The Philippine Institute for Development Studies reports that Filipinos lose up to Php 35 billion annually due to cancer, with Php 29.2 billion coming from direct healthcare expenses. This high medical treatment costs increase the risk of premature death compared to Asian neighbors. Treatment costs range from ₱120,000 to ₱1 million, with chemotherapy costs ranging from ₱20,000 to ₱120,000 per session. A study by the University of the Philippines found that 40.6% of cancer patients’ families experienced financial toxicity due to high medical care costs.
These expensive healthcare costs are also the main reason why Filipinos fear cancer the most, based on the recent Manulife Asia Care Survey. This concern is exacerbated by threats of rising inflation, with Filipino respondents ranking it as their top financial concern among surveyed markets in Asia. Another Manulife study, “Understanding Filipino Sentiments Toward Health and Critical Illness,” revealed that 80% of Filipinos surveyed cannot afford the high cost of treatment if they or their family members get diagnosed.
To help Filipinos prepare for medical expenses should they fall critically ill, Manulife introduced HealthFlex, an affordable life and health insurance plan that they can customize based on their needs and budget. It covers up to 112 critical illnesses and provides guaranteed coverage until age 100. Filipinos can boost their coverage through add-ons that would give them advanced benefits if they had early disease detection, were diagnosed with second occurrences of cancer, heart attack and stroke, or had a specific cancer that is common among males or females. There is also an option to receive a monthly allowance if they get diagnosed with an advanced critical illness and coverage for child-specific illnesses. In addition, in case diagnosed with the covered illnesses, premiums are automatically waived so customers can focus on recovery without worrying about future payments.
“Aside from its health risks to themselves, Filipinos fear cancer’s financial risks to their families. Because many often just have enough to get by, they worry that spending for medicines and treatments would take resources away from their loved ones’ basic needs,” Rahul Hora, President and CEO of Manulife Philippines, said. “We designed Manulife HealthFlex to help Filipinos have a sense of security and ease their financial worries in case they get sick. It also helps protect their savings so they can focus on recovery, while financially securing their future and that of their family,” he added.
