Despite COVID statistics and alert levels steadily going down, Filipinos remain focused on building their financial protection and securing their health.
A survey done by Sun Life Grepa Financial, Inc. (Sun Life Grepa), a joint venture between the Yuchengco Group of Companies and Sun Life Philippines, indicated that health protection continues to be one of the top priorities among the general public. From the findings, only two out of five rated COVID-19 as their major concern.
Conducted in the first quarter of 2022, the survey revealed that aside from health protection, they are highly concerned for the health and well-being of their loved ones and themselves. The desire to attain a secured source of income has also become a priority among Filipinos according to the survey. Four out of every five respondents said they want to earn extra money and grow it through investments.
“I am glad to know that staying healthy has been at the top of everyone’s to-do list,” Sun Life Grepa President Richard S. Lim said. “Everyone is seeking to bring their lives back to normal. Even after facing much uncertainty, people are not only building resilience against future pandemics but also improving their quality of life. So, we’re well-placed to support our clients’ life journey.”
While illnesses can strike anyone without a warning and can drain a family’s resources, there are ways to prepare for unexpected medical expenses and create a safety net during uncertain times. With this, here are some tips to plan ahead for rising health care costs.
Live an active lifestyle
Basic healthy habits are connected with living a longer life. It contributes significantly to prosperity and wealth. Living an active lifestyle is a simple way to minimize health care costs. Eating a balanced diet, getting enough sleep and exercising regularly lower risks for health problems.
Get a health protection plan
Based on the 2020 Philippine National Health Accounts, an annual publication by the Philippine Statistics Authority, out-of-pocket expenses remain to be Filipinos’ major source of financing for medical care that pushes Filipino households into poverty. The study revealed that household-out-of-pocket payment came second among sources of health financing in the country at 44.7%, following government health financing schemes. High medical expenditures have had a major impact on families, making various sacrifices in order to pay these bills including significant changes to their financial situation or lifestyle. That is why it is helpful to have more than just a basic understanding of the total cost of health expenses. Health protection plans that offer various terms and coverages such as life insurance protection and other living benefits like guaranteed cash and non-guaranteed dividends can be helpful in addressing health-related expenses.
Be financially secure
While health protection is top of mind, life insurance is of paramount importance. Life insurance also has long-term benefits that protects one family’s financial future. Life insurance and health solutions help clients achieve their financial goals and prepare for the unexpected.
A healthier life is a brighter life. Ease your worries and ensure you are financially prepared for health emergencies with Sun Life Grepa’s health solutions. For inquiries, contact your Sun Life Grepa Advisor, visit any Sun Life Grepa branch or email wecare@sunlifegrepa.com.
