Life insurance and investment company Manulife Philippines revealed that a challenging picture is now affecting the nation’s health space, as healthcare financing remains a struggle for most Filipinos.

In a study by Manulife Philippines titled “In Wellness and in Health: Navigating the Landscape of Health, Well-being, and Financial Preparedness in the Philippines,” which surveyed 1,000 individuals, it found that a significant portion of medical expenses, about 41 percent, still come out-of-pocket, with costs predominantly sourced from personal savings. 

“This reliance on personal funds highlights a gap between the perceived adequacy of health coverage and the financial reality faced during actual medical emergencies. This gap places a considerable burden on individuals and families, making it clear that many Filipinos may not be as financially prepared for health-related expenses as they might think,” said Rahul Hora, President and Chief Executive Officer of Manulife Philippines, in a press conference at the Makati Shangri La.

The latest survey released on Tuesday also revealed a stark difference in savings for medical expenses across different age groups.

On average, surveyed Filipinos have set aside P62,000 for future medical needs such as emergency services, hospitalization, and preventive healthcare. 

However, the survey said younger Filipinos aged 18 to 29 had saved significantly less, with an average of only P38,000.

“This disparity suggests that younger individuals might be less prepared to handle unexpected medical costs,” Hora said.

Moreover, the result of the survey showed that respondents believe they will need to save approximately P571,000 to cover potential medical expenses over the next ten years, highlighting a substantial gap between current savings and future financial needs.

“These key findings further prove that when we talk about healthcare and well-being, we must understand where knowledge and behavioral gaps are coming from,” Hora added.

“In this light, we encourage Filipinos to take more concrete steps toward embracing healthier lifestyles—ffrom improving their dietary habits to nurturing their overall well-being. As for their financial priorities, they can count on us at Manulife to be their trusted partner through our broad range of health and life protection plans that secure their future and help them live better every day. By addressing both health and financial preparedness, Filipinos can build a more resilient foundation for managing their healthcare needs,” Hora urged.
Cost as top barrier

Meanwhile, respondents said healthcare costs remain a top barrier to Filipinos’ ability to adopt a healthier lifestyle.

About 86 percent of surveyed respondents believe their health is determined by their lifestyle choices; they also cited barriers that prevent them from having healthy lifestyles.

"The health trends our survey identifies among young Filipinos are concerning. Despite being well-informed, many young Filipinos are facing a rise in illnesses and lifestyle-related issues. This gap between awareness and action implies that mere knowledge isn't sufficient. We must find solutions to these real-world barriers preventing young people from practicing healthier lifestyles,” Hora explained during his presentation.

“Amid the demands of modern life, young Filipinos need the support they can get to better translate health and wellness information into everyday habits, including taking necessary steps toward achieving financial security,” Hora added.

Getting sick more often

Meanwhile, the survey also found that among all respondents, the average number of sick days a year is 2.7 times. However, that number rose for those between the ages of 18 and 29, to an average of 3.4 times a year.

In addition, Filipinos aged 18 to 29 are sleeping and exercising less compared with other age groups. The survey found that the biggest reason for lower exercise rates was a perception that following a regular exercise routine is expensive (68 percent).

The lack of proper sleep and exercise, as well as the tendency to neglect their overall health, can make younger Filipinos more susceptible to illness. Moreover, the survey also reported that this age group is also more reluctant to change their lifestyles due to a perceived “fear of missing out.”

“Despite diseases and disorders like anxiety, depression, and diabetes being the top health concerns of younger Filipinos, they also spend a huge chunk of time nurturing their social lives. Thus, they may be less willing to change their habits for a healthier lifestyle because of perceived costs and inconvenience,” according to Hora.