The Market Monitor Minding the Nation's Business
Approximately 64% of Filipinos cannot afford to pay a P10,000 medical bill without resorting to borrowing or using a health maintenance organization (HMO), according to a new study by Boston Consulting Group (BCG), a global management consulting firm.
BCG’s Filipino Family Study involved 1,515 families surveyed nationwide.
The report revealed that 20% of respondents would likely borrow for a medical bill under P1,000, 28% for P5,000, and 16% for P10,000.
BCG said seven out of ten families tagged health security as their top concern, surpassing savings, education and home ownership.
“We at BCG think that it’s partly driven by the pandemic,” Lance Katigbak, principal at BCG, said. “Not because health is a new priority for us, but because so many Filipinos within that one event experienced that situation where everyone had to pool together money to pay for that hospital bill.”
BCG noted that just one emergency surgery or extended hospital stay could already push most Filipino families into years of debt.
The study also highlighted a mismatch between HMO coverage and what families truly prioritize during health emergencies. Katigbak said many Filipino adults are likely to delay their own care, even with the same symptoms, to prioritize children and elderly relatives.
Only 15% of children are covered by HMOs, compared with 27% of seniors and 47% of adults.