How You Can Deal With Rising Medical Costs

Learn why medical costs are rising in the Philippines and how to mitigate their effects with the help of health insurance.

February 19, 2025
Economic Trends, Industry Corner, Insights & Updates

“Health is wealth,” the adage goes. But will the wealthy soon be the only ones able to stay healthy as medical costs rise?

The cost of staying healthy in the Philippines is projected to rise by 18.3% in 2025. While lower than the 19.3% for 2024 that the latest Willis Towers Watson (WTW) Global Medical Trends Survey projected, this means Filipinos will have to shell out more for medicines and medical attention when the need arises.

Key Factors Driving the Increase in Medical Costs

So what’s causing this medical inflation? Key culprits driving the surge include:

Rising hospital and clinic costs
Higher professional fees
Increased frequency of diseases

The last is especially important as more people get sick, the demand for medical services and medicines increases across the board. In fact, the frequency of medical insurance claims has surpassed levels from before the pandemic.

As the demand for medical attention and medicines increases, so do the costs for these services and products.

Financial Implications for Households

This is bad news of course to many households at a time the prices of basic commodities and fuel remain high. Any inflation in medical costs will only serve to strain the already stretched finances of many families.

Additionally, households trying to cut down on expenses could take shortcuts with medicines, like splitting tablets or even not seeking immediate medical attention.

While done under the guise of saving money, such strategies could backfire in the long run if any disease or condition worsens due to inadequate medical attention.

Without any options to mitigate rising medical costs, families could be forced to choose between staying healthy and addressing more immediate needs like food, rent, or utilities.

The Role of Health Insurance

Options do exist in the form of health insurance. Here are key roles health insurance plays in helping you deal with the rising cost of medical services:

Providing financial protection. The policy covers medical expenses that can include consultation, hospitalization, and medications so that medical services don’t hurt your finances.
Ensures access to preventive medicine. You feel confident in consulting a physician anytime you feel unwell, as the plan covers the costs of such visits. This can catch certain diseases before they become severe.
Expansive coverage. Certain plans can expand coverage for non-critical medical needs, like dental requirements and even prescription glasses, that help improve your quality of life without bankrupting you.

Evaluate and Update Health Insurance Plans

While the world is far safer today than during the pandemic it doesn’t hurt to be secure in the knowledge that your insurance is able to deal with any medical challenges to you or your family.

Reliable Insurance Brokers is committed to ensuring your and your family’s health and well-being. We have a wide selection of plans to suit your needs and budget that guarantees quality healthcare when you need it.

Contact us today to learn more about how we can assist not only in keeping you healthy but also in easing the burden of its costs.