MANILA--Being insured is not a guarantee that medical expenses will get covered if a person gets infected with COVID-19, a personal finance and insurance professional said on Thursday.
Joey Fereira, president of Moneydoctors Inc, said that even if insurance associations say they will honor claims related to COVID-19, it is still recommended to have those in writing.
Fereira said people should pay particular attention to exclusions, or the fine print of the contract, which shows the extent of a person’s coverage in the event of death from an illness, or hospitalization.
“For those who bought critical care coverage, the illnesses covered are listed, and if the Wuhan virus is out of that list, you need written confirmation from the insurer that it is indeed covered,” Fereira said.
People should write their insurer to confirm the coverage in writing.
“If the insurer responds, you have documentation validating the extent of coverage you have,” he added.
ANC On the Money resident financial adviser Salve Duplito, meanwhile, gives the following tips for people who bought insurance.
1. While you're healthy and in lockdown, get your dusty insurance policies out and know your coverage.
2. Update the contact details of your agents (especially if the insurance has been paid long ago).
3. Make sure you know your insurance company’s protocols for filing claims.
You can call your agent to make servicing easier. But sometimes policies are orphaned, meaning the agent has moved to another company. In that case, you need a copy of your policy to make the process easier when you file a claim.
4. As early as now, give your spouse or eldest child or guardians a copy of your policies and tell them what to do in case you get sick.
5. Dont forget your benefits from the SSS or GSIS if you are a member in good standing.
6. Have your PhilHealth documents ready and ask your HR for its own protocols if they are working from home.
Financial advisers agree that getting your financial support structure in order before any untimely infection, or fatality, would ease the heavy toll COVID-19 could inflict. -- Report from Warren de Guzman, ABS-CBN News