The best medical aid doesn’t always have to come with the highest price tag. Value for money, or high-calibre medical aid at a reasonable cost is what you want from your benefit plan.
Below, we’ve given some guidelines to follow in order to get the most value from your medical aid year after year.
1. Get a medical aid plan sooner than later
Late joiner penalties are levied on those who are over the age of 35 and have never before subscribed to a medical aid scheme in South Africa. Your regular payments will increase in price as a result.
The length of time you go without medical aid determines the severity of these penalties. Your monthly premium could increase by as much as 75%.
Schemes also frequently subject new participants to probationary periods before they can receive benefits. You and your family will not be eligible for benefits for the first three months. If you have a pre-existing condition, this time frame may be up to 12 months longer.
It is highly recommended that you sign up for a medical aid scheme as soon as possible rather than waiting until later in life.
2. Check the details of the plan you choose
Always study the fine print of any medical aid plan before signing up.
There is a lot of jargon and complicated language used in the medical aid market, but it is essential that you understand what is and is not included from the get-go.
With this approach, you’ll be able to compare prices and choose the greatest deal possible. When you join a scheme, you’ll be more likely to receive the benefits to which you’re entitled.
Talk to a professional financial advisor who specialises in medical aid. A licenced medical insurance broker will have all the information you need at their fingertips, and they will be able to provide you honest recommendations based on your financial situation and personal risk factors.
3. Evaluate your health risks annually
You should revaluate your potential medical costs every year. You can save money on a hospital plan if you are young, single, and healthy. Healthcare needs often shift once a person begins a family and again as they enter their later years.
Over time, you should increase your medical aid coverage.
It’s possible you’ll want to move from a pure hospital plan to one that also includes outpatient benefits at first. As you get older, having access to more comprehensive chronic coverage becomes increasingly important. When this happens, full medical care is your best bet.
4. Opt for network options
The majority of plans in South Africa consist of many network choices. Medical professionals, including specialists, hospitals, and pharmacies, are contracted to provide care at reduced, predetermined prices for those with network plans.
Because of these cost savings, medical aid programmes can offer significantly reduced monthly premiums to its members.
In addition, low-income South Africans can join any of the country’s top medical aid programmes at a discounted rate. It’s important to look into your alternatives if you’re having trouble making ends meet because contributions are often based on salary levels.
