A line of insurance that is winning in popularity day by day. Many of our prospects and clients realized that they couldn’t take this chance not to be insured because they know that the risk is too high. Hospitalization expenses, especially for ex-pats, are getting higher & higher. Therefore, there is great protection against medical expenses.
There are a few options available:
- Provider from abroad
We don’t mean providers in the country of origin but from ex-pats while they are still living in their country. We are talking about ex-pats or local persons who stay more or less a long time here in the country.
There are some foreign providers (and their brokers) who are trying to penetrate this market. The only advantage discovered so far is that their rates are cheaper, because local providers charge high taxes, like 17%. Disadvantages we noticed are longer periods for pre-existing conditions, unfavorable alcohol clause and claims settlement abroad.
- Local Providers
As far as local providers are a concern, there are four systems:
- Accident Insurance combined with coverage of medical expenses.
Almost every non-life insurance offers a package like that, mostly reimbursements, which are usually low limits.
- Life Insurance in combination with the medical package.
Some of the big insurance companies give services as interesting as that. However, for many clients, it is not the perfect solution. They prefer to have complete comprehensive medical insurance which covers hospitalization and some treatment like visiting doctors to their homes, specialist help, reimbursement of medicines, x-rays, physiotherapist and chiropractors.
- HMO-coverage
Hereby you have to think about maintenance contract, confinement (in-patient) and ambulance assistance (out-patient). Also, it includes regular check-ups and profanation information (about food, family planning, etc.) not insured are medicines. The disadvantages of this system are that treatment must be done in accredited hospitals. No free choice of hospital and doctors. Advantage of the contract si that mostly NO CASHOUT and it works like a maintenance contract. Inclusive of basic dental treatment. Disadvantages are the low limit of cover (insured sum per year) for the dreaded disease. If you know that also an accident is considered to be a dread disease, then you will realize that only a very high limit (insured sum) is necessary and thus, will be costly. HMO contract is popular by corporate accounts because of NO CASH-OUT benefits.
- Complete Insurance policies
There are two insurance companies that are very active in the local market.
The first one is the PACIFIC INTERNATIONAL, located in Hong Kong, with a branch office in Manila. Pacific has a few international dollar plans. Both for the younger ones and old ones, 65 years of age, the basic plan has a deductible of $1,000.00. Claims settlement will be done in Hong Kong.
Pacific uses the HMO-facility (NO CASH OUT IN ACCREDITED HOSPITALS) from its sister company which is Blue Cross in Manila, which could be very useful for persons who stay continuously abroad.
The second insurance company is BLUE CROSS as mentioned above Blue Cross has a few peso plans. For persons who almost never leave the Philippines and who don’t want high coverage.
Further on the Blue Royale Dollar Plan for persons up to 65 years old. For persons of 66 and above he could avail the Blue Royale Premier. The peso plans, under the Select Standard and the Select premier for those above 55, Select Plus and the Blue Chip give basic and medium coverage here in the Philippines.
The Blue Royale and Blue Royale Premier give a high limit for the local and international assistance. Several deductibles and special discounts are available.
The pre-existing conditions period is one year, alcohol clause, experience loading, individual increase by hearing claims, limited only for one client.
No cash outlay for the dollar plans, for confinement within the Philippines. The support of S.O.S. service in almost all emergency cases are very reliable.
