Employees are typically busy with both their work and priorities at home that they tend to forget about their health. They know that health is wealth, but stress hinders them to prioritize in so that they can earn money. Many are also guilty of now owning health insurances that would enable them to save money whenever they suddenly need to pay medical expenses.
Health insurances are reliable safety nets that let an individual save money by having the insurance plan cover portions of the medical bill. Lack of time and money might seem to be insufficient excuses to not getting insured, but they quickly eat up a minimum wage earner’s monthly income.
Fortunately, there are Health Insurance Organizations (HMOs) that allow minimum wage earners to be insured. An HMO is a healthcare delivery system that most employees are entitled to as part of the benefits they receive from their employers.
Through an HMO, employees only pay a fraction of their medical bills thanks to being subsidized by their employers.
Employees part of an HMO plan can save money since they only need to pay a portion of their medical bills without having to invest in an expensive insurance plan. Because most medical procedures, emergency assistance, and confinement are covered in a plan, employees won’t have to pay a large sum which results in more savings.
An HMO works by allowing beneficiaries access to its network of healthcare providers including doctors, hospitals, and clinics through prepaid products paid on a monthly, quarterly, semi-annually, or annually depending on the chosen HMO plan.
There are currently 16 different HMOs in the country including MEDICard, Intellicare, MaxiCare, and Insularcare. They typically cover both outpatient and inpatient services as long as they are delivered by recognized and authorized doctors, clinics, and hospitals by the HMO.
Some things to consider in choosing an HMO include the cost of monthly premiums, out of pocket costs, being able to choose a provider and the current health of the to be covered in the plan.
Here’s an infographic by iChoose.ph that gives details on what you need to know about Health Maintenance Organizations in the Philippines.