Some say insurance is like tissue paper. It’s not something you think about every day, but you better hope you have one when the proverbial shit hits the fan.
However, in the Philippines, only 2 percent of the population has insurance, according to AXA Philippines chief marketing officer Fernando Villar.
“Filipinos are one of the most underinsured people in the world due to a lot of factors,” he said during the launch of AXA’s Health Max Elite, a new critical illness plan offering coverage for over 150 medical conditions, including 77 major conditions, including cancer and organ failure, among others.
Some think health insurance is too costly. Others feel medical emergencies happen only to other people.
But in truth, the cost of critical illnesses is greater than that of any health insurance.
Inflation for health care costs globally has been increasing at a rate of 10 percent year on year, but in the Philippines, it ranges from 13 to 15 percent annually, Villar said.
“HMOs give you coverage, and that’s great, but the coverage is only about P100,000 to P200,000 a year. But if you suffer a stroke, hospital costs can reach P2 million. For a heart attack, that would be around P1.5 million. For cancer, about P1.7 million. HMO is great, but it is not enough,” he said.
“With AXA Health Max Elite, we’ve loaded up on what the usual offers of other insurance packages are,” Villar added.
AXA Health Max Elite goes beyond basic coverage by offering up to nine times the coverage of your plan, allowing multiple claims of up to 400 percent of the sum insured based on the severity of the illness.
It also covers pre-early stage protection – a first in the industry – providing 10 percent of the sum insured for early-stage diagnoses such as benign tumors and suspected malignancies, enabling early intervention and better health outcomes.
“We want to reward good, proactive action so pre-early stage conditions may also be covered…In other words, before it becomes a critical illness, if it’s still in the pre-early stage, like a benign tumor, you can already claim. Of course, not the full amount, but a partial amount,” Villar said.
AXA Health Max Elite also features enhanced diagnosis benefits – allowing one to receive 100 percent of the sum insured for major conditions or 20 percent for minor conditions, with an additional 10 percent for life-saving surgeries or prolonged ICU stays, claimable twice over the policy’s lifetime.
Ongoing recovery support for critical illnesses that might potentially recur, such as cancer, heart attacks, and strokes, is also covered, allowing multiple major condition claims of up to four times and two minor condition claims.
“Filipinos work tirelessly to build a secure future for themselves and their loved ones. However, a single health crisis—whether an unexpected diagnosis, a sudden accident, or a hereditary condition—can quickly derail financial stability,” Villar said.
“AXA Health Max Elite empowers individuals with extensive coverage, ensuring access to quality medical care and peace of mind during life’s most difficult moments,” he added.