Get Healthy | August 2014

Physical health check

Financial health check

In your 20s

When you start your first job make sure you have a hospital plan to protect against major healthcare events.

Start regular medical check-ups:

• Pap smear for cervical cancer
• Dermatologist to prevent malignant melanoma
• Breast examinations to detect breast cancer
• Visit to oral hygienist every six months
• Annual visit to dentist

Your future income is your biggest asset.

• Risk cover for disability and income protection – buying cover now is not only necessary but also a lot cheaper than trying to secure cover in your 30s
• ·Start an emergency fund. In a unit trust you can save as little as R100 per month
• Sign up for your company pension fund

In your 30s

If you are planning on starting a family, upgrade to a plan that covers both pregnancy and birth in a hospital. Remember that most schemes have a waiting period of 10 months before they cover any pregnancy-related claims.

Add the following to your regular health checks:

• Regular glucose tests if at risk for diabetes
• Check your thyroid-stimulating hormone (TSH) levels beginning at age 35, and again every five years

You need to re-assess your finances if you plan on buying a home and starting a family

• Life cover to settle your debts and provide for your children’s education
• If you want to take time off when you have a child make sure you have a financial plan in place that does not require you to cash in your pension
• Continue to contribute to your emergency fund possibly increasing the amount that you save regularly

In your 40s

You may want to upgrade to a more comprehensive scheme especially if you have children.

You need to add a yearly mammogram to your annual health check

• Check if your retirement is on track. If you cashed in when changing jobs you may need to increase your contributions
• Maximise any savings or investments once your emergency fund covers three months of expenses

Over the age of 50

Heart disease, cancer, and osteoporosis are all major concerns for women over 50, but the most prevalent risks are breast and colon cancers.

Most women go through menopause around this age and may require hormone replacement therapy and other treatments.

Consider a medical scheme option that provides extended chronic benefits.

Health checks become even more important:

• Colonoscopy every ten years
• Annual mammogram
• Regular glucose testing
• Bone density screenings
• Pap smear every three years

Use any salary increases to pay off your debts and boost your retirement funds rather than increasing your lifestyle.

If you don’t have enough saved for retirement consider working for a few more years.