Why you must think twice before cutting your medical aid

Everything is getting more expensive and even people in higher income brackets are struggling to make ends meet, according to surveys.

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You have followed the advice of countless advisors who suggest you draw up a budget to stay in control of your finances and cut your budget when you need to. Should you cut your medical aid because it is too expensive?

Thoneshan Naidoo, CEO of the Health Funders Association, says with the cost of living rising, it is tempting to look at your monthly medical aid contribution and wonder if you can do without it.

"But before you cancel, consider this: medical schemes are designed to protect you from catastrophic health costs, give you access to quality care and help you stay healthier for longer."

He gives these five reasons why keeping your medical aid is one of the smartest financial and health decisions you can make.

Protection against financial ruin

Unexpected illness or accident can be devastating, physically and financially. Without medical aid, you may face massive bills for hospital stays, surgery and specialist treatment, Naidoo says.