The new Manulife Asia Care Survey 2024 revealed that almost 80% of Filipinos seek to increase their insurance coverage and benefits amid the rising costs of goods and other services, including healthcare.
Out of 1,050 Filipinos who participated in the survey, 78% of the respondents said an insurance coverage increase is necessary as hospitalization and other medical expenses continue to rise due to inflation. According to an Insurance Asia report, out-of-pocket health expenses in the Philippines reached $9 billion in 2022 and are expected to balloon up to $13bn in 2028.
Meanwhile, 76% of the respondents feel that their employer-provided health benefits are insufficient. Because of this, 78% of the respondents believe they need supplemental retirement and pension benefits while 58% of them said that due to family financial obligations, they have to delay their retirement.
Interestingly, 48% of Manulife’s Asia Care Survey participants see their children as a “viable alternative to a pension,” which shows that there has been a shift from traditional views where children are seen as “investments,” meaning that they must help their parents when they grow old and retire.
Furthermore, to cope with the rising cost of medical and healthcare, the survey showed that 41% of the respondents use government-provided healthcare and medical services while 51% use generic or non-branded medicines. Improvement in diet and daily exercises were also part of the cost-saving measures by some of the survey participants.
The survey also showed that 43% of Filipinos now prioritize having passive income after retirement; 39% want to have sufficient savings for emergencies; 32% aim for financial freedom in their retirement; and 31% to have some savings for healthcare needs.
When it comes to challenges that the respondents feel may affect their future well-being, the rising healthcare costs are in the top spot (82%), followed by inflation and the rising cost of living (81%). Seventy-eight percent (78%) fear economic slowdown/recession and increasing interest rates while 73% consider declining health as a possible threat to their future well-being.
Regarding mental health concerns, 63% of the respondents worry about stress/burnout, 47% about anxiety, 39% about depression, 35% sleep disorders, and 23% loneliness. Meanwhile, when it comes to physical well-being, 46% of Filipinos worry about heart disease, 42% about diabetes and its complications, 34% worry about having a stroke, 31% about cancer, and 26% about flu or pneumonia.
“The survey reveals a lot of anxiety around economic volatility, healthcare-related expenses, and uncertainty, which dampens the optimism of many Filipinos in achieving high-quality well-being in the future,” said Manulife Philippines president and CEO Rahul Hora. “But there are ways to address these concerns so they are future-proofed. Significant of these is the value of financial advice and guidance that can help them assess and bring their goals closer to fruition, mitigate risks, and find the right products that provide stronger health and life protection, as well as investment and retirement solutions.”
