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Does Insurance in the Philippines Pay You Off… or Rip You Off?

Does Insurance in the Philippines Pay You Off… or Rip You Off?”

It’s a legitimate question for expats and travelers who are planning on living in the Philippines. Or perhaps those who intend on staying in the Philippines for an extended period of time. I’m often asked many questions when it comes to your options for obtaining insurance in the Philippines. Such as commercial insurance, home insurance, general insurance. Or what type of health plan is best to have while staying in the country even some basic questions like:

  • How do I protect my health and property while I’m here?
  • Does buying an insurance plan really guarantee I’ll be covered or reimbursed when something happens?
  • What will happen if there’s a fire?
  • What do I do if my wife gets sick?
  • Do I have any guarantees that what I’m buying is the real deal and not some kind of insurance scam?

Insurance in the Philippines Video

I might not have all the answers for everyone when it comes to these types of questions. As everyone’s situation is unique and different according to their concerns and what is most important to them. I will say, however, that having insurance in the Philippines and a proper health plan set up to ensure you’re protected. Here is one of the most important things you can do for yourself while living as a foreigner in the Philippines.

In this video, Sean breaks it down for you (while cruising in a sweet Mustang Shelby) and gives some examples of people who have successfully used insurance in the Philippines.

When you come to a developing country. At least in the Philippines I’ve experienced insurance to work and my friends have too. It’s a rare occasion that you come across an insurance company that doesn’t end up paying for itself. Depending on the time of coverage and rates you agree upon. This may pay for itself the first time you find it necessary to make an insurance claim. You should always be prepared if you’re going to be traveling outside of your home country just in case something happens.

My Experiences with having Insurance in the Philippines

You bet, I’ve used it and experienced it working myself. I was in a car accident years ago and I received a check.
One of my resorts caught fire and the insurance company didn’t even bother coming to the resort. They just sent me a check.

My wife was in the hospital for 5 days and ran up a $5000 bill and all but $400 was covered.

One of my friend’s boat caught fire and his insurance company covered it. It was a relief to him for sure.

Hell, even a friend of mine had brain surgery in the Philippines. A company called DAN was his insurance company and they covered the costs.

Another friend of mine got insurance for the year which was about $450.

So the key thing to remember here is to be prepared. Your options are as follows:

  • You can get insurance in your home country.
  • If you’re going to be in the Philippines for a long time then you may want to get it here.
  • You can sign up for travelers insurance online too.

Barriers to Healthcare in the Philippines

Poor communities suffer a higher burden of disease due to inequities in access to services and health status. Since financing for local government units often vary and the benefits package for insurance plans may be unfavorable, some communities face difficulties accessing public health services.

Shifting the responsibility of healthcare from the federal government to the local governments have increased local authority and has made communities susceptible to lack of access to basic services. In addition, most healthcare payments are made out of pocket, especially when receiving care from privately owned institutions. Barangay health stations serve as primary public health facilities and are staffed by doctors, nurses, midwives, and health volunteers.

There is no requirement in the Philippines for causes of death to be medically determined prior to registration of a death, so national statistics as to causes of death in the Philippines cannot be accurately substantiated. In the provinces, especially in places more remote from registries, births and deaths are often not recorded unless some family need arises, such as entry into college. When there is no legal process needed to pass on an inheritance, the recording of deaths is viewed as unnecessary by the family.

Philippine Health Insurance Corporation

The Philippine Health Insurance Corporation (Philhealth) was created in 1995 to implement universal health coverage in the Philippines. It is a tax-exempt, government-owned and controlled corporation (GOCC) of the Philippines, and is attached to the Department of Health. Its stated goal is to ensure a sustainable national health insurance program for all.

In 2010, it claimed to have achieved “universal” coverage at 86% of the population, although the 2008 National Demographic Health Survey showed that only 38 percent of respondents were aware of at least one household member being enrolled in PhilHealth. Nevertheless, this social insurance program provides a means for the healthy to pay for the care of the sick and for those who can afford medical care to subsidize those who cannot. Both local and national governments allocate funds to subsidize the indigent.

Funding varies based on the population covered, although the majority of funds flow from general taxation. Premiums from the formal sector reach up to 3% of monthly income. Premiums from both the low income and the informal sector are 2,400 pesos annually (about 50 USD). However, the cost of insurance for the low income is fully subsidized by the central and local governments. The National government allocates more than 9 billion pesos annually to meet its target.

So whether you planning to stay for a short term or making the move to live permanently as a foreigner in the Philippines, you have plenty of options when it comes to finding insurance and health plans that meet your needs while living on the islands here in the Philippines.

Come visit us at BADLADZ

If you have more questions about some well-known life insurance, house insurance, or commercial insurance providers based here in the Philippines, come visit us at BADLADZ Beach Resorts locations. We would be more than glad to point you in the right direction and make sure that your stay in the Philippines is well protected and always an enjoyable time.


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