A new side to chronic diseases

Medical aids cover the medicine for a list of about 25 chronic diseases in line with the government’s list of prescribed minimum benefits (PMBs).  This means that they cannot refuse payment for these conditions’ treatment even if the patient’s plan benefits do not cover it or their limits have been exceeded or depleted.

This practice might lead to a false sense of security, with the implication that the financial affect of all chronic illnesses are covered.  But few people are financially secure enough to withstand the total affect of an adverse health issue.

As a chronic disease often is the pre-cursor to a more serious condition, for example a heart attack following hypertension, it can affect so much more than the bill for the treatment:

• If you often take sick leave, how does it affect your income? 
• If you suffer a more serious illness or become disabled, do you have the financial resources to effect some lifestyle changes â€" or replace your income? 
• If you want to apply for a bond or other credit, and the bank requires a risk cover policy, would you be able to comply if you suffer a chronic illness?

Your first responsibility is to your own health, trying to prevent contracting any chronic disease; the second is to ensure that you are financially prepared for such an event. For the latter, speak to a financial planner.