Discover why joining a medical scheme is crucial for financial security, especially for young and healthy individuals. Learn about the hidden costs of medical emergencies and how to budget effectively for your health and wealth.
Joining a medical scheme is about preventing debt, says Karin Mitchelmore, executive head of healthcare consulting at financial advisory firm NMG Benefits.
She says being young and healthy doesn’t mean you’re financially protected. Case in point: an NMG Benefits client with no medical cover recently faced a R2.5 million bill after a car accident. Could you afford to pay that out of your own pocket?
“Even so, we see many people waiting until they need medical care before trying to join. They then face 12-month waiting periods and possibly late-joiner penalties that have immediate financial consequences and lock in higher premiums forever,” she says.
The blind spot
