MANILA - Aside from the fear of being intubated, financial adviser Angelica Ellaga was terrified of contracting COVID-19 due to the costs it entails.

The 28-year-old recovered from a mild COVID-19 case in September, and she has been on the lookout for affordable products to complement her existing insurance plans since then.

"My greatest fear was contracting the virus until I finally did September of last year... At the time, I was just recently out of job, no longer had access to my company-provided HMO and I didn’t have a lot of money in my bank account. The thought of possibly incurring high medical bills and infecting other family members especially my aging parents started to cause anxiety," Ellaga told ABS-CBN News.

"I am currently looking for affordable health care coverage (to complement my existing life insurance plan) that I can utilize for outpatient services and immediate hospitalization. Having comprehensive health and life insurance plans somehow gives me and my family peace of mind from having to deal with hospital bills and medical expenses while I’m sick and worse, in the event of death," she added.

The costs of COVID-19 treatment can run up to millions. State-run PhilHealth as well as health plans cover a certain percentage but based from survivor accounts, they still have to shell out hundreds of thousands, if not millions, for the treatment alone.

Like Ellaga, many people also fear leaving behind a pile of debt in the event of an unfortunate death due to COVID-19.

Insurance products act as “emergency buffer” if anything happens to a policy holder, financial adviser Salve Duplito told ABS CBN News.

Having a health plan and insurance are even more important “especially now when risk of infection is high and cash inflows are low," Duplito said.

“It acts as an emergency buffer. If you get sick and don't have cash, you can still get treated and cash out is lesser or zero,” she added.

Insurance has gone digital and there are affordable products available via smart phones.

Financial apps such as RCBC's DiskarTech and GCash offer insurance products that have various coverage inclusions, with some offering COVID-19 cash assistance and medical reimbursements to help ease the burden for Filipinos.

DISKARTECH'S SACHET INSURANCE

A line of "sachet" or affordable insurance products are now offered by RCBC's DiskarTech app through its partnership with the Malayan Insurance Co Inc, the app said in a statement.

DiskarTech is RCBC's app which consumers can use to save money, transfer funds and pay bills, among others.

For example, PanProtect 130 covers users 1 year old to 59 years old for only P130 for a period of six months, while PanProtect Senior 195 covers users aged 60 to 75 years old for P195 for the same period, the operator said. Insurance coverage for both plans ranges from P500 to P12,500, it said.

Several products include cash assistance for loss of life due to COVID-19, it said.

There are other plans available for different consumer needs such as dengue, commuter coverage and sari-sari store insurance which can be purchased using the Insurance Tab within the DiskarTech app.

"By making the microinsurance available via the DiskarTech app, more Filipinos will benefit from the app’s wide reach and accessibility, especially at a time when face-to-face transactions are rather risky. This is how we tell our customers that we value them: stay safe at home while we take care of your future concerns,” said RCBC president and CEO Eugene Acevedo.

The digital shift in insurance also assures wider adoption and coverage, the bank said.

“The pandemic has shown us that as members of one nation, one society, we are only as strong as the person next to us. By supporting the Insurance Commission's goal of increasing insurance penetration through microinsurance and digital tech, we hope to do our share in leading our country from the worst of the crisis,” said Malayan Insurance president and CEO Paolo Abaya.

GINSURE WITH SINGLIFE

GCash users can also avail of several insurance products under its GInsure marketplace in partnership with Singlife.

Users can purchase accident protection, as well as a dengue plan with free COVID-19 coverage with tiered rates fit for varying financial capacities.

The Cash for Dengue (with free COVID-19 cover) is available for as low as P300, which offers medical cost reimbursements for dengue and COVID-19 and partial reimbursement for COVID-19 tests.

Meanwhile, the Income Loss Due to Accident plan is available for as low as P209.

Like any other insurance products, there are eligibility clauses and other terms and conditions stated within the product overview which users may read before purchase.

The pandemic has highlighted the importance of health insurance and access to health care, with at least 2 out of 5 Filipinos turning to microinsurance to future-proof their lives, DiskarTech said, citing data from the Insurance Commission.

• Over 100,000 Filipinos availed of GCash's GInsure products in 2020, says company
• 'As cheap as a haircut': 'Paperless' insurance to help consumers amid pandemic

RELATED VIDEO:

Watch more in iWantv or TFC.tv