So many people are getting confused over Health insurances, HMO and PhilHealth in our country. Many think that they are all the same. Under the same industry or provider. Let me tell you the differences that they have.
Let us start with its basic meaning:
Health Insurance – these are health care benefits that are provided by Life Insurance companies. They are usually attached from a traditional or investment type of insurance plan.
HMO – stands for Health maintenance Organization. It is a prepaid health care system that provides or arranges managed care for self-funded health care benefit plans, individuals with the health care providers (hospitals, doctors, etc.. You will be given a HEALTH CARD you can bring along and use in accredited providers only.
PhilHealth – is a national health insurance program of the government that aids in the health care services of People of the Philippines. PhilHealth is a GOCC Government owned-controlled corporation attached to Department of Health for its policies and guidance.
Let’s make it simpler to understand their differences:
Health Insurance vs HMO vs PhilHealth
Now that you know the differences. It is time you decide on what you need.
If you ask me on what do I have? I have all of them.
- HMO as provided by my company is for my immediate needs and emergencies. In case of an illness of someone in my family, I can just bring the HMO card anywhere used it immediately as need arises. This benefit ceases when I reach my senior years, 60 or 65.
- I got my Health Insurance – for my Critical Illness Benefits and partly the Hospitalization benefits that are attached to my investments and traditional plans. These benefits me up to my age 100.
- I also voluntary contributes for my PhilHealth. For a minimal premium of 200 pesos per month, I may get the case rates benefits and Z benefits for critical illness, in case me or a family member gets sick. If I don’t get sick, then I get to help the government in its money pooling for all those who gets sick.
Each of them has its strengths and benefits. Basically they do one thing, they provide help when needed the most and it should be part of your readiness to provide in cases of uncertainties. It should be part of your family’s good financial foundation.
Get help too. Know the Proper way How Get Health Insurance. Ask me here.
Your Finance Doctor,
Read and Know More:
- The Importance of Critical Illness Plan in a Financial Plan
- Dissecting PhilHealth: Know your Rights and Benefits
- How much do We Really Get from PhilHealth?
- Z Benefits of PhilHealth
Sources:
PhilHealth website
HMO websites
Life Insurance companies
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Hi doc. Thanks for the info,its enlighthen me a lot. Any HMO insurance you can recommend? I have family, 2 children ages 1 and 4. We are living in Misamis Occidental, Mindanao. I want that all of us will be covered. Thank you.
I suggest you survey in your place or hospitals what HMOs are more comprehensive and accredited in your place. Baka kasi i will recommend an HMO but di pala accredited sa hospitals dyan sa Misamis Occidental. Ask around muna before getting one.
Hi doc! Good day!
I need an advice regarding health insurance. Fortunately, I came across this website of yours and I hope you can help me. I am currently an OFW here in Japan with both Philhealth and Maxicare membership. I even included my mother to be a Maxicare member under my employee category as what my company in Cebu has provided. Now I want to avail new healthcare membership to both my 17 year old brother and 48 year old uncle. My brother already had two major asthma attacks previously and needed immediate ambulance and emergency and he has been needing regular asthma medications. I want both my brother and uncle to have regular health check-up. However, I have no idea what to do. Is it possible to add them in my Maxicare membership or should I just avail from another HMO for their individual membership? I have no idea either as to which category of plans are suitable for them. Can I possibly avail any insurance or HMO for my relatives through online since I am out of the country? Please do share whatever you have in mind Doc. I’ll appreciate any form of feedback. Thanks!
julie, i have an email for you in your gmail. If you did not received my reply, email me your right email address in: docpinky@myfinancemd.com
Hi doc! Good day!
I’m planning to avail a life insurance but I really don’t know what to buy because all of them are offering good return of investments. I’m starting to build for my retirement plan and I’m choosing a VUL between philam life and SunLife. Since you also have an insurance of your own, kindly give me some inputs regarding the two and if you may, what type of policy did you avail and at what company. I’m tere by the way and an ofw in Taiwan.
Thank you in advance…
hi Tere, i will replying to you privately on your email. See my email. thanks. If you fail to receive my email, please email me at docpinky@myfinancemd.com thanks
Hi doc!
I already have an health insurance but no HMO. I’m really interested in getting health cards. However, whenever I look at the individual programs of some HMOs (medicare, medicard, etc), I know I don’t need some of the benefits included. I think they’re just increasing the premium. Do you provide an individualized program for those who know what to include in their health maintenance program on a limited budget?
Well yes if you think that way. I recommend Philcare, they have a cheap premium for an HMO type of benefits. Try searching them before actually buying, I am not affiliated with them. but i find their packages cheap.
[…] and HMO health cards are different implements. PhilHealth is a national health insurance program of the government while HMOs are pre- or post-paid health […]
Hi! I have my philhealth but I also want a health card for my mom. for her to have an annual examination. I always want her to be healthy, please give me some advice what to do..and how. thank you
How old is your mom? we can communicate privately, contact me here: http://www.myfinancemd.com/contact-me/
What is the difference between insurance provided by Banks nowadays and the insurance provided by Life Insurance Companies?
hi, those provided by banks are called bancassurance, the agents you speak to are employees of the bank, hence, if they resign or get fired you don’t get to speak to them anymore, or you will be assigned to a different advisor or customer service of the bank.
for those provided by insurance companies, they are agents that are not employed, they are your agents forever unless they die or they resign. In case your agent will resign you will be assigned to a different agent, that will be your agent until anyone of you dies.
For me, in terms is customer care, better with agents of insurance companies since they are better trained and they are more committed to their clients since they owe the business and not just an employee.
hi..I find this article very informative and direct. Do you know by any chance what is the best course to use when you want to avail for a full executive check up plan that will cost less? I’m checking on what are the best health plan to use to cover the cost for the executive check up. I’m 30 yrs old and I also want my mom 64 yrs old to undergo the same checkup. I want to get an HMO but i dunno if it would cover. How do I know? I heard from Philamlife insurance offers a health plan that would give u a discounted price for getting an executive checkup in HI Precision diagnostic. I think that’s about 6k but I am doubtful bec it’s too low. Can u give me any suggestions?
Please email me at docpinky@myfinancemd.com so we can communicate privately. Thank you.
Great list! I also check this link https://mariahealth.ph for finding what are the best healthcare providers in the Philippines. They created a place online where you can easily compare the top healthcard brands and you can easily shop right after. You can choose from a range prepaid health cards, pay how its most convenient for you and get delivered. Just simple no hassle free.
Thank you Doc. for this VERY INFORMATIVE article. It is indeed imperative for us to secure our health. God Bless DOoc.
Hi dra, is it possible to get a life insurance through online for my mom. I am currently living outside our country.
Please advise.
Hi Everyone,
I worked at Pacific Cross Philippines as Account Executive that offer medical insurance for individual and groups. We are offering medical coverage with NO AGE LIMITS, from infant up to senior citizen age. We are also offering medical coverage of PESO and DOLLAR denominated policy that you can covered worldwide. The rising cost of medical treatments and hospitalisation is extremely alarming which will definitely be a burden to your finances, to your future and to your family. On behalf our company Pacific Cross, it is a opportunity and it’s a pleasure to assists you for you and your family medical insurance needs.
For inquiries, please do not hesitate to contact me at 09190024407 or email at chelsea_maghanay@pacificcross.com.ph
Thank you and God Bless.
Chelsea Ann Maghanay
Pacific Cross Philippines