Many young people struggle to justify whether they really need health insurance cover, when being caught between the rock and the hard place of earning their first, albeit limited income as a young adult, and having to take responsibility for their own healthcare financial planning.

In a country like South Africa where public healthcare is notoriously poor and inefficient, having access to quality private healthcare is that one life essential that should never be left to chance and should be at the top of your priority list in terms of budgeting. 

“For many, getting their healthcare financial planning in order from the outset of their independent life is often left too late, as something that ‘I need to get to when I can afford it’. Many young people may assume that they are healthy and can ride on the fact that ‘they never visit a doctor” and are unlikely to face a serious illness. But it’s a flawed approach since a health crisis does not necessarily come knocking as a serious illness – it can be anything from a serious sporting injury, a car accident, a freak injury, and unfortunately for some, a serious bolt-out-the-blue illness like cancer. The reality is that all of these events are entirely possible and are always unexpected, hence why even as a young and seemingly healthy person, you need a healthcare plan that will get you quality private healthcare in an unexpected health crisis, with your finances intact,’ explains Martin Rimmer, Chief Executive Officer of Sirago Underwriting Managers, a Gap insurance provider underwritten by GENRIC Insurance Company Limited.

Knowing where to start, and what is best for your personal and financial circumstances can be tremendously tricky. The most important thing to remember is that you are never too young, and no budget is too small to get professional and qualified advice to help you devise a fit-for-purpose healthcare financial plan that’s perfect for your needs,” adds Martin.

Key considerations when starting out on your healthcare financial planning journey

Sirago asked Janette Rooney of LeForge Financial Advisors and Willem Beukes of Stepp Bella Rosa Financial Advisors on what the key considerations are for a young person starting out on their healthcare financial planning journey:

It’s human nature to hope for the best but relying on hope to protect you in the face of a health crisis is risky. The reality is that with a sound healthcare financial plan in place, you’re free to enjoy a lot more knowing that if anything should go wrong, your bases are covered when it comes to any health crisis life may throw at you by having access to the best possible quality, private healthcare.

With your healthcare plan sorted, get out there, run, cycle, live, dance, learn, explore and build the life you dream of!

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