Metro Manila (CNN Philippines) — According to a recent survey by leading global financial services provider Manulife, Filipinos are beginning to realize that maintaining their health is intertwined with financial capabilities and economic uncertainties.
The Manulife Asia Care Survey 2023 showed that Filipinos on average expect to retire at 59 and only expect to remain healthy for three years after retirement.
\”Filipinos are realizing that personal health issues cannot be isolated from the financial implications of critical illness, along with wider economic uncertainties,\” said Rahul Hora, President and Chief Executive Officer of Manulife Philippines.
The study found that the financial risk posed by poor health lies in the cost of medical treatment, a significant concern for many Filipinos who have endured the onslaught of the COVID-19 pandemic.
Nearly half (49%) of those surveyed said that the expense of treatment was their number one health management worry.
Other concerns of those surveyed include loss of income or job because of illness (37%) and not knowing who will take care of them in the event of illness (26%).
Speaking to CNN Philippines’ The Final Word, Hora said the top three illnesses that Filipinos are worried about are heart disease, diabetes, and cancer. It is further exacerbated by their concerns on inflation. The threat of inflation emerged as the most prominent financial concern (75%) among Filipinos surveyed, more than in any of the other countries surveyed in the region.
\”The medical cost, the inflation, is almost at about 12 to 13% on a year-on-year basis, which means that Filipinos who live longer will have to continue to deal with higher medical expenses,” Hora said.
With their interwoven concerns about their health, finances and the economy, the Filipinos surveyed are clearly interested in insurance (80%), the highest in the region (average 68%), mainly because of the protection it offers against financial risk (54%).
However, the survey also showed that current ownership of insurance (59%) is the lowest in the region (average 70%).
\”The interest level has gone up and the willingness to buy has gone up. There’s a lot of education overall driven by the industry that is also driving that behavior where customers are getting more aware of the kind of products that they have access to,\” Hora said.
To answer the increased need for health protection, Manulife offers HealthFlex, a flexible health and life insurance plan that allows Filipinos to choose their critical illness coverage based on their needs and budget.
It also provides guaranteed coverage until the age of 100, and may be further upgraded through protection riders.
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