Filipinos are highly aware of their health status but are less proactive about improving it.
This is according to a recent study conducted by AIA, the largest independently-publicly listed pan-Asian life insurance group, called the Healthy Living Index (HLI). HLI was conducted in 15 AIA markets in Asia including the Philippines.
The HLI noted that the prevalent use of Internet, mobile gadgets and social media are among the new threats to living a healthy life because it contributes to lack of sleep and exercise, and poor posture. Ironically, Internet addiction in the Philippines is lower at 39 percent compared to the region at 55 percent.
Only 53 percent of the respondents have undergone a medical check-up in the past 12 months, although 89 percent would want to do it more often but are hindered by steep costs.
For dealing with stress, Filipinos prefer watching TV/movies (60 percent), spending time with family and children (40 percent), hanging out with friends (25 percent), exercising or playing a sport (21 percent), eating/snacking (17 percent), playing computer/mobile games and getting a massage (both at 16 percent).
The study also pinpointed the top four health issues that Filipinos are most concerned about: cancer (51 percent), heart attack/disease (45 percent), diabetes (38 percent) and respiratory illness (20 percent). Those aged 45 and above have expressed more concern about diabetes while the younger group (under 30) registered most concern for respiratory illnesses.
The study revealed a case of high intent but low action. While 75 percent admit that they think their health is not as good as it was five years ago, the respondents also admitted that they are not doing enough exercise, getting enough sleep, eating a healthier diet and going for regular medical check-ups.
“The HLI is important for AIA because this kind of information is vital for us in developing products that meet the unique health needs of our market,” Jessica Abaya, Head of Marketing at Philam Life, said. Philam Life is a member of the AIA group.
Regional landscape
According to the HLI, Filipinos are “relatively happier with their health” at an average of 7.9 rating versus the regional average of seven in a scale of one to 10. When it comes to health concerns, Filipinos have more or less the same concerns as their Asian counterparts especially in areas such as top diseases, food safety, obesity, sleep gap, regular exercise, and ways to de-stress.
In the Philippines, 98 percent of Filipinos consider good family relationship as the top driver of healthy living, while in the region, sufficient sleep and a happy frame of mind are foremost.
Another notable difference from regional counterparts was seen in the area of weight loss, wherein only 32 percent of the respondents expressed desire to lose weight versus the regional rate at 53 percent.
Investing in Health
According to Abaya, the study reveals that while 66 percent of Filipino respondents believe that having insurance coverage for both self and family is part of healthy living, only 44 percent actually have insurance coverage.
“Awareness is a good sign,” she said. “But we need follow through. I think what we can tell based on the HLI results is that Filipinos are making themselves too prone to health problems by not being as conscious as they should be about their health habits. Ironically, this can also translate to emotional and financial strains on their families.”
Abaya added that the HLI results “open a lot of opportunities for Philam Life to educate and prepare Filipinos regarding real life health issues.”
HEALTH INVEST
The country’s premier life insurer recently launched Health Invest—a unit-linked health and life insurance plan which is the “ideal supplement to existing HMO and Philhealth coverage.”
Health Invest is a unit-linked health and life insurance plan which provides financial protection from health-related setbacks. It provides life insurance coverage, plus it lets you build a fund for your future health care needs.
Addressing the audience during the product’s official launch at The Tower Club, Rozanne Magararu, Protection and Health Product Marketing Head at Philam Life, noted that Health Invest “prepares Filipinos for the unexpected realities of getting sick and the inevitable realities of growing old.”
“Health Invest is ideal for mature couples with young dependents or breadwinners who fully understand the value of planning ahead for critical illness, accidents or loss of life,” she said. “It can work as a supplement to health maintenance organization (HMO) cards and Philhealth coverage through its more comprehensive benefits.”
As a unit-linked product, Health Invest also lets policyholders build a health fund for future healthcare requirements. Unit-linked products are insurance policies that offer both insurance and investment benefits in one plan.
The Health Invest fund will be expertly managed by Philam Life’s affiliate company Philam Asset Management, Inc. It accumulates over time depending upon the performance of the chosen investment fund. The fund may be used to pay for medical and health needs incurred beyond the policyholder’s working years or in excess of HMO coverage. Policyholders also have the option of topping up premium payments to boost the growth of the fund.
According to Magararu, many Filipinos may be misled by the notion that getting health insurance is “redundant” because of existing HMO and Philhealth coverage. “Such coverage is normally tied to our years as employees. What happens to the expenses that are not covered? What happens after we retire? In real life, medical expenses from getting sick and growing old are often funded out of one’s pocket. On the other hand, Health Invest begins where your HMO coverage ends,” she added.
With Health Invest, policyholders get a lump sum cash benefit upon diagnosis of a critical illness or in the event of an accident, to help finance recovery and pay for medical bills. This sum will not be deducted from the health fund or the life insurance coverage, and payment for future premiums will be waived until the plan reaches fruition.
Health Invest also provides flexible payment terms—three, five, seven, or 10 years—depending on the policyholder’s age and desired coverage.
Abaya added, “Health Invest is a response to the unique health needs of Filipinos. With this, we hope to empower more Filipinos to prepare themselves and their families in the midst of life’s health realities.”
For more information on Health Invest, log on to www.philamlife.com.
