Health Insurance Options for Small Businesses
Health insurance can be complex and hard to understand and we can definitely commiserate. In fact, that’s why we created Maria Health -- to simplify the process and help you find the best plan for your healthcare needs. Getting healthcare shouldn’t be overwhelming.
To help you decide, let’s get you up to speed with the three common types of health insurance in the Philippines.
Three common types of health insurance in the Philippines
A Health Maintenance Organization (HMO) provides healthcare services through its network of health providers. It’s the most popular type of health insurance, representing around 90% of the market. Medicare, Maxicare, Intellicare, and Asianlife are some of the well-known HMO providers in the Philippines.
- Nationwide access to the HMO’s network of accredited hospitals, clinics, and doctors means easy availment of healthcare services.
- It’s “no cash out” (depending on the limits of your plan, that is) makes it convenient to avail of medical services.
- Costs are kept under control since you’re paying a special HMO rate, which is typically 30% of the private patient rate.
- Not all HMOs cover private patient reimbursements. You might have to pay out-of-pocket if your doctor is not part the HMO’s network.
- An enrollment requirement is that 75-100% of eligible employees must enroll.
2. MEDICAL INSURANCE
Medical insurance covers the cost of an individual’s medical needs and surgical expenses (up to the availed plan’s specified limits). In this type of coverage, it’s either the insurance company pays directly to the service provider, or the individual pays out-of-pocket first and then files for reimbursement. Philamlife, Manulife, and Pacific Cross are some of the private companies that offer medical insurance in the Philippines.
- Generally cheaper than an HMO plan, though there are lots of coverage limitations.
- You have more flexibility in terms of choosing physicians and medical facilities.
- You may not have cash on hand the day you need medical treatment.
- You’re generally charged a private patient rate and not the special HMO rate.
- You need to choose the benefits that matter to you as health insurance policies seldom cover all medical services.
3. PREPAID HEALTH CARDS
Think of prepaid health cards as “tingi” (or retail) versions of regular healthcare plans. PhilCare, Maxicare, and Medicare are some of the organizations currently providing prepaid health cards.
- You can choose one depending on the specific coverage such as unlimited consultations.
- It’s economical. Maxicare, for instance, offers a card just for emergency room coverage for only Php749.
- These cards can be utilized for one-time use or multiple use.
- Usually done through SMS, registration is a cinch.
- You don’t get comprehensive care.
- Some types of conditions such as asthma are usually exempted from coverage.
Making the right choice
Small businesses in the Philippines usually have a tough time getting healthcare coverage for their employees. Health providers aren’t always accommodating to companies they consider to be risky, and the process of getting information is usually long and tedious.
Thankfully, getting healthcare for you and your team has just gotten a lot easier.
Maria Health is a convenient one-stop shop for shopping and comparing different healthcare plans online. Whether you're looking for comprehensive care or prepaid health cards for your team, we’re here to make the process of buying health insurance easier so you can focus on other important things like growing your business.
Through our partnerships, we’re able to offer SMEs the same level of healthcare and service previously afforded only to big corporations. All you need is at least five employees and to follow a few simple steps. Since everything is done online, the entire process is simplified and the application time is cut in half. Visit our site or drop us a line at firstname.lastname@example.org. We’re here to help you make the best decision for your business.