MANILA, Philippines— The Philippines bears an annual cancer-related financial burden of up to Php 35 billion, with direct healthcare costs accounting for Php 29.2 billion, reports the Philippine Institute for Development Studies (PIDS).
This places Filipinos at a higher risk of premature death compared to their Asian peers, given the wide-ranging costs of cancer treatment, from Php 120,000 to Php 1 million, and chemotherapy sessions, from Php 20,000 to Php 120,000 per session.
A study published in Acta Medica Philippina reveals that 40.6% of families with cancer patients experience financial toxicity due to these high expenses. This fear of cancer is also evident in Manulife’s Asia Care Survey, where Filipinos rank it as their top concern, exacerbated by inflation worries.
Images Courtesy of Manulife.
To address this challenge, Manulife offers HealthFlex, an affordable life and health insurance plan that covers up to 112 critical illnesses and guarantees coverage until age 100. Filipinos can customize their coverage and add-ons for advanced benefits, including early disease detection and coverage for specific cancers. Premiums are automatically waived upon diagnosis, ensuring peace of mind and focus on recovery.
Images Courtesy of Manulife.
Image Courtesy of Manulife.
“Beyond the personal health concerns, Filipinos are deeply apprehensive about the financial strain cancer could impose on their families,” noted Rahul Hora, President and CEO of Manulife Philippines. “Given the often limited resources available, they fear that medical expenses, including treatments and medications, could divert funds away from their loved ones’ essential needs,” he explained. Hora went on to emphasize, “Manulife HealthFlex is meticulously crafted to provide Filipinos with a profound sense of security and alleviate their financial anxieties should they face illness. This comprehensive plan safeguards their savings, enabling them to concentrate on recovery while securing their own and their family’s financial future.”