Comparative shopping makes sense. However, when conducting a medical aid comparison, it will pay you to look both at the product and the company behind it. Sadly, the medical aid industry in South Africa, which once boasted over 200 companies, has since dwindled to less than half that number.
The main reason for this attrition was a failure to meet the demands of their members, forcing some to close their doors and others to seek survival through mergers. Today, just 75 schemes are registered with the Council for Medical Schemes. Of these, only 18 are open to everyone. The result is a highly competitive industry that must strive to provide affordable products while maintaining strict financial discipline. Medshield was founded in 1968 – convincing evidence of good governance and public trust.
Medical Aid Comparison is Now Simpler
If you merely wish to compare what the different open schemes offer and how much their products will cost, an internet search will be your best starting point. Like airlines, hotels, insurance companies and car hire firms, many medical aid companies can now be found on comparison sites. Providing a few personal details via an online form will produce several relevant quotes in your inbox. Select all you can afford and check if the benefits included will adequately address your known and anticipated healthcare needs.
A word of caution. If you have a pre-existing condition, you might have to consider the waiting periods applicable to that specific condition during the first months of your membership. However, a chronic illness, like diabetes, epilepsy or hypertension, and 23 others included in a list of prescribed minimum benefits will qualify for immediate cover.
While getting quotes might be easy, the language of medical aid can sometimes be confusing. This glossary of terms will help you understand the conditions governing a product’s benefits.
The Company Should Form Part of an Effective Medical Aid Comparison
Like insurance companies, medical schemes trust that most members will make no claims or only minor ones, leaving sufficient cash to pay for the costlier claims of the minority. Unlike insurers, they are non-profit companies and must meet the following financial criteria:
- A solvency ratio of at least 25%
- A sound international credit rating
A scheme must have a sufficient number of members of a relatively low average age to maintain its solvency ratio.
Medshield Leads in Any Medical Aid Comparison
With more than 50 years of service, a solvency ratio more than twice the legal requirement, and a coveted AA- international credit rating, Medshield is a medical aid scheme to be trusted. Click here to learn how we add extra value and get a quote today.
