn’t want to keep checking my bank account only in case something should happen. I’ll let my insurance policy worry about that, and use my liquid assets for daily needs instead.

Life insurance serves to protect your hard-earned income and is the third phase in the wealth generation cycle. Find out more about the role it plays in managing your money here.


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