I bought a medical insurance policy

This is the first year I’ll be having my own medical insurance.

My father used to work on a company which provides its own HMO benefits to its employees and to its employees’ dependents. So growing up, we had free access to dental services, a.k.a cleaning and tooth filings – and, we never had to worry about being admitted in a hospital. In fact, we were immediately admitted to the hospital for simple fevers. But it all stopped when my dad left his old company. Though I was already old enough to start working.

That is primarily the reason why I really could appreciate the value a medical insurance brings. Yes, Philhealth is already an insurance subsidized by the government, (Note that, a medical insurance is different from a life insurance) but it is never enough.

Some reasons why we need medical insurance

1. Having a medical insurance requires you no downpayment

In emergency cases where you might need an ambulance, having a medical insurance will cover everything right from the ambulance car, to your doctor’s fees. When you get admitted to a hospital, most hospitals require that a downpayment be made before they take in the patient. It is the reality in hospitals in Cebu. I am not quite sure in some provinces.

2. Provides you protection

Just like a life insurance policy, a medical insurance policy provides you protection. My partner got admitted to a hospital last year due to pneumonia, and we paid up a total of more or less P40,000 from our own savings account. The medical insurance policy we just bought this year cost us more or less P12,000 individually. Note that when I say protection, what I mean is:

You don’t want your entire year’s savings account to be wiped out when you catch a flu, or you get in any accident
You already have an existing disease and you know it will cost you a lot.
You need to be checked up, but the doctor’s fees are a hassle.

3. It augments your emergency fund

When you have a medical insurance fund, the less you’ll need to put into your emergency fund – because usually, a medical insurance already provides up to P100,000 maximum benefit limit per disease. The more you can put into your other funds like, a buffer or opportunity fund.

4. You are self-employed

I am a freelancer, so I may be included in the self-employed category. Unless your company already provides it, having a medical insurance is one of the basic necessities you’ll need the moment you go independent (or the moment you leave your parent’s home).

The story how I got it

So, my medical insurance card took longer than expected to fully start. You see, I’ve done my research on the different medical insurance companies in Cebu City, and I decided to go with Maxicare for both my partner and I. So we went to their office near Ayala Center, and filled-up our forms. We were in the hands of their really helpful Sales & Account officer. (If you want to be referre to our agent, just send me a private email, or tweet me at @RoselleEbarle – I assure you will be taken care of.) So, after filling up the forms, the agent will be the one to check for missing fields, get the required IDs, and mail it to their main office.

A Statement of account (SOA), together with your maxicare ID, will then be sent to your specified address. The problem was that we moved to another residence, and forgot to update their office! Honestly, we never thought a SOA will be sent – we were merely waiting for an email asking us to pay, and we were ready to pay anytime.

We got busy, so after several update emails asking about our application, we finally went back to their office 5 months later. Only then did we realize that our SOA and card might have already been sent, but had to be returned to their manila office, because no one was there to receive it. We were sent a digital copy of our SOA, we paid it online via BDO, and then sent the receipt back to our agent who helpfully forwarded it to their accounts official. So, I finally got my card and policy handbook a few weeks later.

How I first used my maxicare card

So, I just came back from a company 5 day team building, and we went to Ilocos Norte. It was 8 grueling hours of land travel in a van, and we literally had no sleep on the way to ilocos because we left at 8PM, and arrived at 5AM. Who could sleep along the way, right? TLDR; I got sick a week later, basically because I had to go to Cagayan De Oro city to find a home, and we were riding a ferry on an economy tier because there were no other rooms left. Instead of finding a home, I got sick, and was in bed literally the whole weekend (we travelled on friday, arrived on Saturday in CDO – and I got sick until Tuesday) – we decided to just go home by plane, because I literally felt like dying – and I only wanted to lie down in bed.

On the third night of my fever, I finally gave in and went to the hospital, after my dad and mom started nagging me that a fever is not to be shrugged off. So off I went to a maxicare affiliated hospital, and got into the emergency room. Laboratory tests were done, and when I said that I had a maxicare policy – they only needed to get the card, and swipe it in their POS machines and I paid zero INSIDE the hospital – but I had to buy the prescribed medicine myself. Which was okay. It gave me a great sense of relief knowing that whatever happens, my family won’t have to worry about my fees (and focus on worrying about me).

The costs

Here’s how much it cost me to get the policy:

P14,390.00

Note that the fee gets higher the older you get. But because I started early, I will be paying this amount for the next 5 years, and it will be subjected to price increases in increment of 5 years. And, the cost will be a little bit higher the moment you add dependents. In my case, I think that won’t be happening within 5 years yet. So I get to worry about myself alone (for now).

Here’s what I get:

So you can visit their website, and look at the different benefits you get for all types of plan: Click here. I already included dental benefits in plan – but I can only avail it after 2 months of effectivity.