ourinsuranceworld.com
  • Business Insurance
    • General Liability Insurance
    • Professional Liability Insurance
    • Small Business Insurance
    • Workers Compensation Insurance
  • Car Insurance
    • RV Insurance
  • Health insurance
    • Dental Insurance
  • Holiday Insurance
  • Home Insurance
    • Condo Insurance
    • Flood Insurance
    • Homeowners Insurance
    • Pet Insurance
    • Renters Insurance
    • Umbrella Insurance
  • Travel Insurance
  • News
No Result
View All Result
  • Business Insurance
    • General Liability Insurance
    • Professional Liability Insurance
    • Small Business Insurance
    • Workers Compensation Insurance
  • Car Insurance
    • RV Insurance
  • Health insurance
    • Dental Insurance
  • Holiday Insurance
  • Home Insurance
    • Condo Insurance
    • Flood Insurance
    • Homeowners Insurance
    • Pet Insurance
    • Renters Insurance
    • Umbrella Insurance
  • Travel Insurance
  • News
No Result
View All Result
ourinsuranceworld.com
No Result
View All Result
ADVERTISEMENT

Financial Concerns and Healthcare Costs Weigh Heavily on Filipinos

Shine by Shine
21/06/2024
in News
blank
ADVERTISEMENT

A recent survey by Manulife, known as the Asia Care Survey 2024, has shed light on the prevailing financial concerns among Filipinos, driven by worries over inflation and escalating healthcare expenses. The survey, which involved 1,050 Filipino respondents and introduced the MyFuture Readiness Index, revealed that a substantial 78% of participants feel the necessity to enhance their insurance coverage and benefits.

To cope with these challenges, many Filipinos are adopting pragmatic strategies such as utilizing government health services (41%) and opting for generic drugs (53%). Additionally, there’s a growing emphasis on improving diet and exercise habits to manage health-related costs effectively.

ADVERTISEMENT

Despite efforts to economize, a significant 76% of respondents perceive employer-provided health benefits as inadequate. Consequently, 78% believe they must supplement their retirement and pension benefits, with 58% intending to postpone retirement due to familial financial obligations.

ADVERTISEMENT

Interestingly, there’s a perceptible shift from conventional perspectives, as only 42% view children as a viable alternative to pension plans. This attitudinal change underscores evolving financial planning paradigms among Filipinos.

ADVERTISEMENT

According to insights from Manulife’s research, maintaining a healthy lifestyle and robust physical well-being are pivotal to achieving financial and mental wellness in the Philippines. The survey highlights several critical challenges undermining confidence in future well-being, including soaring healthcare costs (82%), inflation and rising living expenses (81%), economic downturns (78%), climbing interest rates (78%), and deteriorating health conditions (73%).

Filipinos prioritize securing passive income post-retirement (43%), building sufficient emergency savings (39%), attaining financial independence during retirement (32%), and earmarking funds for healthcare needs (31%).

Commenting on these findings, Rahul Hora, President and CEO of Manulife Philippines, acknowledged widespread concerns about economic volatility, healthcare costs, and uncertainty dampening optimism among Filipinos regarding future well-being. He emphasized the pivotal role of professional financial advice in addressing these concerns, enabling individuals to evaluate their goals, mitigate risks, and select appropriate products offering robust health and life protection, as well as retirement and investment solutions.

Of particular concern is the escalating burden of healthcare expenses, identified by 82% of respondents as a foremost threat, surging to 86% among individuals aged 50 to 60. Out-of-pocket healthcare expenditures surged to $9 billion in 2022 and are projected to escalate to $13 billion by 2028. Notably, Filipinos perceive healthcare cost inflation at 32%, significantly higher than the actual rate of 23%.

Key health anxieties prevalent among respondents include heart disease (46%), diabetes (42%), stroke (34%), and cancer (31%).

The MyFuture Readiness Index gauges current and anticipated levels of physical, mental, and financial well-being on a scale of 1 to 100. While Filipinos aspire for a readiness level of 91, surpassing the regional average, their anticipated readiness stands at 79, underscoring a prevailing lack of confidence in future prospects.

[inline_related_posts title=”You Might Be Interested In” title_align=”left” style=”list” number=”6″ align=”none” ids=”2703,2701,2699″ by=”categories” orderby=”rand” order=”DESC” hide_thumb=”no” thumb_right=”no” views=”no” date=”yes” grid_columns=”2″ post_type=”” tax=””]

ADVERTISEMENT
Previous Post

Appointment As CEO Of Tokio Marine Financial Advisers (Singapore)

Next Post

Florida Homeowners Grapple With Insurance Woes At Start Of Hurricane Season

Shine

Shine

Shine is a dedicated and experienced insurance consultant, committed to helping clients navigate the complexities of insurance with ease and confidence. With a deep understanding of the industry, Shine provides personalized advice and tailored solutions that meet each client's unique needs. Whether you're looking for the best health, life, or property insurance, Shine's expertise and client-focused approach ensure that you get the optimal coverage at the most competitive rates. Trust Shine to safeguard your future with reliable and comprehensive insurance solutions.

Related Posts

OPTIS: Insurance M&A Falls 10%
News

OPTIS: Insurance M&A Falls 10%

26/11/2024
Marsh: US Rates Up 3%
News

Marsh: US Rates Up 3%

26/11/2024
Progressive Ends Fire Insurance
News

Progressive Ends Fire Insurance

26/11/2024
Zurich Insurance Sets New Goals
News

Zurich Insurance Sets New Goals

26/11/2024
4th Circuit: No Crypto Coverage
News

4th Circuit: No Crypto Coverage

26/11/2024
Safeco Buys Main Street
News

Safeco Buys Main Street

26/11/2024
Next Post
blank

Florida Homeowners Grapple With Insurance Woes At Start Of Hurricane Season

blank

What Is A Certificate Of Property Insurance

blank

What Auto Insurance Coverage Do I Need

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Tags

Accidental Insurance Annual Travel Insurance barclays travel insurance campervan insurance cat insurance Commercial Property Insurance covid holiday insurance Credit Card Travel Insurance dog insurance dual Health Insurance full time rv insurance international health insurance jet2 holiday insurance landlord insurance Liability Car Insurance Malpractice Insurance Medical Travel Insurance military dental insurance natwest travel insurance nursing home insurance Personal Liability Insurance Personal Property Insurance Private Dental Insurance private flood insurance Private Health Insurance Progressive Rv Insurance Property Insurance Public Liability Insurance Rental Car Insurance Rental Property Insurance rv travel insurance ryanair travel insurance secondary dental insurance short term Health Insurance supplemental dental insurance third party liability pet insurance trailer insurance

Recent Posts

How Much Auto Insurance Coverage Should I Have?
Car Insurance

How Much Auto Insurance Coverage Should I Have?

by Steven
20/01/2025

Auto insurance is a vital aspect of vehicle ownership, providing financial protection in the event of accidents, theft, or damage....

What Are The Different Types Of Coverage For Auto Insurance?

What Are The Different Types Of Coverage For Auto Insurance?

20/01/2025
What Are Liability Limits on Auto Insurance

What Are Liability Limits on Auto Insurance

20/01/2025
What Is Liability Premium in Car Insurance

What Is Liability Premium in Car Insurance

20/01/2025
What Type Of Cover Is Best For Car Insurance?

What Type Of Cover Is Best For Car Insurance?

20/01/2025
What Type Of Insurance Coverages Are Available For Your Car?

What Type Of Insurance Coverages Are Available For Your Car?

20/01/2025

Popular articles

Do I Need Workers Compensation for Subcontractors

Do I Need Workers Compensation for Subcontractors

08/01/2025
What to Do When You Can’t Afford Health Insurance

What to Do When You Can’t Afford Health Insurance

31/12/2024
What Is Sedgwick’s Role in the Workers’ Compensation Field?

What Is Sedgwick’s Role in the Workers’ Compensation Field?

26/12/2024
What Is Property Insurance in Home Loan

What Is Property Insurance in Home Loan

15/01/2025
What Are Types of Car Insurance

What Are Types of Car Insurance

16/01/2025
What Does Malpractice Insurance Cover for Nurses

What Does Malpractice Insurance Cover for Nurses

15/01/2025
ourinsuranceworld.com

Welcome to ourinsuranceworld ! We’re committed to offering personalized coverage that secures your future. With a focus on reliability and customer care, we strive to be your trusted partner in navigating life’s uncertainties.

Recent Posts

  • How Much Auto Insurance Coverage Should I Have? 20/01/2025
  • What Are The Different Types Of Coverage For Auto Insurance? 20/01/2025
  • What Are Liability Limits on Auto Insurance 20/01/2025
  • What Is Liability Premium in Car Insurance 20/01/2025
  • What Type Of Cover Is Best For Car Insurance? 20/01/2025

TAGS

Accidental Insurance Annual Travel Insurance barclays travel insurance campervan insurance cat insurance cigna Health Insurance cobra Health Insurance Commercial Property Insurance covid holiday insurance Credit Card Travel Insurance dog insurance dual Health Insurance full time rv insurance international health insurance jet2 holiday insurance

Useful Links

about us

disclaimer

privacy policy

Copyright © 2024 ourinsuranceworld.com

No Result
View All Result
  • Home
  • Business Insurance
  • Car Insurance
  • Home Insurance
  • News

Copyright © 2024 Welcome to ourinsuranceworld ! We’re committed to offering personalized coverage that secures your future. With a focus on reliability and customer care, we strive to be your trusted partner in navigating life’s uncertainties.