HMO, Health Insurance, and Hybrid Medical Plan

The COVID-19 pandemic crisis may have few positive impact in our lives and one of those is awareness to health. Health is wealth as sickness can drain wealth or worst lead to untimely demise.Sickness can have a factor of protection and prevention which involves the topics of immunity, lifestyle, stress, environment, vitamins, diet, genes, and exercise. Due to vast origin and complex human nature we cannot escape facing illnesses at least few times in our lives. 

When we got sick, we usually go through different stages. Diagnosis, wherein we go to a physician for checkup. In this stage there are also specialized equipment and tools necessary to determine the cause of our sickness. After proper diagnosis, the doctors would then recommend medicines or treatment procedures to cure our sickness until recovery.

Each of the stages during diagnosis, treatment, and recovery requires substantial amount of money depending on the nature of illnesses. Oftentimes, it is difficult to face illnesses especially the critical ones financially affecting different facets of our lives. It will also become a burden to our loved ones if the dealt with preparation. There are available means to prepare financially to face illnesses and these are thru HMO, Health Insurance, and Hybrid Medical Plans.

HMO or Health Maintenance Organization Plan is a health protection plan often included in the benefits of an employee. Coverage are out patient checkups, diagnosis procedures, hospitalization, with optional dental and maternity inclusions. 

Health Insurance is a type of insurance augmenting HMO. It includes coverage to critical illness where HMO is not enough. HMOs usually have a yearly limit around 100-200K pesos which is not enough to cover big medical expenses and longer treatment procedures. HIB or Hospitalization Income Benefit is also a form or part of health insurance. Health insurance plan is also a life insurance plan. Several insurance plans offer varieties in terms of number of illnesses covered and return of premiums at certain age.

Hybrid Medical Plan is a form of health plan combining benefits of HMO and Health Insurance. It usually offer higher coverage compared to HMO plan and Health Insurance. It can be customized to the requirements of individuals which can include, executive checkups and worldwide health coverage. A hybrid medical plan can also be configured in such a way not to be redundant to the benefits of HMO and Health Insurance.

I would highly recommend getting at least HMO and Health Insurance. If the budget can accommodate, the best health plan is the combination of 3.