CEBU, Philippines - Investing in real estate is one way to grow one’s money and generate gains, however being unprepared for health emergencies might derail the amortization process and later on pose threat from fulfilling the venture.
Unexpected medical bills can run down the investment and a major sickness may possibly drive a person to sell the property anyhow.
A health care official has warned real estate investors of the circumstances when owning a certain property while taking health coverage for granted.
“A big portion of the population is not covered by health care and particularly the investors must also consider health preparation when they are investing,†PhilCare President and Chief Executive Officer Noemi G. Azura told The FREEMAN.
Presently, the Philippines has a population of more than 90 million and only a little more than three million people are covered by private health maintainance organiztions excluding those members of the government’s PhilHealth, she cited.
Why health care?
Azura said health care insurance plays a vital role in every individual but it is particularly crucial for investing people saying it is a wise choice to lessen the burden of medical costs.
Their company recently partnered with Rent.ph, a property rental website, to reach out to more individuals particularly the firm’s agents and clients.
The partnership allows health care management as part of the investment portfolio the site is offering.
Chris Malazarte, the rental portal’s managing director and The Freeman business columnist, said it the importance of health care should be well explained to the clients because sudden events might occur while the paying period for amortization is still going on.
“Because of the possibility of health issues, the acquisition of the property becomes already difficult,†the director noted. “The money for amortization already go to health care expenses.â€
Azura has emphasized that it is always important to stay healthy while growing one’s wealth through investing.
While many consider health coverage as more of a corporate benefit, she said it is actually a good investment too.
Catherine Joy Menor of PhilCare in the VisMin area said the HMO industry in the Philippines is developing, unlike before when it was not given that much of an importance.
She shared that several cases have happened on investors forcibly selling their properties because they have to pay the unexpected health needs, noting that this is practically the reason they have integrated real estate and health care together.
This would also give customers a value proposition to have an option whether to gain a health coverage while deciding to invest in.
“In the case of agents, this creates value to them and gives the idea that they are not just mere agents they are valued ones,†Menor said.
Officials of the company said people must realize the need to have a better trained and educated public health workforce, considering that the Philippines is strongly competing in its manpower sector.
“We have a tremendous workforce and as a resource we have to keep them healthy to maintain productivity,†the firm’s assistant vice president for VisMin, Carmel Montesclaros said.
A healthy human capital, she said, can become the country’s asset in next year’s economic integration of Southeast Asian nations. (FREEMAN)