Health and Fitness

Filipinos Aren't Financially Prepared to Deal With a Sudden Illness, According to Study

Over 1.5 million Filipino families are driven into poverty each year because of such circumstances.
IMAGE JEROME ASCAÑO
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No doubt, the coronavirus pandemic has made you think about a lot of things you've probably shoved to the back of your mind, one being financial preparedness for a sudden health emergency or a critical illness.

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new study by Manulife Philippines has revealed how financially prepared Filipinos are when it comes to those kinds of expenses. And, you wouldn't be alone if you said you aren't prepared at all.

From a survey of 500 Filipinos across the country, Manulife Philippines found 54 percent of households use out-of-pocket payment for health expenses, 34 percent rely on government schemes and contributory health financing, while 12 percent said they have private health plans.

"While Filipinos are universally aware of the importance of staying healthy, we saw that their behaviors are largely influenced by fears and worries, including concern for their family and feeling financially unprepared for illnesses," says Manulife Philippines senior vice president and chief marketing office Melissa Henson.

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She adds, "Universally, Filipinos feel they are financially unprepared for critical illness expenses. To feel more secure, Filipinos must embrace healthier habits and financial preparedness such as having a healthier lifestyle and insurance coverage."

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The life insurance company advises that Filipinos should embrace healthier habits when it comes to savings, adopting a healthier lifestyle, or getting insurance coverage in the event of a sudden illness. Over 1.5 million Filipino families are driven to poverty each year because of such circumstances.

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Paolo Chua
Paolo Chua is the Associate Style Editor of Esquire Philippines.
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