PHILHEALTHCARE, INC. (PhilCare) is rolling out a new product catering to overseas Filipino workers (OFWs) starting with those based in Israel, as part of the firm’s venture into alternative market segments to expand their coverage.
The homegrown health maintenance organization (HMO) has partnered with Israel’s Madanes Group and London’s Jardine Lloyd Thompson Insurance and Reinsurance Brokers, Inc. for the Bayani Family Care, which will provide annual health plans for OFWs and their relatives.
“Right now in the Philippines, there is only about 4% of the population covered by HMO. The need rises — a lot of people are getting hospitalized,” PhilCare president and chief executive officer Jaeger L. Tanco said in a press briefing yesterday.
“In some research, about 58% of money remittance is actually for hospitalization.”
The HMO plan offers basic life coverage for P4,350 per person, valid for a year. This assures scheduled and emergency hospitalization and treatments for up to P60,000.
OFWs and their relatives may avail of the plan up to 65 years old, although the premium payments are higher at P8,900 for those in advanced age, according to PhilCare business development head Raymond Peter B. Tiangco.
This will provide access to over 1,400 accredited hospitals and clinics around the country once the policies are paid for. The benefit payout can go as high as P100,000 given bigger premiums paid.
Applying for this HMO plan is done fully online and may be paid via credit card or over-the-counter. Unlike insurance policies, however, HMO plan holders do not have an option to cash out their premiums if unused.
PhilCare has tapped the two global healthcare providers to broaden their reach to migrant workers. Distribution of the products will be on pilot test in Israel, with it being the home country of Madanes Group. There are about 30,000 OFWs in Israel, according to group CEO Ohad Madanes.
Remittances support domestic consumption and stoke Philippine economic growth, with OFWs having sent home $28.06 billion in 2017 alone.
PhilCare has been looking to expand its business to cover the OFW and entrepreneur segments as it looks beyond corporations in selling more health care plans to clients.
Previously known as Philamcare, the healthcare provider was acquired by the Philippines First Insurance Company and STI, Inc. from the Philam Group of Companies in 2009.
PhilCare is one of 28 HMOs accredited by the Insurance Commission as of June 2017, according to industry data. — Melissa Luz T. Lopez