Peter Smanjak

Protecting Your Income – More Important Than Ever

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The COVID train seems to only have warmed up now while we witness a second round of possible restrictions heating up around the world. Adults and children alike don’t realise just how traumatic the action implemented on us has been to our health and mental well-being. Not to mention the financial wellness of the multitude.

Can you believe that five months later we still on the subject of COVID-19. Didn’t we all think we would be back to a so-called new-normal by now?

Since the start of COVID-19 lockdown, whether we believe what is actually transpiring or not, everyone is taking a profound interest in their own health and that of their family. From a health perspective, this is one of the positive spinoff’s of the virus.

Are you ready to make a change in the way you care for your health and that of your family, or the way you go about  investing your money and protecting your income? 

It’s not about insurance or medical aid. It’s about being smarter and awaking to how investing in you and your community (family, friends and employees) can offer substantial reward. Let us do this for the community. The reward will take care of itself. Let’s do this because we see the community as a whole. Without the community, you and I are islands in a big sea. In time, a destructive force of nature unto oneself.

What about the next round of lockdown? Many around the globe are mentally opposing and preparing for another lockdown order.

However, the other side of this coin is that many employees, self-employed and recently unemployed individuals are taking major financial strain. And while we are in this tough economic environment, finances are being closely scrutinised.

“For the first time in my 25 year career in financial services, we have witnessed a mass review of portfolio costs. From every insurance policy held to the costs on an investment portfolio. Clients are seeking ways to reduce costs without losing cover.” stated our senior advisor.

Restructuring a portfolio is possible, however it does require knowledge of what you are doing. Our caution for clients is to be aware as many under pressure financial advisors and brokers use switching as a way to generate revenue. The provide lower monthly costs but very high annual increases or other hidden costs coming down the line.

When restructuring a client’s portfolio or taking over an existing medical scheme arrangement, we endeavour to redistribute the fees earned into health enhancement programs.

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Companies are also reviewing ways to reduce their medical aid contributions and the costs on group risk and their pension/provident portfolio. These savings could translate into tens of millions for the larger organisation.

As specialist’s (end goal of protecting your income for life without insurance), the key to survival right now is protecting one’s income. At this point in the year, many have already started restructuring their financial portfolio with the objective to reduce or terminate the high premiums paid to insurers, medical schemes and investment houses.

Our direction for some is that you could restructure your portfolio to include more of a self-insurance element. Depending on your health, lifestyle and other, this strategy could work sustainably into the longer term.

Self-insurance means that you hold a percentage of the financial consequence of your insurable interest. So for example, with your medical aid cover, if you are on a comprehensive plan and all out of hospital expenses are paid from savings, you could now go down to a hospital plan and pay the expenses from your own account. The hospital plan move could reduce your costs already by 20-30 percent. Various factors are considered before making the move.

The key when moving from a higher plan to a lower, cost effective option, is to introduce lifestyle preventative actions to improve your health and that of your family. This would then reduce your medical claims even further. So instead of paying the higher premium, you utilise the savings and invest it into you and your family’s health. Over a 10-year period, this strategy could save you hundreds of thousand of rand, if not millions.

Under our partner health interventions company, we teach and guide how to take back your health. How to regain new energy, optimise sleeping patterns and make you superhuman.

If you are at considering reducing the costs of your portfolio and/or taking on a portion of the risk to incur a greater saving, via our financial practice (Momentum Consult Ruimsig), we have access to every other provider in the country, in order to restructure a cost efficient way that can firstly protect and assist you, and secondly to invest wisely into your own health and that of your family. 

Under Momentum Consult, wholly owned by the Momentum Group, our work is to prevent the deteriorating health of every employee and every fellow human being who is willing to make a small change everyday. This could happen under the medical aid, group risk or pension fund, where we fit in and get on with our work.

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