Life insurance company AXA Philippines is introducing a family healthcare plan that听covers pandemic diseases like coronavirus disease 2019 (COVID-19). This will include hospitalization, prescribed tests, and vaccine complications听鈥斕齜ut not听the听vaccines themselves.听
The plan, called听Health Care Access (HCA), will be brought to market next week.听鈥淭here will be a wide听range of plan types. You can choose the full comprehensive healthcare plan HCA Prime, or the supplementary plan HCA Lite, for those who want to add to their existing healthcare coverage,鈥 said Grace M.听Mallabo,听protection and听health听segment听director of AXA Philippines, at听the product launch on Wednesday.听
Each plan type听has听five听different benefit options ranging from P500,000听to P5听million, and听will provide access to cashless arrangements for hospitalization, surgery, outpatient care, emergency care, preventive care needs, and teleconsultation.听听
鈥淔orty-eight percent听of medical expenses in the Philippines are out-of-pocket, so these funds come from the hands of the family themselves or borrowed from other loved ones or from the bank, which still puts pressure on the family,鈥 said Rahul Hora,听president and听chief听executive听officer of AXA Philippines. 鈥淭hat鈥檚 what we want to change.鈥听
HCA Lite, for example,听can augment听employer-provided听medical听plans,听which, on average,听cover听around P150,000 to P250,000听of expenses.听The cost of getting sick can very well go up to P1听million,听said Ms.听Mallabo,听and this听is where HCA Lite can come in handy.听
Those who avail of the plan听will benefit beyond retirement,听with medical coverage up to 75 years old and a longevity health fund that kicks in from age 76 onwards.听鈥斕Bront毛 H. Lacsamana听
