Managing the Medical Costs of the BIG 3 Critical Illnesses – Cancer, Stroke, and Heart Attack
In the Philippines, the significance of chronic health conditions cannot be understated – with cancer, stroke, and heart attack leading as the most prevalent and devastating illnesses. These BIG 3 critical illnesses not only pose a severe threat to one's health, but also deliver a considerable financial blow to patients and their families. Here's how Filipinos can protect themselves and their loved ones from the financial hardships brought on by these serious health challenges.
The BIG 3 Critical Illnesses: An Overview
Early diagnosis and treatment play pivotal roles in the management and survival rates of the BIG 3:
Cancer: Cancer is a tricky disease. It can show up in many parts of the body and treating it can be a long and costly journey involving surgery, chemotherapy or radiation.
Heart Attack: Requiring immediate medical attention, treatments for heart attacks can include medications, lifestyle adjustments, and potentially surgeries like angioplasty or bypass procedures.
Stroke: Recovery from a stroke might involve costly medications, therapies, and long-term rehabilitation services.
Incidences in the Philippines
Cancer is the third leading cause of morbidity and mortality in the Philippines. As per the Department of Health (DOH), the country sees a continuous rise in cancer cases. Heart attack and ischemic heart diseases rank as the top killers in the country according to Philippine Statistics Authority (PSA) data. Stroke also lists as one of the main causes of death, with a significant prevalence in the population.
Financial Impact of the BIG 3 Critical Illness
The financial impact of the BIG 3 on a typical Filipino family can be debilitating. Medical treatments in the Philippines can quickly drain savings, lead to mounting debt, and result in the sale of assets. Families may face severe economic hardship, considering that not all costs are covered by the government's health insurance, PhilHealth, SSS and private health insurance penetration remains relatively low.
How can you mitigate the financial impact of the BIG 3 critical illnesses
- Health and Critical Illness Insurance
Securing comprehensive health and critical illness insurance is a proactive step. Expand existing health insurance with riders that specifically cover the BIG 3 diseases. Critical illness plans often give a lump sum benefit upon diagnosis, which can be used freely for treatments, medications, or daily expenses.
FWD BIG 3 Critical Illness Insurance is a health protection plan that provides cash benefit when you get diagnosed with any of the 3 leading critical illnesses: heart attack, stroke or early or late-stage cancer.
- Investment in PhilHealth, SSS and HMOs
PhilHealth provides basic coverage, while SSS covers both sickness and disability, ensuring financial support for members facing health challenges. These should be complemented with Health Maintenance Organization (HMO) plans offering broader and more disease-specific coverages. Enrollment in PhilHealth and SSS is mandatory for certain segments of the population, but voluntary members should remain active to access its benefits. In many instances, the coverage may not be enough so critical illness insurance is worth considering.
- Emergency Fund
Establishing an emergency fund with at least three to six months' worth of living expenses can provide a vital buffer. This fund can help cover initial medical costs while insurance claims are processed or provide support if one is unable to work during treatment periods.
- Government and NGO Programs
The Philippine Charity Sweepstakes Office (PCSO) and the Department of Social Welfare and Development (DSWD) can provide financial assistance to cover medical bills for indigent patients. Moreover, various non-government organizations (NGOs) may offer aid for specific illnesses.
- Lifestyle Adjustments
Implementing healthy lifestyle changes like proper nutrition, regular exercise, and avoiding tobacco and excessive alcohol can lower the incidence of the BIG 3. Prevention is often less costly than treatment.
- Knowledge and Early Detection
Awareness and understanding of the symptoms and risk factors of these diseases lead to earlier detection and treatment, which can be less expensive and more effective. Regular check-ups and screenings should be part of one's health routine.
- Financial Planning
Seeking the advice of a financial planner who can guide investment in health-specific financial instruments will secure the necessary funds if critical illness strikes. You can book a session with a FWD financial advisor here.
Prepare for Life’s Big Health Hurdles with FWD BIG 3 Critical Illness Insurance
Battling the ‘BIG 3’ – cancer, stroke, and heart attack – is not just a health crisis, but also a financial struggle that many Filipinos grapple with to counter the potentially devastating financial consequences of these diseases. But, just like any confrontational situation, being well-prepared and informed are vital in guaranteeing that Filipinos can demonstrate resilience when confronted with such transformative health incidents.
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