FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

PRODUCT NAME:  HEALTH SAVINGS

PROGRAM:  MEDICAL AID PROGRAM

 GUIDELINES

I.                   RATIONALE

Health is wealth.  A healthy body and mind is one of the greatest assets of man.  Once sick, man will become unproductive and yet has to spend his earnings for medication.  The SACDECO P500.00 immediate assistance to hospitalized member may in one way or another help augment the resources the member has.  But due to very high cost of medication, members clamor for a higher benefit for health care..

II.                MEMBERSHIP

Enrollment:

1.  Enrollment to the Medical Aid Program (MEDICADE) shall be voluntary for old members but mandatory for new and incoming members from June 2011.

2.  YTM AND AFLATOUN members with savings of at least P500.00 are also eligible to become member of the program.

Requirements:

1.      Properly filled up enrollment form.

2.     Health Declaration Form (HDF) to be filled up by the member.  If the member declared a sickness, medical certificate, history and other medical records will be required..

III.             DEPOSIT

1.   Health Savings of P250.00 upon membership or an installment of P50.00 per month.  Membership shall commence upon full payment.

2.      Deposit replenishment must be done if deposit falls below P100.00..

3.      No interest.

4.      In case of death, the deposit shall be recognized as income and the maximum amount of benefit shall be given to the bereaved family.

5.     Health savings will be a separate account. Records maintenance shall be handled by the Finance Division.

IV.             BENEFIT

1.  Annual Medical Benefit.  Medical expenses reimbursement of a maximum of P4,000.00 per annum.  Reimbursement shall be the amount of medical expenses per case but not to exceed P4,000.00 benefit per annum.   This will cover minor surgery and childbirth and major examinations (like laboratory, MRI, 2Decho, CT scan, Ultrasound, ECG) required by physician.

2.      Medical benefit shall be divided equally among the existing active members of this savings.

V.                CONTESTABILITY PERIOD

1.     Contestability period is one (1) month commencing after full payment of the initial Health Savings of P250.00.

2.     Hospitalization within one month after membership/full payment is not eligible for reimbursement except due to accident.

VI.             UPDATE

1.      The member shall be responsible in updating his/her health savings.

2.      Quarterly notice of contributions shall be furnished to members by the Finance.

3.   A one-time notice to members with health savings of below P100 shall be furnished by the Finance.  Balance verification shall be done by Finance every end of the month.

4.  Availment record of each member shall be maintained by the Finance (index card or in the system).

VII.          DOCUMENTS NEEDED FOR CLAIMS

1.      Medical certificate or physician’s referral for major examinations;

2.      Official receipts of medical expenses or hospital bill

VIII.       EFFECTIVITY

The Program shall take effect January 1, 2012.

PMFTC / SACDECO- MODERN HEROES
By: Garry Q. Fernandez

“Health is wealth. So many people spend their health gaining wealth, and then have to spend their wealth to regain their health.”

It was a fine morning of August 30, 2010 when the wide and spacious bodega of Fortune Tobacco Corporation located at Sidaoen Sta. Cruz, Ilocos Sur was fully occupied, not by tons of packed Virginia tobacco but   thousands of people who hurriedly came to avail of the free medical mission conducted by Sta. Cruz Savings and Development Cooperative (SACDECO) in partnership with Philip Morris and Fortune Tobacco Corporation.