As the pandemic continues to underline the importance of health security, Senator Christopher “Bong” Go has filed a measure seeking to amend Presidential Decree No. 1460, otherwise known as ‘The Insurance Code of 1978’, in an effort to protect and safeguard the interests of Filipinos investing in health insurance services. The measure seeks to properly regulate and promote a fair and competitive insurance industry.

In an interview, the Senator highlighted that investing in private health insurance augments the healthcare services covered by PhilHealth to Filipinos.

“Dahil po sa pandemyang COVID-19, mas nakikita natin ang importansya po ng medical insurance. (Sa ngayon,) hindi naman po lahat masasagot ng PhilHealth,” began Go.

“Alam niyo, marami pong nagrereklamo… ‘yung billing nila umaabot ng PhP1 million. Magkano lang naman po ang sasagutin ng PhilHealth, kaya ‘yung iba po ay mayroon silang sariling medical insurance o itong tinatawag na HMO,” he added.

To address these concerns, Go urged the government to make it easier for Filipinos to invest in their personal health security by sufficiently regulating HMOs.

“Mahalaga ang maagang pag-invest sa health security natin. Dapat proactive naman tayo. Huwag natin hintayin na nasa ospital na tayo saka pa tayo maiisipan ng pangkuha ng medical insurance,” he said.

This prompted him to file Senate Bill No. 2133 which amends ‘The Insurance Code of 1978’. One of the proposed changes includes explicitly including HMOs into the law’s regulatory coverage which shall enable the Insurance Commission to provide stricter supervision. This will better protect the industry and the insuring public from unscrupulous practices.

“Itong finile ko po, kahit nasa ilalim ng Insurance Commission ang HMO, ‘di pa rin po malinaw kung nag-apply sa HMO ang mga provision ng Insurance Code. Mas maganda rin na nasa batas,” he said.

“Ang panukala ay naglalayong isali ang HMO sa Insurance Code para ma-protektahan ang interes ng mga kababayan natin at mahikayat ang competitive market sa health insurance industry,” he added.

HMOs will be subjected to the provisions of the Code not explicitly provided for in EO 192. These provisions include the Commission’s powers to issue cease-and-desist orders to prevent fraud or injury to the public. This also aims to enhance competition in the insurance industry and effectively improve insurance services for Filipinos.

Under the proposed amendments, the Insurance Commission will also be put under supervision of the Bangko Sentral ng Pilipinas which ensures that all financial service providers in the country are regulated by a single regulatory authority. The IC’s powers will also be amended under Go’s proposed bill.

If passed into law, Go is optimistic that the proposed measure will benefit Filipinos investing in HMOs as it will provide them the necessary safeguards to ensure that their investments are protected.

“Layunin natin na masiguro ang ating mga kababayan na ligtas mag-invest sa HMO at makatulong ang HMO na maimprove ang healthcare sa bansa,” the Senator said.

“Dapat protektado ang bawat Pilipino sa pagkuha ng HMO. Para magiging mas protektado rin sila sa anumang krisis pangkalusugan na darating,” he emphasized.