According to the Philippine Statistics Authority, the country’s current health expenditure (CHE) has risen to Php792.6 billion in recent years. Current Health Expenditure is the entire amount spent on health care by the government, HMO providers, insurance companies, and out-of-pocket (OOF) of Filipinos. And among these, 47.9% of the money comes from Filipinos’ own individual pockets.
As a result, there is a significant health insurance gap to fill. It is responsible for the impoverishment of nearly 1.5 million Filipinos each year. As a result, families are forced to cut down on education and other vital expenses. Therefore, insurance companies need to work harder to address this gap. In contrast, there is also seen some improvement in the out-of-pocket spending rate, which was hovering around 56.3 percent in the previous years. This indicates that the country’s overall health care is gradually improving.
Furthermore, there are a number of excellent health insurance providers that offer excellent packages that are both cost-effective and employee-friendly. So, below are some of the best health insurance providers in the Philippines:
Medicard is widely regarded as one of the top HMOs in the country, with a nationwide network of accredited healthcare providers.
They work with over a thousand clinics and hospitals, as well as 40,000 doctors and dentists. They provide prepaid health cards that are valid for a year and can be purchased without a medical exam.
2. PRU LIFE U.K
A complete health insurance plan is offered by this life and health insurance provider named PRUWellness. They provide you with daily or total sum cash rewards to cover hospitalization expenditures.
Furthermore, if you are confined due to a critical illness, your financial benefit will be doubled. You’ll also receive more cash if you require surgery or ICU treatment.
3. SUN LIFE
Sun Life is a well-known insurance provider in the Philippines, with products ranging from education, life, retirement, and, of course, health insurance.
They have several plans for health insurance that includes SUN LifeAssure, SUN Healthier Life, SUN Senior Care, SUN First Aid, SUN Fit and Well, and more. You will definitely find one that suits your requirements from their plans.
Maxicare is one of the country’s first HMOs and is still one of the best health insurance provider companies. They have great healthcare programmes and a huge network of medical providers all around the country.
Maxicare has approximately 56,000 doctors and 1,000 partner hospitals and clinics that can provide you with health services. They serve a wide range of clients, including families, individuals, and businesses of all sizes.
5. CARITAS HEALTH SHIELD
Caritas Health Shield is well known for its multiple year plans that their subscribers get. Their programs contain the KIDDIE Health Care Program, Supreme Health Care Program, MAX Health Care Program, Ultra Health Care Program and Enhanced Core 6 & 10 Health Care Program.
6. FWD LIFE INSURANCE CORPORATION
In 2014, FWD got its start in the Philippines. Despite being a newcomer to the business, they have managed to make the top ten list of life insurance provider in the Philippines.
FWD Insurance placed third among life insurers in the Philippines in terms of paid-up capital with PhP 2.3 billion at the end of year 2019. According to the 2019 Insurance Commission report, FWD Insurance retains its solid financial position as a top eight insurer in terms of New Business Annual Premium Equivalent.
7. ALLIANZ PNB LIFE INSURANCE, INC.
Allianz PNB Life is a subsidiary of Alliance SE that was established in 2001. The company has risen from tenth place last year to ninth place this year in the Philippines’ top ten life insurance companies. They are a prominent provider of Variable Life products, as well as a complete array of Life protection solutions for individuals and businesses.
Furthermore, all of their products and services are tailored to fulfil every Filipino family’s long-term wealth accumulation, financial planning, and well-being goals. The headquarters of Allianz PNB Life are located in Makati City which is the country’s main commercial sector. They also run eleven business centers in various locations throughout the archipelago. They have over 260 staff and over 2,500 Life Changers to help them serve their clients and provide excellent customer service.
8. PHILIPPINE AMERICAN LIFE & GEN. INS. CO. (PHILAMLIFE)
Cornelius Vander Starr and partner Earl Carrol launched Philam Life in 1947. In just two years, 1949, their extraordinary relationship has pushed Philam Life to the top of the life insurance industry.
Philam Life Health Cover will pay a lumpsum cash payout to the beneficiaries in case of any loss of life, which can rise up to 45 times as high as your basic yearly premium. Furthermore, if someone is diagnosed with a severe disease, they will not be required to pay their basic yearly premium, rider premiums (except for the medical rider, if applicable), or special top-up payments. This waiver relieves the members of financial concerns, allowing them to concentrate on more vital matters.
9. BDO LIFE ASSURANCE CO. INC.
BDO Life, a joint venture between Generali Pilipinas Holdings Company Inc. (GPHC) and BDO, was established in 1999. Generali is now retitled as BDO Life Assurance Co. Inc.
BDO Life has a wide range of life insurance policies to meet the demands of its customers. BDO Life offers savings, protection, education, retirement, and estate planning services to help consumers and their families plan for a secure future. Also, for corporate clients, BDO Life offers comprehensive term life insurance security.
10. MANULIFE PHILIPPINES
Manufacturers Life Insurance Company Philippines is a fully owned firm of The Manufacturers Life Insurance Co. It was founded in 1907, making it one of the Philippines’ oldest insurance providers. Their worldwide headquarter is located in Toronto, Canada. They also operate as Manulife in Asia and Europe, and largely as John Hancock in the United States.
They offer insurance and financial counselling, and their worldwide wealth and asset management segment, Manulife Investment Management, serves institutions, individuals, and retirement plan members globally. They had over 118,000 agents, over 37,000 employees, and thousands of distribution partners by the end of 2020, serving over 30 million clients.