Millennials face frequent illness and mounting medical bills

Young Filipino adults are getting sickly and many of them suffering from mental health issues; it does not help they also shell out more money from their own pockets to cover medical expenses, according to a survey of the local subsidiary of global insurance giant Manulife Financial Corp. Citing Manufacturers Life Insurance Co. (Philippines) Inc.

or Manulife Philippines' latest study titled "In Wellness and in Health: Navigating the landscape of health, well-being and financial preparedness in the Philippines," company president and chief executive officer (CEO) Rahul Hora revealed in a press briefing that the number of times that Filipinos aged 18 to 29 fell sick during the past 12 months—at an average of 3.4 times within one year—is the highest among the surveyed age segments. In comparison, older age brackets get sick less frequently—a lower 2.



7 times a year among those aged 30 to 39; two times among 40- to 49-year-old Filipinos; and 1.9 times among ages 50 to 55. Across all of the 1,000 survey respondents, the average number of times that Filipino adults got sick is 2.

7 times per year. Also, Hora told reporters that "concerns about both anxiety and depression are much higher among younger people aged 18 to 29 and females" in the country. One-third of these Filipinos between the ages of 18 and 29 admitted they lack enough sleep, while half of them "believe that changing their current lifestyle would mean changing their social life, which is hard for them," Hora noted.

A majority or 68 percent of respondents in the said age bracket are also "least physically active because they believe that following a regular exercise routine is expensive." "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," Hora explained in a statement.

"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," said Hora. "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," he added. For Hora, "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." Survey results also showed that while the share of out-of-pocket medical expenditures among Filipinos already declined to 41 percent from as much as 52 percent before, it remained "extremely high" compared with our Southeast Asian neighbors, Hora said.

In particular, 82 percent of those surveyed funded medical spending from personal savings; 26 percent from their health maintenance organization (HMO) coverage; and 22 percent through money they borrowed from family or friends. A third of respondents likewise deem their existing health insurance, including the mandatory universal healthcare coverage under the state-run Philippine Health Insurance Corp. (PhilHealth), as "insufficient.

" Hora said this highlights that there's "little or no insurance coverage for medical expenses" among many Filipinos. "Filipinos are still not financially prepared for medical expenses," Hora added. In this regard, Hora said Manulife Philippines is targeting the country's very young population as a growth market for its insurance and protection products.

At present, younger Filipinos aren't among Manulife Philippines' top client segments, but there's "increasing awareness" now, he said. Hora added that Manulife Philippines has partnered with digital channels like GCash to slash distribution expenses and make insurance more affordable, especially to poorer and still uninsured Filipinos. He said their product lineup has been made simpler and more specific to cater to the needs of customers who are used to the "sachet affordability" of consumer goods, or more popularly known as "tingi" in the Philippines.

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