An HMO’s monthly rate starts from Php 790 to Php 3,800 depending on the package chosen by the member. It is best to see the price list of health cards and health insurance to do a price comparison.
Take a look at your options and see if you can afford the monthly rates of HMO.
Etiqa
Etiqa is a health insurance company present in South East Asian countries like the Philippines. For individual health plans, the rates will depend on the age, BMI (body mass index should be normal) and room type.
| Plan | Coverage | Monthly Rates |
|---|---|---|
| MyLife+ (private room, 30 yo) | Php 100,000 | Php 1,668.26 |
| MyLife+ (private room, 30 yo) | Php 150,000 | Php 2,064.47 |
| MyLife+ (private room, 30 yo) | Php 200,000 | Php 2,396.26 |
Medicard
Medicard offers insurance plans for both individual and family accounts. The coverage and rates depend on the room type
| Plan | Coverage | Monthly Rates |
|---|---|---|
| Medicard Outpatient Plus | Php 30,000 (emergency care) | Php 582.50 (Php 6990 for 1 year) |
| My Medicard | Php 200,000 | Php 300 (Php 3,600 for 1 year) |
Maxicare
The company does not offer payments on a per-month basis to cover hospital expenses. However, one may simply use the annual rate and divide it for the number of months in a year. The annual price will depend on the plan type and age of the applicant.
| Plan | Coverage | Monthly Rates |
|---|---|---|
| Silver (at 35 years old) | Php 100,000 | Php 1,816.16 |
| Gold (at 35 years old) | Php 150,000 | Php 2,540.42 |
| Platinum (at 35 years old) | Php 200,000 | Php 2,742.33 |
| Platinum Plus (at 35 years old) | Php 250,000 | Php 4,646.25 |
Some prepaid insurance companies also have a separate price matrix if the member wishes to include the top 6 hospitals in the country. Moreover, the room type will have an effect on the actual rate per month.
Note: Higher maximum benefit limit (MBL) would also mean higher rates.
I find it ideal to simply pay on a 30-day basis. It gives you the freedom to still use your money in some other ways and just think about the next month’s due later. However, some people are still willing to pay annually for long-term savings and we can’t blame them.
When I computed for an annual rate, it is really cheaper than if you will pay on a semi-annual health insurance. For monthly, its gets higher and more expensive.
I find it funny that even in health plans there is discrimination between the rich and the not-so-rich. Kidding aside, one can avail of a more expensive health card recognized in some of the “class” hospitals especially located in Metro Manila.
According to a Philstar report, Filipinos prefer installments rather than paying in cash. Even though interest rates are higher in the long run, the convenience of monthly payment still attracts many to buy products or avail services.
Some companies can offer a quarterly payment scheme but these are on rare occasions. There might be ongoing promotions or third-party processing institutions involved. Still, the annual payment is the standard for most of them.
You may also avail of the installment payment by using your credit card. Satellite offices have credit card terminals where you can settle your dues. You can then convert your credit card transaction into installments by contacting your bank.
I called on HMO office before and they are inviting me to their business center to swipe my card. The customer service just said that I could request for installment from the bank later.
Health cards have annual premium costs. In order to get the amount to pay each month, the yearly cost may be divided into 12 months. But among credit cards, your transaction may be classified as straight payment and will only be converted later into monthly installments (with interest of course).
For payments, different channels are available. One of the easier modes is thru credit card. Over the counter payment is also possible in any of the branches of the HMO.
Installment payment scheme may require additional fees which you can also pay over the counter. Meanwhile, a special debit arrangement may be done using a bank account’s debit card.
What are the advantages of having monthly payments?
Most health card plans indicate premium payments on a yearly basis. However, an installment scheme may prove to be more convenient to some individuals with a tight budget. Advantages include:
- Easy on the pocket expenses
- Earlier coverage time frame
- More ways to pay
How about disadvantages of annual fees?
Well, once you send your payment for the whole year, there is no turning back. What if for example you suddenly need money for a certain emergency, you cannot just ask the HMO company to reimburse your payment.
Moreover, you may lose the opportunity to grow your money, say for example if you are investing in some financial instruments. You can still invest your remaining budget for HMO and grow it even under a time deposit account for 30 days.
The coverage is based on the plan that the member avails. In most cases, there are similarities with benefits. The differences may only be evident only on the maximum limit of coverage. Here are some of the most common coverage of HMOs in the Philippines.
- Consultation and check up with doctors
- Room and accommodation
- Preventive medical tests (e.g. x-ray, blood chemistry, oral prophylaxis)
- In Patient services
- Outpatient services
What if I missed paying my contribution?
Companies have different terms when it comes to missing payments. Some have a grace period while others may end the policy.
For the most part, HMOs accept either semi-annual or annual payments. If you paid using your credit card converted to installment plan, missing a payment with the issuing bank may incur fees and charges.
Monthly VS Annual VS Semi Annual
Many of the health cards in the market have semi-annual or annual payment terms. One advantage is the longer the months you can pay in one transaction, the lower the premium is. If you would compare the rates per month, they are usually higher than for the annual premium payment.
Many Filipinos do not have minimum protection against medical expenses. But with the availability of health cards, one can have peace of mind during emergencies. Now that you know how much it takes to get medical coverage, go ahead and adjust your monthly budget to accommodate a good health plan for you and your family.
Note: Info were sourced from companies mentioned on this post.
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