Posted by Most people in the Philippines dread the idea of choosing medical insurance. They often see it as a boring, complicated, and confusing process. In fact, according to the Philippine Health Insurance Corporation (PhilHealth), only 47% of Filipinos have health insurance.
That means that over half of the population is at risk of incurring significant medical expenses in the event of an illness or injury. But what if I told you that it could be fun and easy to find the best medical insurance companies in the Philippines? Yes, it is, and it doesn’t have to be a chore.
It can be a liberating and enjoyable experience, as long as you have the right knowledge and resources, and that’s exactly what we’ve provided you in this article. Oh, did I also mention the right attitude? That, too, is necessary.
Without much ado, let’s check out the importance of being medically insured.
Importance of Medical Insurance
The following are the benefits of having medical insurance:
- Medical insurance protects you and your family from high medical costs
- It can give you access to high-quality healthcare facilities and providers
- Peace of mind
- It can help you avoid financial hardship.
Factors to Consider When Choosing a Medical Insurance Plan
Here are the major factors you need to consider when choosing a medical insurance plan:
Budget
When choosing a medical insurance plan, it’s important to consider your budget. This is because medical insurance can be expensive, so it’s important to find a plan that fits within your budget.
You should also keep in mind that the premiums, deductibles, and copayments can all add up to a significant amount of money, so you’ll want to choose a plan that you can afford.
Health Needs
Another important factor to consider when choosing a medical insurance plan is your health needs. You’ll want to choose a plan that covers any pre-existing conditions you or your family members may have.
You’ll also want to make sure the plan covers any specific medical services you may need, such as prescription drugs, mental health services, or preventative care.
By taking the time to assess your health needs, you can find a plan that’s a good fit for you and your family.
Network of Providers
When you want to choose a medical insurance plan, ensure you ascertain whether the plan covers the network of providers or not.
The network of providers includes doctors, hospitals, and other healthcare providers that are in-network with the plan.
Choosing a plan with a good network of providers is important because it can affect the cost of care and the quality of care you receive.
You’ll want to make sure that the plan’s network includes providers that you’re comfortable with and that are in your area.
Coverage Details
The coverage details of a medical insurance plan are the specifics of what the plan covers and what it doesn’t cover.
This includes things like deductibles, copayments, coinsurance, out-of-pocket maximums, and many more.
It’s important to carefully review the coverage details of any plan you’re considering to make sure it meets your needs.
You’ll also want to make sure you understand any restrictions that may be in place, such as pre-authorization requirements or limitations on out-of-network providers.
Criteria for the Selection of the Philippines’ Best Medical Insurance Companies
The following are the criteria for selection of the best medical insurance companies in the Philippines:
- Coverage
- Cost
- Network of providers
- Customer service.
List of the 10 Best Medical Insurance Companies in the Philippines
Below is a list of the Philippines’ best health insurers:
Details on the Best Medical Insurance Companies in the Philippines
1. Blue Cross Blue Shield
- Year Founded: 1929
- Average Monthly Premium: PHP 5,000 to PHP 8,000
Pros
- Aetna has comprehensive coverage
- You can have access to a wide network of providers
- It has affordable premiums.
Cons
- Its deductibles are high
- There are limited options for customization.
Description
Blue Cross Blue Shield is one of the most popular and best-known medical insurance companies in the Philippines.
It provides you with a comprehensive plan that covers a wide range of medical services, such as hospitalization, outpatient care, diagnostic tests, preventive care, etc.
Blue Cross Blue Shield also has a good network of providers, including major hospitals and clinics across the country.
2. Maxicare
- Year Founded: 1987
- Average Monthly Premium: 4,000 to PHP 6,000
Pros
- Access to a wide network of providers
- Easy enrollment process
- Good customer service.
Cons
- Limited coverage options.
Description
This medical insurance provider is known for its comprehensive coverage and affordable premiums. One of those things that makes this insurer unique is the “lifestyle benefits” that it offers to its members.
This package includes offers like gym membership, assistance on your travels, discounts on health-related products and services, etc.
3. Pacific Cross
- Year Founded: 1997
- Average Monthly Premium: 2,500 to PHP 5,000
Pros
- They have comprehensive coverage
- Their enrollment process is easy
- Low-deductible options.
Cons
- Higher premiums than some other plans
- Limited availability in some areas.
Description
Pacific Cross is a newer medical insurance plan in the Philippines, but it’s already making a name for itself.
One thing that sets Pacific Cross apart from other plans is its focus on preventive care. The plan offers a wide range of preventive screenings and services, including annual physicals and vaccinations.
Its network of providers is also extensive, with many major hospitals and clinics included. However, the plan does have some limitations, such as a relatively high deductible and limited mental health coverage.
4. MediCard
- Year Founded: 1987
- Average Monthly Premium: 2,500 to PHP 5,000
Pros
- They have low premiums
- Their customer service is very efficient
- Easy claim process.
Cons
- Limited options for customization
- There is no international coverage.
Description
This insurance company is known for its comprehensive coverage and its focus on customer service. The plan offers a wide range of benefits, including coverage for hospitalization, outpatient care, and emergency care.
It also has a strong network of providers, with over 8,000 hospitals and clinics included. One of the downsides of MediCard is that it may have higher premiums than some of its competitors.
5. PhilCare
- Year Founded: 1982
- Average Monthly Premium: 3,000 to PHP 6,000
Pros
- Straightforward claims process
- Quick processing time.
Cons
- There are some reports of slow response times from their customer service
- They have limited availability in some areas.
Description
PhilCare is a medical insurance firm that focuses on value for money. It offers comprehensive coverage at an affordable price, making it a good option for those on a budget.
The plan covers hospitalization, outpatient care, and emergency care. It also has a strong network of providers, with over 4,000 hospitals and clinics included.
One of the drawbacks of PhilCare is that it has a relatively low lifetime benefit limit. However, the company does offer some unique benefits, such as a virtual doctor service.
6. Allianz PNB
- Year Founded: 2016
- Average Monthly Premium: 3,000 to PHP 8,000
Pros
- They have extensive coverage for their customers
- Their enrolment process is easy
- Good customer service.
Cons
- High premiums
- Limited customization options.
Description
Allianz PNB is a joint venture between Allianz, a leading global insurance company, and the Philippine National Bank.
The company is known for its flexible coverage options and its focus on quality customer service. It offers a wide range of benefits for its policyholders.
Allianz PNB also has a strong network of providers, with over 5,000 hospitals and clinics included.
7. AXA
- Year Founded: 1985
- Average Monthly Premium: PHP 5,000
Pros
- Comprehensive website
- They have good customer service.
Cons
- Confusing claims process.
Description
AXA Health is a medical insurance plan offered by AXA Philippines, one of the leading insurance companies in the country.
The plan offers comprehensive coverage which includes hospitalization, outpatient care, emergency care, etc. It has a strong network of providers, with over 5,000 hospitals and clinics.
8. FWD
- Year Founded: 2013
- Average Monthly Premium: 3,000 to PHP 7,000
Pros
- Low premiums
- Easy enrollment process
- Good customer service.
Cons
- Limited customization options
- There is no direct enrollment on the website
- Limited network of providers.
Description
FWD Insurance is a relatively new but growing company in the Philippines. It offers comprehensive coverage at an affordable price, making it a good option for those on a budget.
This insurance also covers hospitalization, outpatient care, and emergency care. It also has a good network of providers, with over 4,000 hospitals and clinics included.
9. AXA GHA
- Year Founded: 2016
- Average Monthly Premium: 12,000 to PHP 20,000
Pros
- Extensive coverage, including international coverage
- No deductibles or copayments
- Good customer service
- Access to a global network of providers.
Cons
- Long waiting periods for certain benefits
- Complex claim process
- Limited availability in some countries.
Description
AXA GHA stands for AXA Global Health Access, and it’s one of the most comprehensive medical insurance companies in the Philippines.
It offers global coverage, meaning that you’re covered no matter where you are in the world. In addition to that, it has a strong network of providers, with over 10,000 hospitals and clinics.
10. AIA
- Year Founded: 1919
- Average Monthly Premium: 5,000 to PHP 15,000
Pros
- There are no lifetime coverage limits
- Multi-currency options
- Simple claims process.
Cons
- Higher premiums than some other providers
- Exclusions for pre-existing conditions
- Not available in all countries.
Description
This is one of the largest insurance companies in the country. It offers comprehensive coverage, such as emergency care and many more.
This health insurance provider has numerous networks of providers across the country. It also offers a wellness program that offers discounts on fitness trackers and gym memberships.
How to Compare and Choose the Best Plan
- Determine your budget and coverage needs
- Compare the benefits and coverage levels of different companies
- Consider the network of providers covered by each plan
- Check the company’s reputation and customer service
- Read the fine print and make sure you understand the plan’s terms and conditions
- Get a personalized quote and compare the total cost of each plan
- Then go ahead and make your purchase once everything meets your needs.
FAQs on the Best Medical Insurance Companies in the Philippines
What is the age limit for medical insurance in the Philippines?
In the Philippines, there is no specific age limit for getting medical insurance. However, some insurance companies may have age restrictions for certain plans. You should check with the insurance company you're considering to ascertain if there are any age limits for their plans.
Can I get medical insurance if I have a pre-existing condition?
You can get medical insurance even if you have a pre-existing condition. However, it's important to understand that not all plans will cover your pre-existing condition.
How long does it take to get medical insurance in the Philippines?
The process of getting medical insurance in the Philippines can vary depending on the specific insurance company and plan you choose. Generally, it can take anywhere from a few days to a few weeks to get approved for medical insurance.
Can I get medical insurance if I'm not a Filipino citizen?
Yes, it is possible to get medical insurance in the Philippines, even if you're not a Filipino citizen. Many insurance companies in the Philippines offer international health insurance plans that citizens can purchase.
Can I change my medical insurance plan in the Philippines?
Yes, it is possible to change your medical insurance plan in the Philippines.
We Also Recommend:
- 15 Best Health Insurance Plans
- Best Health Insurance Companies For Your Family
- Types of Health Insurance In The USA
- Medical Expenses That Are Tax-Deductible
- Free Medical Insurance for the Unemployed (Adults and Children).
Conclusion
As described above, these are the best medical insurance companies in the Philippines, and they offer comprehensive coverage at an affordable price.
When choosing a health insurance plan, you must consider your specific needs and read the fine print to make sure you understand the terms and conditions.
You should know that the best medical insurance plan for you is the one that best meets your individual needs and provides you with the coverage you need at a price you can afford.
If you have any questions or suggestions regarding this article, then do well to make use of the comment section below. But before you do that, do well to go through the frequently asked questions section above to see if any of your concerns have been addressed. Good luck!