South Africa has been experiencing a period of economic difficulties. Many consumers must now think twice about whether to purchase some items or to first do some comparative window shopping. It makes good sense to check the relative prices of branded goods at competing supermarkets. However, it is crucial to examine far more than the price tags when you compare medical aids.
Failing to recognise the value of something until we have lost it is a common human trait of which the recent pandemic has made us acutely aware. It’s hard to put a price on health. Ideally, we should be happy to pay whatever is necessary to guarantee the best medical treatment if we should need it. Unfortunately, this is an option that few can afford. Most South Africans must now exercise more constraints when shopping for private healthcare cover. Consider the following suggestions when you’re ready to compare medical aids to ensure your choice is adequate.
Use the Price Only as a Guideline
You could conduct your search by visiting a sufficient number of websites or even contacting a list of companies by phone. However, there are now several comparison sites that you could use to produce the required results in a fraction of the time. Although affordability is likely to remain a primary concern, it should not dominate your decision. Use the price as your guideline, and select all those you can afford, even at a stretch. Now, use this preliminary selection to compare medical aids based on how well they meet your needs and those of your dependents.
Check Out the Company
South Africa’s medical schemes are non-profit companies. They rely on good governance and sound financial management to provide their services and to survive. Regulations require them to maintain a solvency ratio (residual cash after claims and expenses as a percentage of annual premium income) of 25% or more and an excellent international credit rating. Longevity can also be a reliable measure of a company’s stability, performance and reputation. Together, these are essential considerations for anyone wishing to compare medical aids.
Examine the Benefits in Detail
Ultimately, it should be the benefits of a given product and the qualities of the company behind it that drive your decision. Not surprisingly, the more extensive the benefits, the higher the premium price will generally be. Nevertheless, these and the applicable terms and conditions are what will determine how completely a given product will meet the costs of your anticipated healthcare needs and those of your family, if applicable.
Sufficient membership is essential to maintain the required solvency ratio. When you compare medical aids, be aware that some companies offer incentives to gain new members. These are generally irrelevant to your healthcare needs but carry a hidden cost, often recovered by curtailing selected benefits.
Alternatively, You Could Simplify the Task
Medshield was established in 1968, has a solvency ratio greater than 50%, an AA- Global Credit Rating and a reputation for settling members’ claims promptly and fairly. Our choice of nine plans includes something to suit most pockets without compromising benefits. Instead, they each offer several additional, valuable core benefits at no extra charge, eliminating any real need to compare medical aids.
