FOREIGNER / EXPAT Health Insurance Philippines (Copyright Free Content)
Channel: Owl of Asia
Date: 2022-06-30

Are you looking for health insurance in the Philippines as an expat? 

TIME
00:00 - Start
00:15 - Health Insurance Expat Philippines
04:06 - Life Insurance Expat Philippines
05:15 - Travel Insurance Expat Philippines
05:55 - My thoughts on insurance for foreigners 

As a foreigner in the Philippines, it's always a good idea to be safe. But, what are your options when it comes to insurance in the Philippines? Can foreigners obtain health insurance locally? What about life insurance or even travel insurance?


Health insurance in the phillipines for froeigner 

The first point is on the subject of medicare. Mike asked how Medicare in the US compares to health plans in the Philippines. So I've been looking at the Medicare structure this week and can see there are several plans and features. 

US health insurance companies such as Cigna are available for expats in the Philippines. These insurance companies offer additional health coverage such as dental and vision protection, but the prices are much higher. 

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 I did 6 quotations in total with 3 local health insurances in the Philippines & 3 with international insurance for expats living in the Philippines. The lowest quote by international insurance was $432 per month, whereas the lowest quote by local insurance was $92 per month.

The next question is – should you have two plans: the main one and a backup or side plan. Please explain your best picks and why? Well, there are potential benefits of having two plans. Advisors often say that having 2 insurance policies may help with fees if you need to claim, but I'm not 100% sure if there are terms against this, so it's best to check with your provider. What I know is that some expats in the Philippines sign up with PhilHealth (which is a government-operated low-cost protection) but they also have private insurance on top. 

The next common question that is often asked is whether Filipino insurance companies offer insurance to foreigners. From the research they do, during my last video, I contacted the majority of mainstream insurances in the Philippines and found that they could offer an insurance policy to foreigners. An ACR card, Retirement visa, or work permit will need to be shown to proceed. 


Life insurance in the phillipines for froeigner

It's common for some to get life insurance and health insurance mixed up. In the Philippines, these are two separate plans with different requirements and benefits. 

Most life insurance plans stop when the policyholder reaches around 60 to 70 years old, so this insurance may not suit everyone. However, there are many benefits. For example, each insurance company has several financial advisors you can speak to for free. This can be really useful when calculating your expenses and comparing your options with the growing inflation rate in the Philippines. 

Let me know if you have any questions about life insurance or wish me to dive into this subject in more detail.

Travel insurance in the phillipines for froeigner
 
The third category of insurance is travel insurance. The good news is if you're flying to the Philippines or using any other type of transport, there is often a simple box to tick for those who wish to obtain insurance.  

Some expats buy travel insurance which protects them from canceled flights, transfers, luggage, etc. This falls down to a personal preference as most travel options now include the option for travel insurance. But flights to the Philippines are not always the cheapest, so you may wish to consider insurance before you fly. 

My Thoughts

This is not to be taken as financial or health advice, but In my personal opinion, I don't believe expats need several types of insurances while living in the Philippines. If you are in good health and you can save money each month, then a standard health insurance coverage will be absolutely fine. 

Medical expenses in the Philippines are not the cheapest in the world, but they are far from the most expensive. So it is another personal preference. However, they say you can't put a price on peace of mind. But if this added insurance means that you are slightly strapped for cash while living in the Philippines, you may wish to consider your options. 

One tip I would give is that you will find that the majority of insurance policies offer additional extras. Of course, these additional extras fluctuate in cost depending on the policy holder's details, but some great insurance combinations fully cover expats in the Philippines at a low price.

Here are the most common insurance companies in the Philippines. Let me know in the comments what option you think is best. 


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