THE PHILIPPINES had the biggest improvement in a health and wellness study by AIA Group Ltd., but there remains a wide financing gap for treating critical illnesses.
According to the Healthy Living Index 2018 released yesterday by the Hong Kong-listed insurance group, the Philippines’ score rose five points to 66 since the 2016 study.
The Philippines had the third-highest score among 16 Asia-Pacific countries that participated in the study, matching Malaysia, and was also above the regional average of 64.
China and Macau topped the index with 70, followed by Thailand at 67.
The index is a composite score of satisfaction with one’s health and frequency of practicing healthy behavior, with Philippine respondents from Manila, Cebu, and Davao. The index is based on six components including the desire to lose weight; number of healthy activities done with the past four weeks, hours spent exercising, and participation in medical checkups in the past year.
The study conducted by AIA, the parent company of Philippine American Life and General Insurance Co., Inc. (Philam Life), found out that more Filipinos are becoming less satisfied with their health, and are adopting more healthy behavior.
A Filipino’s average satisfaction with health declined to 84% from 89% in the previous study. However, the desire to lose weight grew to 37% from 25% previously; the time spend exercising increased to 3.7 hours per week, from 2.1 hours previously; the number of healthy activities to five from 3.2; medical check-ups to 53% of respondents from 50%, with the sleep gap steady at 1.4 hours.
Respondents said that they want to improve their health and wellness to reduce their risk of common and critical illnesses, and to live longer.
The study also found that sustaining health behaviors was considered difficult, with only 46% of respondents were able to continue with their diets, and 47% able to sustain gym visits. Reasons cited were expense and effort.
AIA said respondents expect an average shortfall of 75% in costs they would have to have to pay for out of pocket in the event of critical illnesses like cancer, heart disease, and diabetes.
Some 78% of the respondents said that they will rely on the government to fill the financing gap, while 56% will turn to charity, while 27% will tap savings, and 19% will be compensated by insurance. Respondents from China, Taiwan, Singapore, and South Korea, on the other hand, were more likely to fund treatment from savings and insurance.
“The insurance industry for many years has moved towards long-term savings and investment… Over the years the conversation has moved towards retirement and education plans, which is not bad. But I think what the industry should do more is to balance the conversation,” Philam Life Chief Marketing Officer Leo Tan said in a briefing yesterday in Makati City.
“When you’re talking about long-term savings, that means you’re setting aside regular amounts… for a number of years but the probability of something happening within that period is quite high,” he added.
Mr. Tan said that currently, 87% of Philam Life’s client portfolio are covered by savings-linked policies, with only 13% enjoying health coverage. — Elijah Joseph C. Tubayan
