How Should You Compare Medical Aids? - Medshield

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How Should You Compare Medical Aids?

Posted in Articles   |   June 14th, 2019

Assuming that it’s the first time you have needed to finance your own private healthcare, you will probably be in one of two situations: Perhaps you are about to start work at a company that provides membership of a group scheme for its employees. In this case, you will have no need to compare medical aids, but instead, you will simply need to choose the cover that best suits your needs and those of your dependents from the group scheme’s products. Furthermore, a company subsidy may help with the monthly premiums and allow you more scope with your choice. On the other hand, if you are self-employed or have joined an organisation that offers no group cover, a close comparison of what is offered by the country’s various open schemes is necessary.

While you may be tempted to make your choice based mainly on low premiums, when you decide to compare medical aids, there are other considerations that are just as important as affordability. Feel free to begin your quest by visiting a few of the popular online comparison sites and make a note of all of those schemes with an option that falls within your available budget. You must be certain that you can afford the premiums, as failing to pay could see your cover withheld. Although a hospital plan might be much cheaper than a more comprehensive product, but you need to be certain that you will be able to cover all out of hospital expenses that may arise.

For instance, when comparing medical aids, in the event that you or one of your family members has a chronic illness that requires treatment throughout the year, whether hospitalised or not, you would be well-advised to select a product that provides more comprehensive benefits. In such circumstances, your private healthcare could end up costing you more should you attempt to save money by settling for a hospital plan.

Benefits, however, are little more than a list of promises without some proof that a scheme is actually able to make good on those promises. In this respect, there are probably two main factors to check on. Firstly, does the scheme you are considering have a record of making prompt and fair payments? When you compare medical aids, this is something you can probably find out simply by asking the advice of your dentist or GP. To ensure this, a scheme is legally required to maintain a solvency ratio of at least 25%.

Finally, the benefits offered are governed by terms and conditions. It is especially important to check the day-to-day limits and the annual amount of your medical savings account. If the latter appears to be too little, this could see your day-to-day cover becoming depleted halfway through the membership year. Please note that some service providers may charge more than the approved rates and could leave you needing to make substantial co-payments.

On the bright side, Medshield Medical Scheme has a reputation for prompt and fair payments, maintains a solvency ratio of 50%, only uses preferred service providers, and has seven products to ensure something suitable and affordable for everyone. Compare that with other medical aids.

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