Have you thought about your retirement? If yes, how do you prepare for it? Retirement in the Philippines is between 60 to 65 years old, so if you haven’t planned for it yet, maybe it’s better that you do now. The clock is ticking and each day that you postpone saving for your retirement puts your financial independence at stake.
As is the norm, a regular salary stops when an employee retires from work, and the only senior benefits that you can count on from the Philippine government are your SSS monthly pension and Philhealth coverage. The SSS pension ranges from Php1,200-Php10,000, while the average is around Php3,600 per month. Thus, relying solely on your government pension wouldn’t be enough to fund your expenses for the next 30 to 40 years.
The mere fact that older people are more susceptible to getting sick means that focusing on your retirement plan which should include health care is more vital than ever. Just imagine how much your maintenance medicine would cost you, plus regular checkups and laboratory tests? It would be quite the expense.
The 2015 East Asia retirement survey says that most Filipinos are not ready for retirement because of different reasons, such as not enough savings, poor health condition, and lack of support from family members or loved ones.
Retirement should not be something to fear. It’s an opportunity to celebrate – a time to explore different places and bond with your family and friends. Because after spending years dealing with pressure at work, you deserve a peaceful, calm and stress-free life.
In order to achieve the kind of lifestyle that you want, retirement planning is the key— the earlier you start, the more time your money has to grow. Although no one can tell exactly how much you will need for the future, you at least need to prepare for what will most likely to happen.
Home-cooked meals are always the best and cheapest choice. Simply create a weekly meal plan to help you decide on what dish to prepare, and you'll find that you'll be eating healthier and saving more money in the long run.
Maintenance medicines and regular checkups - Maintenance medicines may cost you at least Php200 per week, depending on your illness, while the doctor’s fee in private clinics or hospitals is between Php500-Php1000 per consultation. Luckily, senior citizens get a mandatory 20% discount on medicines, checkups and lab tests.
Health insurance - Hospitalization costs for seniors are expensive, which is why having health insurance on top of your government-mandated Philhealth coverage should be a priority. Health insurance acts as income protection, especially when you retire. It helps provide a cushion for your budget when it comes to hospitalization expenses due to sickness or accidents. If you haven’t given health insurance a thought yet because of your other priorities, the best time to get one is while you’re still young, healthy, and able. Your health and wellness should take priority over anything else.
Paramount insurance offers one of the best health/hospitalization insurance products in the Philippines. Unlike other programs, Paramount's products require no medical examination, thus your acceptance is guaranteed.
If you are between 50 to 75 years old, the perfect plan suited for your needs is the PrimeCare Cash Plan. Its affordable premiums start at Php213 per month. This product provides financial assistance during confinements that could lessen the impact of hospitalization costs. You may receive up to Php4,000 daily cash benefit on regular confinements through reimbursement, up to Php4,000 daily on ICU confinements, and up to Php80,000 lump sum benefit on surgical confinement.
Undoubtedly, out-of-pocket medical expenses for senior health care may be the bulk of your expenses during your retirement years. You deserve a worry-free retirement. Achieve financial independence by clicking the Apply Now button below.