MANILA -- Impact of illnesses on one’s finances have made Filipinos more conscious about their health.
This may sound like a no-brainer, but results of a survey done by Hong Kong-based AIA Group (AIA), Philam Life’s parent company, showed that 84 percent of the 750 Filipino respondents from Manila, Cebu and Davao are not satisfied with their current state of health.
The survey, done this year not just in the Philippines but also in Australia, Cambodia, mainland China, Hong Kong, India, Indonesia, Korea, Macau, Malaysia, New Zealand, Singapore, Sri Lanka, Taiwan, Thailand, and Vietnam, revealed that because the Filipino respondents were not happy with their health, they spend more time engaging in fitness-related activities.
From 2.1 hours per week based on the 2016 AIA Healthy Living Index, the respondents said they now exercise 3.7 hours per week.
The reason for this longer period spent working out is to “have more energy”, 66 percent; and to “live longer” and “reduce common illness”, 56 percent.
Amid the increase in time spent trying to be more fit, this year’s survey, which is the fourth since 2011, showed that 46 percent of the Filipino respondents maintained their diet programs after starting one.
Why do they eat healthy?
About 60 percent of the respondents said they want to “reduce common illness”, 58 percent said they want to “live longer” and 53 percent said they aim to “reduce risk of critical illness.”
With sickness comes financing woes, they said.
Thus, 86 percent of the respondents said they are concerned about the potential cost of critical illness, with 81 percent fearing cancer the most in part because of the cost of treatment, which is the highest rate in the region for this year’s survey.
Also, 75 percent of the Filipino respondents admitted they may not be able to afford cancer treatment, while the financial gap for heart disease is 67 percent and for diabetes, 55 percent.
Most of the respondents, or about 78 percent, expect the government to cover the cost of critical illness while 56 percent leans on charities or trust.
The survey results also revealed that 27 percent of the respondents said they will use their personal savings for the treatment while 19 percent relies on insurance plan.
These figures resulted in the increase of the Philippines’ index ranking across the region from 61 to 66, the highest increase among the covered countries.
In a briefing Wednesday, Philam Life Chief Marketing Officer Leo Tan, said the financing gap that was seen in the latest survey is the reason why Philam continues to introduce health and wellness products.
“So, just in case someone gets diagnosed, aside from the government’s support—that’s still important—we have a particular amount of coverage that can augment the savings that they’ve set aside,” he said.
“To me, it’s very important. We talk about long term savings, we talk about investing, we talk about retirement, but at the same time balance that with protection,” he added. (PNA)
