A significant portion of Filipinos’ medical expenses, or about 41 percent, still comes out-of-pocket, with these costs predominantly sourced from personal savings, according to a study published by Manulife Philippines.
The report, In Wellness and In Health: Navigating the landscape of health, well-being, and financial preparedness in the Philippines, released yesterday showed that while two in three Filipinos surveyed believe that their health coverage is sufficient, the reality of healthcare financing paints a more challenging picture.
The insurer said the reliance on personal funds highlights a gap between the perceived adequacy of health coverage and the financial reality faced during actual medical emergencies.
This gap places a considerable burden on individuals and families, making it clear that many Filipinos may not be as financially prepared for health-related expenses as they might think.
The survey also reveals a stark difference in savings for medical expenses across different age groups.
On average, surveyed Filipinos have set aside P62,000 for future medical needs such as emergency services, hospitalization and preventive healthcare.
However, according to the survey conducted, younger Filipinos aged 18 to 29 have saved significantly less, with an average of only P38,000.
This disparity suggests that younger individuals might be less prepared to handle unexpected medical costs. Additionally, the respondents believe they will need to save approximately P571,000 to cover potential medical expenses over the next 10 years, highlighting a substantial gap between current savings and future financial needs.
About 33 percent of Filipinos also feel that their existing health insurance coverage is insufficient.
“These key findings further prove that, when we talk about healthcare and well-being, we must understand where knowledge and behavioral gaps are coming from,” Rahul Hora, President and Chief Executive Officer, Manulife Philippines, said.
“In this light, we encourage Filipinos to take more concrete steps toward embracing healthier lifestyles — from improving their dietary habits to nurturing their overall well-being. By addressing both health and financial preparedness, Filipinos can build a more resilient foundation for managing their healthcare needs,” he added.
