Sunday, April 13, 2014

How much is quality education in the Philippines?

My cute niece is turning 4 this year and she’s getting ready to go to school. Her mom and dad found a good pre-school near their place and they are gearing up towards sending my niece to a brighter future through good education. Of course everything goes with a price tag.

A few years ago I had the opportunity to talk to a colleague who is sending his daughter to a primary school. He told me that his daughter’s tuition fee was 30 thousand pesos plus uniform and books. On top of that he also gives his daughter a daily allowance.

I was dumbfounded when my sister told me that my niece’s tuition fee is at 50 thousand pesos. This amount does not include uniforms and other miscellaneous expenses. At the back of my mind I was thinking, “So how much would it cost us if we are going to send our child to school?”

Raising a child is no easy task. I’ve seen my sister’s struggles (and also my brother in law) to provide better life for my niece. I also commend our parents for raising us well.

Well, according to the law it is the parent’s obligation to provide education to their children. In order to do so, proper financial planning is a must. Parents need to know how to project how much college education will be. They must plan and create a strategy in order to give what they are obliged to provide (according to the law.) The 50 thousand I was referring to is still for pre-school. How much more for college education?

To clarify a point, our views and perspectives about quality education are different. For some parents, it may mean sending their children to expensive and reputable schools. Other may prefer not so expensive ones. For me, as long as my child to be is equipped with proper knowledge in order for him/her to succeed in life then I will be satisfied. J

Click here for more tips on saving up for your kid's education.

Friday, April 11, 2014

Health Insurance is Love

No I am not sickly and I don’t like going to the clinic or hospital. But of course there will be times when we need to see a doctor or health specialist for our health concerns.

Two weeks ago Paul and I went to the hospital to seek medical help. I was 2 weeks delayed. However I told him not to get too excited because I was not feeling anything of the early signs of pregnancy. No morning sickness, no sensitive nose, nothing at all. I took a home pregnancy test and it came out negative. I read lots of articles in google about ‘’negative HPT; late period” but they only add to my anxiety. I also consulted my good friend who is in the medical field and told me to consult my OB.

Paul and I went to a hospital for the consultation. The OB told me to undergo TVS. It is a kind of ultrasound by the way. After securing approval from the medical provider, we immediately went to the ultrasound room and had me checked.

The initial diagnosis was polyps however the OB who conducted the ultrasound was not sure. So she told me to go back and undergo the same procedure again.

After my second test, the result came out normal. Thank God!

On the financial side: If I don’t have a medical card, I would have paid the consultation fee which is I think from 500Php – 1500Php per consultation. On top of that I should have paid roughly 2500Php for the ultrasound procedure per session. In a span of 1 week I should have paid roughly 8000Php for the consultation and lab tests. What more if I was really ill? How much would I need in order to get well?

Medical coverage is really an important aspect of financial foundation. Without it, our money that is saved or invested can be drained in just a few days.

Also, take note that the best time to get medical coverage/medical insurance is while you are healthy. No medical insurance will cover you when you are already sick as to no insurance company will cover you when you are already dying.

My tip: While employed, take advantage of the medical coverage provided by your employer. But take note that the policy is not yours to keep. Upon leaving the company you are automatically deleted from the list of members with medical coverage.

To secure a good future, make sure to talk to your insurance provider/agent and discuss the possibilities of owning a medical coverage even after you reach the retirement age.