By Wikus Joubert, 10 December 2015
Medical aid cover is crucial to your financial plan. It is widely accepted that medical aid, car and household insurance and a last will & testament are the “no-brainers” that every person should have in place. It is important to ensure that you are covered at a level that meets your needs and your pocket.
It is specifically the last bullet point above that enjoys the least amount of attention in the advertisements, articles, blogs and talks that take place.
If your medical aid is so crucial to your financial plan, is expensive to maintain; and runs the risk of falling away after missing a single monthly payment, shouldn’t we look at ways to protect our medical aid cover?
Your medical aid premium is paid from your bank account. Your bank account is topped up every month by your income. This means that your income pays for your medical aid. Not exactly rocket science, but a simple concept that not many people realise.
Your ability to earn an income can be disrupted by disability (temporary or long-term), retrenchment, or death. Your SFP financial planner can aid you in putting a solution in place that protects you against all of these risks, thereby ensuring that there is money available to fund your medical aid in the event you cannot generate an income.
And all of this doesn’t cost an arm and a leg. For example, a 40 year old male, married, with two children, who is paying R5,000 pm for his medical aid, can put the full solution in place for less than R360 pm.
SFP can offer you this holistic protection for your medical aid by dealing with an income protection specialist called FMI. FMI has been specialising in this niche market for over 20 years and has a great claims payment record.
On top of this, SFP and FMI can provide you with the best future insurability solutions in the market, meaning that you can increase your cover every year without having to undergo medical testing – a great way to keep your cover in line with your medical aid premiums.
The Roman poet, Juvenal, asked: Quis custodiet ipsos custodies? (Who guards the guardians?). Let’s not fail to protect the protection we have in place. Especially now that it is so easy to secure such protection. Ensure that your medical aid is protected against life’s risks – speak to your SFP financial planner today.