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How to protect your wallet from coronavirus

March 13, 2020

These are the steps you can take to maintain your financial health in these uncertain times.

4 min read

The opinions expressed by collaborators are personal.

How to protect your wallet from coronavirusHow to protect your wallet from coronavirus

Although the coronavirus ( Covid-19 ) already represents a global public health challenge as a consequence of the wave of infections, quarantines, restrictions and deaths, it is important to stay informed to act better in the face of the eventual pandemic.

In Mexico, the presence of the virus has been confirmed in Mexico City, Sinaloa, Coahuila, Chiapas and the State of Mexico, however, some of the first infected people will be discharged after completing 14 days of isolation and show improvement , according to experts from the Ministry of Health (SSA) .

The National Institute of Respiratory Diseases (INER) and the health authorities have emphasized the importance of prevention through strict personal and collective hygiene measures.

“No one doubts that a global phenomenon like this epidemic has an economic impact that affects not only consumption, production, supply and demand for services on a global scale, but also local and personal economies. Given this scenario, we must know what measures we can take to maintain our financial health in times of uncertainty, “warns Luis Madrigal, director of Coru.com.

Some recommendations to maintain financial health in the context of Covid-19 :

1. Verify Major Medical Expenses Insurance policies

Reviewing our medical expenses insurance does cover coronavirus illnesses. In general, when epidemics and pandemics are officially declared as such, they are excluded from the coverage of health insurance policies , or they are cases of exclusions for insurers, which set a premium based on risk. When the risk is determined to be unpredictable and extraordinary, as it might be in the case of the Covid-19, it usually does not achieve some type of coverage.

However, in Mexico there are insurers such as GNP, MetLife and AXA that their major medical insurance does guarantee coverage against the coronavirus .

2. If we have a trip, we must review the flight cancellation policies

If we have travel plans especially to Europe and Asia, stay up to date with the airlines' changes, cancellations and refunds policies. Most of these companies have already sent communications and are roaming their flights. If the company cancels the flight due to the coronavirus, the affected party is entitled to a refund of what they paid for the flight or change for another date. In addition, if the cancellation occurs less than 14 days in advance, they could compensate per diem and / or derived expenses.
But if the flight is definitely canceled for health or emergency reasons, there are no compensations for being a cause of force majeure. In any case, if we are going to travel outside of Mexico, it is convenient to review what the cancellation or flight change policies are according to the airline we are going to use, to act quickly and decide whether to postpone the trip and not lose the flight money.

3. Invest in maintaining good health

Since there is still no identified treatment, no financial resources should be spared to keep personal and work spaces well-groomed, spending on personal hygiene, 70 or 90% isopropyl alcohol disinfectant gel, buying healthy and vitamin-based foods is also a good investment.

4. Avoid useless panic purchases

Do not fall into the fury of buying “cheap” flights, or especially expensive and scarce sanitary treatments. It is best to stay alert to official communications from WHO, airlines and health entities in the United States and Mexico (in the case of America). If traveling was not in our budget, avoid the temptation to buy a flight that later you will not be able to settle with the rest of an unplanned stay.

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