How Prepared Are Your For Medical Emergencies?
A recent study
published by Allianz PNB Life reveals how Filipino millennials have adjusted to
work and earning income during the pandemic. While some Filipinos adjusted to
working from home for the first time, some struggled to find other sources of
income amidst rising prices, pay cuts, and unemployment.
While job and
income security became a main concern among many Filipinos, Allianz PNB Life
reveals it was only second in the list of challenges posed by COVID-19.
According to the study, 80% of respondents were most concerned about keeping
their families safe and healthy.
“The pandemic has definitely made more people conscious of their
health. Besides making simple yet significant changes to their lifestyles such
as eating more nutritious food, Filipinos are also starting to consider
boosting their protection with insurance,” said Allianz PNB Life CEO Alex
Grenz. The survey shows 76% of Filipinos without coverage are expected to avail
of a health plan soon, especially within the year.
Despite most
respondents claiming to already have Philhealth or HMO coverage, only 22% can
say they are fully prepared for a medical emergency. Majority consider
themselves only somewhat prepared for these emergencies, while the rest have
much less confidence. Conditions like cancer, heart disease, kidney disease,
and dengue continue to burden Filipinos and lead them to borrowing or using up
life savings to pay for exorbitant healthcare fees.
“In the
Philippines, the protection gap remains at trillions of pesos. A single crisis
like cancer could instantly cost a family no less than Php 300,000 and lead to
eventual financial ruin, which shouldn’t be the case when flexible and viable
coverage plans are widely available,” said Grenz.
This is why Allianz
PNB Life is pushing more future-proof plans like Allianz Well!, which covers
vaccination and treatment for COVID-19 and Php 100 million for in-patient
hospitalization, one of the highest limit-plans in the market today. There’s
also eAZy Health, an affordable and renewable option that offers life,
accident, and disability benefits along with more comprehensive coverage for
critical illnesses, including cancer.
The major life
insurer is also growing its online presence to keep in step with Filipinos’
current shift to digital. From telemedicine to online yoga, they now maximize
digital means to take better care of their health. Platforms like Allianz’
Health Concierge and Life Changers help more Filipinos access quality insurance
100% online and from the safety of their homes.
“Inadequate
coverage remains a common problem that only worsens in the time of COVID-19,”
said Grenz. “Allianz PNB Life aims to raise awareness on the importance of good
health and protection while providing sustainable and timely solutions for it.”
Read the full report on Allianz PNB Life’s official
website.
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