Here are some basic information about Kaiser K50 Plan.
1. Kaiser is a HEALTHCARE, INSURANCE, INVESTMENT + EMERGENCY FUND. It's a 4 in 1 investment vehicle.
2. The plan is 7 years to pay.
Your payment options are:
Monthly - P 2,941
Quarterly - P 8,529 (You save half a month premium)
Semi-Annual - P 15,882 (You save 1 month premium)
Annual - P 29,411 (You save 2 months premium)
3. The plan has 3 Periods: Accumulation or Paying Period, Extended or Waiting Period, and Maturity or Long-term Care Period. Each period has specific health care benefits which are explained below.
For the Accumulation or Paying Period:
After paying for the first year, you can already use your health card for hospitalization (in-patient services only) with an annual benefit limit of 50k. There's also a free APE plus dental benefits. You can check the network or list of accredited hospitals and dentists online. (www.kaiserhealthgroup.com)
In case of death due to any accident, the beneficiary/ies will get an insurance benefit amounting to P 225,000 x 2 = P 450,000 plus waiver of installment.
In case of death due to natural death/sickness there's a contestability period of 2 years. Once it has been proven that the cause of death does not fall under the list of pre-existing illnesses the beneficiary/ies will get an insurance benefit of P 225,000 plus waiver of installment.
In case of 100% disability due to accident waiver of installment shall be applied.
For the Extended or Waiting Period
Starting on the 8th year the plan will start to grow at an average rate of 10% annually.
The health care and insurance feature still applies. Annual benefit limit increases every year.
For the Maturity or Long-term Care Period
The total cash value on the 20th year for this plan is:
Q: WHAT IF I USED MY KAISER PLAN FOR IN-PATIENT HOSPITALIZATION DURING THE PAYING PERIOD (first 7 years)?
A: Instead of getting the full amount of P 583,084 you will only get P 408,084. Still more than 100% of what you've invested.
Q: WHAT IF I JUST LEAVE MY FUNDS EVEN AFTER THE 20th YEAR?
A: It just continues to grow at a rate of 10% compounded annually.
Q: AM I STILL COVERED WITH INSURANCE BEYOND THE 20 YEARS?
A: YES, as long as your account is still funded. Your total fund beyond the 20th year serves as your insurance. E.g. If you didn't use/withdraw any amount from your fund, your total insurance coverage on the 20th year is P 583,084.
NOTE: THE PRIMARY PURPOSE OF YOUR KAISER LONG-TERM CARE SHOULD BE FOR YOUR RETIREMENT. THEREFORE, THE MOST IMPORTANT PERIOD IS THE MATURITY or LONG-TERM CARE PERIOD. ALL FEATURES UNDER THE PAYING AND WAITING PERIOD SERVE ONLY AS A AN ADDED FEATURE OR A BONUS. :) AGAIN, YOUR FOCUS SHOULD BE THE LONG-TERM FEATURE OF THIS PLAN. GET INTO THIS SO YOU CAN SECURE YOUR LONG-TERM HEALTH CARE NEEDS AS WELL AS YOUR RETIREMENT.
In case you want a higher insurance benefit and cash value upon maturity here are your other options:
P4,412 monthly / P12,794 quarterly / P23,823 semi-annually / P44,116 annually
INSURANCE BENEFIT: P 337,500
TOTAL CASH VALUE ON THE 20th YEAR: P874,626
P5,582 monthly / P17,058 quarterly / P31,764 semi-annually / P58,821 annually
INSURANCE BENEFIT: P450,000
TOTAL CASH VALUE ON THE 20th YEAR: P1,166,168.
P7,353 monthly / P21,323 quarterly / P39,704 semi-annually / P73,527 annually
ANNUAL BENEFIT LIMIT FOR HOSPITALIZATION (for 7 years): 70,000
INSURANCE BENEFIT: P562,500 (x2 if due to accident)
TOTAL CASH VALUE ON THE 20th YEAR: P1,457,710.
P8,823 monthly / P25,587 quarterly / P47,645 semi-annually / P88,232 annually
ANNUAL BENEFIT LIMIT FOR HOSPITALIZATION (for 7 years): 80,000
INSURANCE BENEFIT: P675,000 (x2 if due to accident)
TOTAL CASH VALUE ON THE 20th YEAR: P1,749,253.
Why are we encouraging you to start with Kaiser? It's very simple, because with Kaiser you can get all your major financial needs ~ HEALTH CARE, INSURANCE, INVESTMENT and EMERGENCY FUND in a single investment plan.
Feel free to message me if you have questions.