No one expects to get into medical debt, but emergencies happen and families are caught off guard. Given today's pandemic, more people than ever are facing the reality of medical debts. That’s why it is important to have a plan in place before an emergency happens, so you don't end up falling into medical debt.

If you find yourself in this situation, there are a few things that you can do to help manage your medical expenses.

Contact your bank

First, you should always contact your credit card companies and try to negotiate lower interest rates. Chances are that if you have a large balance on one or multiple cards, the company is going to be willing to work with you because they would rather get a portion of the debt paid off as opposed to none at all.

Talk to your doctor

Next, you should set up a payment plan with the hospital or doctor's office. This will help you to spread out your payments and make them more manageable.

Reach out for help

If you are struggling to pay your medical bills, you may reach out for help. There are many ways you can raise money for medical expenses, including GoFundMe pages and loaning money from loved ones. There are also institutions and organizations that are open to helping people pay off medical debt.

Unlike other expenses, there’s no way to 100% avoid medical-related fees. No matter how hard you prepare or try to live a healthy lifestyle, getting sick is inevitable. But just because medical expenses are a part of life doesn’t mean medical debt has to be. Stay ahead by preparing for medical costs adequately. This way, you and your family can focus your attention on healing and recovery rather than having to worry about where to get the money to pay for hospital-related bills.

How to prevent going into medical debt

Start building an emergency fund

Medical debt is one of the leading causes of bankruptcy in the Philippines. Unlike other forms of debt, it is often difficult to manage because most medical expenses are necessary and may last a lifetime. Having an emergency fund can help spare people from going into medical debt. An emergency fund gives you something to soften the financial blow and helps prevent you from draining your life savings.

Invest in health insurance

Health insurance coverage will protect you from costly medical bills and surgeries. Many people choose to forego investing in health insurance because it is perceived to be expensive. Health insurance helps in protecting you from the burden brought by costs from doctor’s appointments, tests, therapy, consultations, and hospital admissions. Depending on the health insurance you get, it can also give you an allowance that serves as a replacement for any lost income. And in the event of your untimely demise, your loved ones will still be protected with a lump sum payment.

Apart from protecting you from financial stress when you are already sick, health insurance can also spare you from medical debt by spotting illnesses in their infancy. Because you no longer fear the expenses that come from regular checkups, you can come in for routine appointments to ensure everything is functioning as it should be. If there is anything amiss, your doctor will be able to spot it early on and provide you with treatment to help stop it before it gets worse, minimizing the medical costs connected with it.

Metrobank, in partnership with AXA, can help protect you with comprehensive health insurance plans so you don’t fall into medical debt. You can choose from three different plans depending on your needs and lifestyle.

AXA’s Health Start health insurance plan protects you from financial burden brought by the top critical illnesses such as cancer, stroke, and heart attack for as low as PHP 1,500 per month. It also comes with flexible payment terms to make it even more accessible as well as the option for solo or joint coverage.

There’s also AXA’s Health Max which offers lifetime health coverage until age 100. It provides coverage for 56 major and 18 minor critical illnesses. It also comes with payment options to adapt to your current financial situation. It also allows you to advance a portion of your Sum Insured beginning from the age of 70, which you can use for your other needs.

Another option is AXA’s Global Health Access which offers comprehensive medical coverage worldwide. A health plan you can renew yearly, it gives you access to the best hospitals and medical treatment anywhere in the world. You can also seek 24/7 medical advice through its health support hotline.

Finally, there’s the AXA Health Care Access, a comprehensive plan which provides you with five annual benefits including inpatient, outpatient and emergency care, a longevity health fund, life and accident insurance, and annual physical exam and dental care benefits. Protect yourself and your loved ones from the burden of medical expense and avail of Metrobank and AXA’s health insurance plan offers today.