Thoughts On Health Insurance in the Philippines.
What? More on Health insurance or Medical insurance for expats in the Philippines? Haven’t you written about that often, Dave?
Well, yes I have, although probably not often enough, considering how many of you need it, perhaps more urgently than yu realize, and still don’t have it.
See, for example:
There are more such articles in the “Related Posts” section below every article, or via the “Search Box” in the top right corner.
You Must Read This Article, Though:
- 0.1 You Must Read This Article, Though:
- 0.2 Welcome Back
- 0.3 Let Me Summarize a Few of Rudy’s High Points
- 1 DO I NEED MEDICAL INSURANCE?
- 2 Related Posts
- 3 Readers who viewed this page, also viewed:
- 4 Share this Article:
This is an article I just came across from a blogging colleague, Rudy who has a lot in common with me … and with many of you. He’s living overseas, earning an income from online business and generally enjoying all aspects of life. But he’s got issues, much the same as you and I do.
Go ahead, click on the image or the hyperlink in the caption, and read about Rudy’s issues and answers. I’ll wait, take your time.
What did you think? Did you read the whole thing? What’s that you say, TLTR (Too Long To Read)? You don’t have time?
Let Me Summarize a Few of Rudy’s High Points
DO I NEED MEDICAL INSURANCE?
The first year of insurance’s premium as a single male in his 30s, I had to pay a mere US$500 per year. No brainer decision. Right?
The next year I married, so I enroll my wife and the premium skyrocket to US$1.200 per year. Dammit! But it was still a good value in my opinion. It’s a mere US$100 per month or a good meal in a restaurant.
This year I’ve got my first baby, so my wife suggests to enroll her too. I contacted my insurance broker in Hong Kong asking for few quotations. I was outraged when I was slapped with a US$3,700 quote….
OK, a Young Family Quoted $3700 USD per Year
Many of you reading this are not art of a family in your 30’s, with young children. But if you read much of my stuff you’ll know that I consider :
- Standard J*O*B’s in the Twenty-First Century a Ponzi Scheme Ripoff.
Could a family in their 30’s consider retiring? Well not from work. I consider being able to work at my own business and other pursuits a blessing and a privilege, and I plan to keep working until the day I “cash in”.
But from a J*O*B? sucking butt and getting aid perhaps a third of what you are worth? Nope, I say get yourself free from that prostitution racket as early as you are able.
- Using Global Arbitrage To Hasten Your Escape From Job Slavery Is An Important Enabling Technique.
Basically, paying Pesos to live and earning in Dollars is the way many of you could free yourself years, even decades before you “normal” retirement age.
You Just Never Know About Family Health
Now Rudy feels he is safe in taking the calculated risk in running “barefoot” until he reaches age 50. You may feel the same. I don’t. It’s OK to disagree, because there is no actual “right or wrong” answer. You are trying to take your health and financial situation today and project it as much as 30 years into the future. Unless you have a much better quality crystal ball than I have, these projections can only be a guess.
Considerations For Those With Children
Here’s why I disagree with Rudy’s strategy, since he has young children:
- Childhood accidents and diseases are just all to common and scary.
- Many times as adults we can choose to defer medical attention, but for your child? Not a chance.
- The bugaboo of “preexisting conditions” is a real concern.
You have a child while you are in your twenties. The child is healthy. Great! That’s what we all hope for and very often things do turn out that way, PTL.
If you buy medical insurance coverage at the time of the child’s birth, you may pay the non-trivial extra cost for 20 years. What a waste, especially since you and your spouse and children are just starting out and money is tight.
But What If?
Suppose your child develops polio (yeah, I know, we could have eliminated that world-wide already, but thanks to ignorance and unfounded faulty science a lot of parents don’t immunize their kids any more — sad).
Or Cerebral Palsy, or congestive heart disease or life threatening COPD or the nightmare of cancer? The list goes on.
If you already have medical coverage then at least you won’t be financially ruined, and your precious child will have a chance of recovery or developing the means of coping.
But if you don’t already have the child covered by health insurance? Most likely any coverage you can now purchase will not pay a penny for pre-existing medical conditions. Can you image a more helpless feeling than standing there, with the money you saved by not buying him or her coverage and watching them wither away? I certainly can’t.
Accidents Happen Too.
If you’re not yet a parent or a new first-time parent you may not realize just how quickly accidental injures can happen. Doesn’t matter much how watchful you are or how carefully you try to teach your child good safety habits. shit happens.
A simple street accident, or getting hit in the head by a baseball, or falling out of a tree, or a dog bite … any one of a thousand unpredictable accidents can occur in any family. The doctor bills, the hospital charges,the drug store bills can quickly mount into the thousands … but hey, you saved all that money by not buying health insurance? Sorry, that seems pretty short sighted to me.
“Scared Straight” about passing on Health Insurance because of the cost? You Should Be.
Recommended Health Insurance Solutions
I started this article with several references to a number of health insurance providers who can cover you basically anywhere in the world.
Here’s another outfit I am acquainted with who can provide coverage a year at a time here in the Philippines. I haven’t used them myself (my kids are long grown up and I personally have medical insurance provided as a benefit of my military retirement.
But this could be just what you need to protect yourself from financial disaster.
You want to pay particular attention to the “TravMed Abroad” product, IMO
Whatever your choice, I urge you to choose something, especially with children involved. I’ve heard so many sad stories over my years of living overseas that my “Sadness Repository” is pretty much filled to capacity.
Please consider carefully my Thoughts On Health Insurance in the Philippines.