Johannesburg – With many people facing the possibility of retrenchment and salary cuts, people have been urged to think beyond Covid-19 before attempting to make any major financial decisions.
Experts say a lot of people are likely to consider canceling their medical aid and gap cover as the state of their finances seems to worsen. They advise consumers to consider their options to make their premiums cheaper before making the decision to cancel their cover.
“I think the key thing is to involve the financial adviser in assisting them because they will be able to provide a number of alternatives. The types of alternatives they could look at could possibly be downscaling their medical aid, to still keep medical aid but possibly, if there is an affordability issue, to critically look at what’s required,” said Health insurance expert, Tony Singleton.