THE Philippine Health Insurance Corp. (PhilHealth) is bringing back interest fees on employers who fail or are late in the remittance of premium contributions for their employees.

The interest is effective April 12 this year based on PhilHealth issued Circular No. 0004 series of 2013.

Employers are mandated to remit the monthly premium contribution of employed members on or before the tenth calendar day of the month following the applicable month.  In case the deadline of payment falls on a Saturday, Sunday or holiday, payment should be made on the next working day.

All premium contribution payments beyond these set due dates shall automatically be charged a two percent monthly interest.

If remittances are paid on time but insufficient, the deficit amount shall also be subject to interest.

In cases where premium arrearages exceed P1 million, the defaulting employer may request in writing for an installment payment scheme.

The interest fees were first imposed in 1999 and has been renewed to boost PhilHealth’s income.

In Region 1, PhilHealth collected about P965 million premium contributions and has paid claim reimbursements amounting to 2.7 Billion in 2012.

This means that for every one peso a PhilHealth member contributes, PhilHealth returns P3.50 pesos in terms of benefits.

For further inquiries visit the PhilHealth website philhealth.gov.ph or call hotlines (075) 515-3333 or 0922-889-3377.

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