PMT Forum

News: Easy access to the Top 7 Most Popular discussion boards! Check them out on top of the PMT Forum homepage!

Search Money Investments
Shortcut to PMT Forum topics!

Click LIKE, TWEET or +1 to earn PMT Badges!

Author Topic: An alternative to HMOs/Health Cards that I have been practicing myself  (Read 1940 times)

Offline mjtfernandez

  • Posting Guru
  • ***
  • Gender: Male
  • Mark Fernandez, CPA, MDRT, RFC
  • Awards Member since 2010 Banking and Insurance Boss Investments Idol
    • Awards
Hi guys, I will be sharing something that I have been doing as an alternative to buying Health Cards or HMOs.

You see, I understand the value of health risks and it's ability to erode my savings. In fact, in the profession that I have been in, I hear many sad stories of how medical problems crippled businessmen.

Although most individuals would most likely go for an HMO because it has the following benefits:
1. No cash outlay when rushed to the hospital
2. Hospital bills are covered up to a Limit say, P100,000 per illness per year
3. If you need to have a consultation, it is covered - including specialist consultation and laboratories
4. Annual APE is included

I was planning on buying an HMO yet it occurred to me the following:
1. A officemate of mine has a husband who got a heart attack. The HMO took care of the bills but eventually did not cover the heart attack operation as it was considered a dreaded disease. Thus, they had a problem where to get the money to pay for the heart bypass.
2. If I did not get sick for that year, my P14,000 would be... say... TY...
3. If I reach age 65, I will not be anymore covered by the HMO, the years after this are usually the years where you get sick

So here is how I did it:
1. I got for myself an I-HEAL insurance (health insurance from Insular Life) which provides the following benefits:
    P4,000 per day (fixed irregardless of cost of room) of hospitalization or P8,000 if ICU (to cover for room and board)
    Up to P10,000 for medicines during confinement and 2 weeks from confinement
    Up to P20,000 for doctor's fees
    Up to P50,000 for surgery

    Basically what I did is to insure that I will be covered if I get confined however, the problem is the initial cash outlay. Two things I did for this:
    a. I established at least 6 months of my monthly expense as liquid asset (savings in the bank)
    b. I keep my credit card handy and with a clean balance just in case

    Actually, the good thing about the I-Heal is that it covers per illness every 6 month. Say I got sick and confined for pneumonia, I can still be covered after 6 months when normally an HMO will have a limit of let us say P100,000 per illness per year. So, you need to wait for 12 months before the P100,000 limit gets refilled.

    Also with the I-HEAL, I chose the 20 year program in which I contribute P21,000 a year for 20 years. If ever I finish paying the 20 year program, I get all future premiums from the 21st year until I reach age 80 for free (whereas HMOs cover until age 65)!
    In my case since I am age 22, I will stop contributing age 42. When I have paid the premiums in full for 20 years, I will have my premiums for age 43 to 80 (that is 37 years) for free!

More than that, all my premiums paid at age 80 will be returned to me plus interest!

2. Now the problem for outpatient consultation. I got for myself a privilege card to cover for outpatient consultation. At P1,200 per year, here are the following benefits:

The Privilege Card of XXX Medical Company (I won't name the company because I am not related with the company)
Cardholders enjoy annual outpatient healthcare coverage for LESS. No age limit or pre-acceptance medical examinations are required. Can be used at any branch near you.

The regular Privilege Card entitles members to the following privileges:

One year coverage
-FREE UNLIMITED consultation with Healthway’s in-house Primary Care Physicians and Dentists
-FREE (1) Annual Physical Exam:
    Full medical exam
    Complete blood count
    Chest x-ray
-Fixed consultation fee of Php 400.00 with specialists (except neurologist)
-15% discount on laboratory, diagnostic, dental procedures (except orthodontics and aesthetic services), all rehab    
   modalities and use of operating room for minor surgical procedures.
-Accidental Death and Disability Insurance worth Php 100,000 from COCOLIFE (covers 5-65 years old).

Just lately I had an injury with my wrist, because of the privilege card, I had free consultation with the Physician and had my x-rays for a cheaper price.

Conclusion: As you see, I just contribute P22,200 a year and I am covered for outpatient consultation, in-patient and emergency services. More than that, my coverage is up to age 80. All I have to do is to contribute in full the 20 year program and the remaining premiums from the 21st year until I reach age 80 is free. Also, when I reach age 80, all my premiums will be returned plus a small interest.

Something that makes my program much better:
As you see, one of the disadvantages of an HMO/Health Card is that it does not cover for dreaded diseases like cancer, heart attack, stroke, kidney failure, and other dreaded diseases. With my program, I am provided P1.5M in case I get diagnosed of any of the dreaded disease. Actually, I got this rider because I heard of someone who had a dreaded disease who got a large lump sum. They were able to pay the hospital bills and the rest of the money they used to travel in Europe!

What will happen to me after I reach the age of 80:
I thought about it, the return of premiums plus minimal interest from I-HEAL will be given to me. I plan to live until age 100 so I must save as well for medical expenses beyond age 80. I got for myself a variable universal life in equity fund and some mutual funds so that I will have a large sum of money when I reach age 80.

Now, I have peace of mind from health expenses. Hope you will find this post useful. Anyone is free to comment.  

P.S. If you want more info about our I-HEAL program, send me an email so I can send you brochure. :thankyou:
« Last Edit: Sep 18, 2011, 10:06 PM by mjtfernandez »
Top Financial Advisor of Insular Life. Request for a FREE life insurance, health, investment quote online at my blog site at

PMT Forum

* * * * * sponsored links * * * * *


Related Topics

  Subject / Started by Replies Last post
174 Replies
Last post Jun 26, 2014, 08:32 PM
by kuray08
10 Replies
Last post Aug 02, 2009, 10:19 AM
by optimist
16 Replies
Last post Mar 25, 2011, 02:46 PM
by ryknox
2 Replies
Last post Apr 07, 2012, 08:07 PM
by Archcavalier

* Recent Topics

* PMT Shoutbox

Refresh History
  • KuyaJosh: hello puede po magtanong?
    Nov 22, 2014, 08:59 PM
  • Jayumaster: Ay, di pala nakapagtanong
    Nov 22, 2014, 05:33 PM
  • Jayumaster: ala na, nagrebound na sya after niyang magtanong.
    Nov 22, 2014, 05:33 PM
  • kd: gd am pips
    Nov 22, 2014, 03:11 PM
  • izumi2730: ano
    Nov 22, 2014, 11:15 AM
  • izumi2730: hi
    Nov 22, 2014, 11:15 AM
  • daphne: Gudam!!!!
    Nov 22, 2014, 09:34 AM
  • Jayumaster: Good morning!
    Nov 22, 2014, 12:04 AM
  • INDO: ano yon?
    Nov 21, 2014, 12:41 PM
  • mariel.bantisil.7: hi everyone ewbie here ., i hav a question
    Nov 21, 2014, 12:32 PM
  • danconcon: yeba!
    Nov 20, 2014, 09:25 PM
  • himechan14: hello :)
    Nov 20, 2014, 01:06 AM
  • Jayumaster: Heeeelp!
    Nov 19, 2014, 11:13 PM
  • lyzl: hi everyone
    Nov 19, 2014, 12:50 PM
  • himechan14: hello folks! may shoutbox pala PM ^_^
    Nov 19, 2014, 04:33 AM
  • Jayumaster: Hello! HPls
    Nov 18, 2014, 07:29 PM
  • pinoyeuro: What's your problem ims? baka makatulong ako kung forex.
    Nov 18, 2014, 07:24 PM
  • ims: anyone knows about forex i have a problem po kasi pls kindly pm me thanks
    Nov 18, 2014, 01:13 PM
  • ims: hello
    Nov 18, 2014, 01:01 PM
  • ims: hi
    Nov 18, 2014, 01:00 PM
  • pinoyeuro: Eh yung ibang message nga tungkol sa pagpapautang di tinanggal obvious naman na exploitation ang gagawin sa mangungutang  :bahalaka:
    Nov 17, 2014, 11:47 PM
  • pinoyeuro: Bakit tinanggal ang message ko kahapon? :harhar:
    Nov 17, 2014, 11:44 PM
  • pinoyeuro: :hello:
    Nov 16, 2014, 11:55 PM
  • lyzl: :)
    Nov 16, 2014, 02:58 PM
  • emotion: :rakenrol: pa tulong nman po
    Nov 16, 2014, 12:57 PM
  • emotion: bago lng
    Nov 16, 2014, 12:56 PM
  • emotion: newbie po panu po mka pag ear ng load dto
    Nov 16, 2014, 12:55 PM
  • nelson06rj: :D
    Nov 14, 2014, 05:14 PM
  • nelson06rj: :applause:
    Nov 14, 2014, 05:13 PM
  • nelson06rj: New
    Nov 14, 2014, 05:12 PM
  • lyzl: hello everyone
    Nov 13, 2014, 01:42 PM
  • Wills: PLDT
    Nov 13, 2014, 01:02 PM
  • Wills: @pinay57 TEL
    Nov 13, 2014, 01:02 PM
  • pinay57: saan ba pweding maginvest na may generating income as passive income or dividend.pls share mga ka pmt. member.thank you
    Nov 13, 2014, 12:14 AM
  • kiriyama: Kapag hindi na match lahat ng order mu then kinbukasan nag match na...mas mtaas ba ung rate ng tax? specially kung ung natia na hindi na match is less than 8k?
    Nov 12, 2014, 10:58 PM
  • lyzl: i'm still exploring this website and i'm enjoying reading posts :)
    Nov 11, 2014, 09:47 PM
  • lyzl: Hello everyone.. have a good day :)
    Nov 11, 2014, 01:57 PM
  • lyzl: hi everyone..
    Nov 10, 2014, 08:49 PM
  • lyzl: hi everyone.. im just new here.. :)
    Nov 10, 2014, 08:49 PM
  • george88: Hoy veneurlargent madami ngayon kailangan ng tuition oversupply nga eh =)
    Nov 10, 2014, 08:18 PM
  • VeneurlArgent: Sino mga chica babes dyan gusto mangutang send lng sakin mga Full body Picture kung pasado pm ko ung collateral medyo kakaiba nga lang :hihi: :peace:
    Nov 09, 2014, 01:57 PM
  • francesdeniel: pwede cguro basta kasama pa rin si ina raymundo.
    Nov 07, 2014, 11:53 PM
  • Terzaghi: sa school namin during my days eh thursday nman ang gimik night..
    Nov 07, 2014, 12:11 PM
  • singkit_1588: friday nyt na ata ang uso.haha
    Nov 07, 2014, 09:00 AM
  • francesdeniel: Uso pa ba ang sabado nights?
    Nov 07, 2014, 01:29 AM
  • Jayumaster: May college loan ata ang SSS. Yung parent ang mag-pafile.
    Nov 05, 2014, 10:23 PM
  • ElleInigo: Opo marami po ako nakita yun nga lang for US students only
    Nov 05, 2014, 06:31 PM
  • george88: Sa US meron Student loan kaya yung ibang student doon hindi pa nakakagraduate baon na sa utang
    Nov 05, 2014, 05:33 PM
  • ElleInigo: saan po kaya pwede mangutang ang mga students katulad ko po?
    Nov 05, 2014, 04:04 PM
  • kiriyama: What's with BHI?
    Nov 05, 2014, 03:18 PM
Welcome, Guest. Please login or register.
Did you miss your activation email?

* Must-Read Topics!

* Active Posters Today

2 Posts
2 Posts
2 Posts
1 Posts
casanova casanova
1 Posts
1 Posts
1 Posts
kuray08 kuray08
1 Posts
1 Posts
1 Posts

* Vote in this Poll!

  • Pabor ka bang service elevator ng condo lang ang dapat gamitin ng maids, drivers, etc.?
  • Dot Yes
  • 2 (66%)
  • Dot No
  • 1 (33%)
  • Total Members Voted: 3
  • View Topic


* SPAM-free PMT!

Help clean up the PMT Forum by reporting spam posts, troll messages, PM solicitation, or any other problem posts or members! Click the "Report to moderator" link at the bottom of every post.
BloQcs design by Bloc
SMF 2.0.4 | SMF © 2013, Simple Machines
SMFAds for Free Forums
SimplePortal 2.3.5 © 2008-2012, SimplePortal