Budget, not bubbles: make healthcare financial planning your Women's Month self‑care
Image: Tima Miroshnichenko /Pexels
We spend so much of our lives juggling work, family, and the daily hustle that it's easy to forget one truth: our health is priceless.
Yet the real question most of us dodge isn't just how we take care of our bodies but how we can afford to do so, especially as women.
This Women's Month, it's time to get real about something we rarely talk about enough: healthcare financial planning. Because, as sad as it sounds, money and health go hand in hand, and for women, the stakes are even higher.
According to Statistics South Africa, women typically live longer than men but often earn less over their lifetime. Add career breaks to raise kids or care for ageing parents, and the financial gap widens.
'Women face longer life expectancy combined with lower lifetime earnings, which makes healthcare costs an even bigger burden, especially later in life,' explains Martin Rimmer, CEO of Sirago Underwriting Managers.
And when you look at South Africa's struggling public healthcare system, private healthcare isn't just nice to have, it's a lifeline. But it comes at a cost.
Why women can't afford to ignore financial health
Women are statistically more likely to face certain health challenges: breast, cervical and ovarian cancers, autoimmune diseases and musculoskeletal conditions, as well as cardiovascular disease. Treatment often means long periods off work, impacting income when expenses are highest.
Rimmer notes, 'Gap cover claims data shows large hospital shortfalls averaging R40 000 - R60 000 amounts that could wipe out savings if you're not prepared.'
It's essential to select a scheme that fits your health needs rather than opting for the cheapest option available.
Image: cottonbro studio /pexels
What does smart healthcare financial planning look like?
1. Choose the right medical scheme, not just the cheapest: Medical scheme membership isn't optional in today's environment. Work with an accredited healthcare broker to match benefits to your life stage, family history and health needs. Remember: a bargain isn't a bargain if it leaves you exposed when you need it most.
2. Gap cover: your financial shock absorber: Gap cover steps in when your medical aid pays less than what specialists charge, sometimes 300% more. Without it, you carry the difference, which could mean dipping into savings or going into debt.
3. Plan for crisis moments: Cancer, disability or critical illness doesn't just hurt physically; it can devastate your income. Consider income protection, critical illness cover or disability insurance. For stay-at-home mothers, think about the financial cost of replacing your caregiving role if illness strikes.
4. Prevention is powerful and often covered: Many medical schemes cover screenings like pap smears, mammograms and cholesterol tests. Don't skip them: early detection saves lives and money. The World Health Organisation confirms that preventive care can reduce long-term healthcare costs dramatically.
5. Reproductive and maternity cover: Planning a family? Pregnancy and delivery can be costly, and complications increase expenses. Ensure your plan covers prenatal care, delivery, hospital stays and newborn care.
6. Live for tomorrow, today: Small habits make a big difference: balanced meals, exercise, quitting smoking, limiting alcohol, managing stress and getting enough sleep. The South African Medical Journal notes lifestyle diseases like diabetes and hypertension are rising, and prevention is cheaper than treatment.
7. Don't overlook workplace benefits: If you have access to group medical aid or gap cover, use it; they often cost less due to collective rates. Make sure your personal and work benefits complement each other to avoid duplication or gaps.
8. Seek expert help: Healthcare planning can feel overwhelming. A qualified healthcare advisor helps you understand potential gaps, weigh affordability, and navigate complex products.
Financial health vs men: why women need a different strategy
Women's financial health challenges look different: Longer lifespan = more years of medical costs
Lower average earnings and smaller pensions
Career breaks that slow salary growth
Higher risk of certain illnesses
Greater likelihood of needing long-term care
It's not about competing with men; it's about planning realistically for our lives.
The importance of financial health
Healthcare financial planning isn't just about numbers on a spreadsheet. It's about peace of mind knowing illness won't force impossible choices between treatment and family finances.
Rimmer advises against letting financial constraints force you to choose between present necessities and long-term health stability. With planning and the right cover, you can protect your wellbeing and independence.
This Women's Month, give yourself the gift that keeps giving: a healthcare financial plan built around your life, your risks and your goals. Because self-care isn't just spa days and smoothies, it's making sure you can afford to stay healthy, for yourself and those you love.
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