Medical Health Insurance: Daily Hospitalization vs. Critical Illness
Everyone falls sick at least once in their life. When that happens, medical expenses and hospital bills should be the least of your worries – focusing on your recovery should be your priority. With increasing medical costs, having a health insurance plan in place provides financial security. Purchasing health insurance is one of the most important aspects of financial planning. Hence, health insurance is usually the first type of insurance an individual purchases.
When it comes to medical health insurance, there are several types of products in the market, each covering a different aspect of your health. The two most common types of medical health insurance in the Philippines are daily hospitalization insurance and critical illness insurance.
Daily Hospitalization Insurance
Daily hospitalization insurance covers the costs of medical treatment, medication, and hospitalization, extending to confinement and ICU charges as well. Having this type of health insurance lowers the financial impact of unexpected hospital bills and medical treatment. Depending on the product coverage, a hospitalization insurance plan may also be extended to your immediate family.
Critical Illness Insurance
Critical illness insurance, or critical conditions insurance, covers a pre-defined list of illnesses listed in your insurance policy, ranging from minor to major critical conditions. The payout is based on the severity of your condition. Depending on the critical illness cover, a Death Benefit may be provided if you pass away due to one of the covered critical conditions.
Do You Need Both Daily Hospitalization & Critical Illness Insurance?
As the saying goes: “Your health is your wealth”. Daily hospitalization and critical illness insurance plans offer different types of protection for your health. Daily hospitalization insurance covers day-to-day medical needs, while a critical illness cover provides protection for more serious conditions. Having both types of health insurance is recommended, but many people tend to overlook the importance of critical illness insurance.
People often view critical illness insurance as an added expenditure each month. However, critical illness is something that can happen to anyone. Medical care expenses can easily stack up and cripple finances. Paying a premium may seem like an unnecessary expense at first, but it is more cost-effective if something unfortunate were to happen. Critical illness insurance offers a safety net for you to fall back on. Think of it as an investment in your health, rather than an added expense.
Unforeseen circumstances can bring emotional stress and worry, but with an insurance plan in place, financial security is assured, allowing you to focus on what’s important – recovery. With your medical bills taken care of, it provides peace of mind for you and your loved ones without the need to worry about financial matters during trying times.
Looking for a comprehensive yet affordable health insurance plan in the Philippines? Be in control of your finances today. Get in touch to learn more about our daily hospitalization insurance and critical conditions insurance plans.