How to Buy Health Insurance for Young Professionals

There's nothing like the excitement of starting your career and professional life, and the freedom that comes with it. The Philippines has one of the youngest workforces in the world, making it a prime spot for foreign investments and multinational businesses. Earning your own income and choosing where to invest it is part of the freedom of having a career, but earning money shouldn't be your only concern.

A lifetime of work can often have its own downsides, such as repetitive strain injuries and lifestyle diseases. Many of these are built up over time, and can be unavoidable given the nature of your work or career. In severe cases, these can sometimes lead to hospitalization. With the rising costs of hospitalization and medical expenses in the Philippines, it's essential for professionals and employees to invest not only in stocks or businesses, but in their own private health insurance as well.

Why Do I Need Health Insurance?

Health insurance is an essential part of any young professional's life because it provides a buffer in case of medical emergencies. Most young people may take their health for granted, as younger bodies and immune systems are often more elastic and can recover more quickly. However, that elasticity fades over time, and emergencies and crises can happen at a moment's notice.

Hospitalization costs in this country can often be prohibitive, and in real emergency situations can be hard to predict and save for. Rather than leaving it up to chance, it's important to protect yourself and your finances early on, through investing in health insurance. A health insurance plan that covers hospitalization needs is especially important, and will be useful throughout your or your family's lives.

What Kind of Health Insurance Do I Need?

Paramount Direct's Hospital Income Benefit Plan (HIP) is exactly the kind of plan that you need. Not only is it for individuals aged 20 to 64, with coverage up to 70 years of age, but it also includes coverage for family members at one affordable premium. This means you can choose to cover your spouse or children with no increase in costs or limitation in benefits, at better value for money.

The Hospital Income Benefit Plan is an ideal plan that covers you throughout your prime working years and into your retirement. Unlike other health insurance plans, the Hospital Income Benefit Plan offers a longer period of coverage for the same payment period, as well as coverage for pre-existing conditions after two years.

What Are the Pre-Existing Conditions for Health Insurance?

Pre-existing conditions are medical conditions that began before a person's insurance plan has gone into effect. These include conditions like hypertension, tuberculosis, cataracts, benign tumors, and more. For many insurance providers, pre-existing conditions can often be grounds for disqualification of application, or may lead to a reduction or limitations in benefits.

Unlike these other insurance plans, with Paramount's Hospital Income Benefit Plan, pre-existing conditions are covered after the first two years of your policy. This means that in your third year, any confinement you experience, whether caused by pre-existing conditions or not, will be covered according to the Policy Conditions in your contract. With this policy, you don't have to be afraid of missing out on the coverage you and your family deserve in case an emergency arises and hospital confinement is needed.

How Much is Monthly Health Insurance?

Budget is an important factor when making any financial decision, and that especially holds true when looking for the right health insurance plan. How much do you need to budget for health insurance? In some cases, it can be quite a lot. While other insurance companies may offer yearly health cards for members, most real plans have high monthly payments that can be too much for a young professional's budget.

Luckily, Paramount Direct's Hospital Income Benefit Plan offers affordable health insurance at monthly premiums that are not only cheap, but provide coverage for the whole family. The Hospital Income Benefit Plan offers different plan options for different client needs, including ones that can start as low as Php 69 monthly. Plans range from Plan 500 up to Plan 4000, allowing you to pick the one that best fits your budget and your needs.

The Hospital Income Benefit Plan provides members with hospital confinement protection, which includes a Daily Cash Benefit, a Dread Disease Benefit, a Convalescence Benefit, and an Anti-Inflation Benefit. The Daily Cash Benefit is allocated for each day of confinement, replacing lost income for up to 365 days per illness, per year. This takes the strain off of your savings and income, allowing for more breathing room when it comes to your finances. It also includes a Dread Disease Benefit, which doubles your cash benefit in case of dread diseases like cancer, poliomyelitis muscular dystrophy, cirrhosis of the liver, multiple sclerosis, and emphysema.

The Hospital Income Benefit Plan also provides cash assistance for convalescence, or confinements that last 30 days or more. This and other benefits come with anti-inflation protection, guaranteeing that benefits will increase by 10% every year for the next 2 years of your policy.

Unlike other plans, the Hospital Income Benefit Plan has no waiting time, meaning that once you've paid your first premium then the plan is immediately in effect and you don't have to wait for benefits. It also gets rid of the need for medical examinations, guaranteeing acceptance for every applicant. With an easy application process, low premiums, inclusivity for pre-existing conditions, and loads of other benefits, this is truly the best health insurance plan for young professionals around.