Well being Secretary Teodoro Herbosa (PNA file picture by Avito Dalan)
MANILA, Philippines – The Philippine Well being Insurance coverage Corp. (PhilHealth) doesn’t present pension insurance coverage to its members, Division of Well being (DOH) Secretary Teodoro Herbosa mentioned Friday.
Herbosa, who additionally chairs the PhilHealth Board of Administrators, famous that medical health insurance and pension serve distinct functions and supply monetary safety in numerous methods.
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“I’ve been studying feedback in regards to the PhilHealth situation. It appears many don’t perceive the distinction between pension and medical health insurance,” he mentioned in a press release.
Pension insurance coverage gives a gentle earnings stream after retirement, guaranteeing monetary stability and safety throughout outdated age.
It’s usually supplied by employers or bought individually. Contributions are made throughout working years and after retirement, advantages are paid out as a month-to-month annuity and infrequently embody survivor advantages and lump-sum funds.
In the meantime, medical health insurance covers medical bills, hospitalization, and different well being care-related prices, defending towards monetary pressure resulting from sickness or damage.
It could provide extra advantages, comparable to dental, imaginative and prescient, and wellness packages. Premiums are paid month-to-month or yearly, and advantages are paid when medical providers are used.
By way of eligibility and enrollment, pension insurance coverage is usually tied to employment or age whereas medical health insurance is usually obtainable to individuals, households, or workers by way of group plans.
Pension insurance coverage advantages are usually primarily based on wage, years of service, or contributions whereas well being Insurance coverage advantages are decided by coverage phrases, protection limits, and out-of-pocket bills.
Pension insurance coverage contributions could also be tax-deductible and advantages are taxed as earnings. Then again, medical health insurance premiums could also be tax-deductible and advantages are typically tax-free.
Within the Philippines, the Social Safety System and Authorities Service Insurance coverage System provide pension insurance coverage, whereas medical health insurance is supplied by PhilHealth and personal insurers.
Herbosa mentioned the PhilHealth administration, which is distinct from the Board, has handled the state insurer’s funds like a pension fund.
“That’s why their emphasis has been to guard the fund and resist paying the well being advantages of its members. We have to repair this damaged system,” he added.
PhilHealth was not given a authorities subsidy for its oblique contributors for subsequent 12 months.
The PhilHealth Board accredited the PHP284 billion company working finances (COB) for Fiscal 12 months 2025.
The COB takes under consideration the zero-government premium subsidy for oblique contributors and consists of the computations of the administration’s PHP150 billion surplus finances as of Oct. 31. (PNA)
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