Highlights
- You are required to have a COVID treatment insurance plan worth a minimum of 35,000 USD before entering the Philippines.
- Age, length of stay and pre-existing conditions affect how much insurance costs.
- Take note of inclusions in your plan carefully.
'May PERAan' is SBS Filipino's podcast series which features financial experts seeking to answer the most common questions about money and finances.
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"The purpose of getting travel insurance is for your own safety and security. [You're protected] if something happens, such as disruption of journey, cancellations and even hospitalisations."
Travel agent Chris Centeno shares the coverage you need to consider should you decide to travel to the Philippines in the next few months.
The cost of the mandate
Although Chris says that travel agents in Australia aren't able to issue travel insurance, his company makes a list of requirements for those wanting to travel.
"Included in the list are travel insurance providers.
"Ever since the Philippines' international borders opened for foreign nationals, a COVID treatment insurance plan worth a minimum of 35,000 USD has been made compulsory."
Factors that affect travel insurance
Chris shares that the age of the travelling passenger, length of stay, as well as pre-existing conditions, affect the cost of insurance.
"Obviously, the older you are and the longer you travel, the more expensive the plan. Moreso, if you have a pre-existing condition."
Is travelling worth the cost of the insurance?
Chris admits that clients who booked before the mandate are now caught in a bind due to the cost of the COVID treatment insurance.
"Some of our clients are balikbayans who initially wanted to stay around 4 months in the Philippines, but plans have now been affected because insurance alone will be costing them an arm and a leg. What they were going to spend on their holiday will just be for insurance. Some of them are reconsidering.
"Unfortunately, there are so many things to consider [even if borders are open]. I can't say if the cost is worth the travel. It really depends on a client's situation."
