PHL patients likely to be out of pocket on medical treatments — AIA
Source：Business World
From：Taiwan Trade Center, Manila
Update Time：2019/01/11
According to a study conducted by AIA Group Ltd the Philippines had the biggest improvement in a health and wellness, but for treating critical illnesses a wide financing gap remains.
As per the Healthy Living Index 2018 recently released by the Hong Kong-listed insurance group, comparing the results of the 2016 study with the present, the Philippines’ score rose five points, from 61 to 66.
Among the 16 Asia-Pacific countries that participated in the study the Philippines scored the third-highest, now matching Malaysia. With a score of 66, the Philippines has also scored above the regional average of 64.
Thailand scored a 67, followed by China and Macau who topped the index with a score of 70.
Data was extracted from Philippine respondents from Manila, Cebu, and Davao. The index is a composite score of satisfaction with one’s health and frequency of practicing healthy behavior. It is based on six components: the desire to lose weight; number of healthy activities done within the past month, number of hours spent exercising, and medical checkups conducted in the past year.
The study was conducted by the parent company of Philippine American Life and General Insurance Co., Inc. (Philam Life), AIA. In the study they found out that more Filipinos are becoming less satisfied with their current state of health, and are proactively adopting a more healthy behavior.
A Filipino’s average satisfaction with health declined from 89% to 84%. In measuring the Filipinos’ wish to become health, studies show that the desire to lose weight grew to 37% from 25% previously; the time spend exercising increased to 3.7 hours per week, from 2.1 hours previously; the number of healthy activities to five from 3.2; medical check-ups to 53% of respondents from 50%.
Respondents said that they want to improve their health to live longer.
The study also found that due to expense and effort, sustaining health behaviors was considered difficult, with only 46% of respondents were able to continue with their diets, and 47% able to sustain gym visits.
AIA said respondents expect an average shortfall of 75% in costs they would have to shoulder in the event of critical illnesses.
As for solution choices to this shortfall, 78% of the respondents said that they will rely on the government to fill the financing gap, 56% said they will turn to charity, while 27% will tap savings, and 19% will rely on their insurance.
Philam Life Chief Marketing Officer Leo Tan commented, “The insurance industry for many years has moved towards long-term savings and investment… Over the years the conversation has moved towards retirement and education plans, which is not bad. But I think what the industry should do more is to balance the conversation.”
“When you’re talking about long-term savings, that means you’re setting aside regular amounts… for a number of years but the probability of something happening within that period is quite high,” he further added.
Mr. Tan noted that currently, savings-linked policies make up 87% of Philam Life’s client portfolio, and only only 13% enjoy health coverage.
Source：https://bit.ly/2DA0MzQ