When in the market for a used car, few prospective buyers would simply opt for the cheapest. A roadworthy certificate can be reassuring but it is not a guarantee of long-term performance. There are also many sound reasons to purchase the vehicle from an established dealer rather than some dubious mechanic operating out of a shed. When it comes to protecting one’s health, it is even more important to choose wisely. Conducting comparisons of medical aid schemes offers those in search of private healthcare cover an effective means to help them make the most appropriate choice. As with the second-hand car, both the quality of the product and that of the company providing it should play pivotal roles in the selection process.
Evaluating the Product
Despite the earlier comment about price, the monthly cost will inevitably influence your choice. While it is generally true that the more you pay, the more you can expect in return, there are exceptions. That’s why medical aid scheme comparisons can be so helpful. Should you fail to keep up with the monthly premiums, this could leave you and your family with no support for your medical bills. Therefore, it is essential to strike a balance between the extent of the cover provided by a given product and its cost.
Schemes offer a choice of several products to ensure cover that will be affordable to as many people as possible. Therefore, the best approach is to select those products one can afford as the first step when performing a medical aid scheme comparison. The next step will be to evaluate each product’s relevance by comparing it with the known and anticipated healthcare requirements of the main member and any dependents who will also need cover.
For this step, one must examine the listed benefits – the treatments eligible for cover and any limits that might apply to the amounts that each scheme undertakes to pay towards their cost. These limits may apply to individual claims or accumulated totals and can be significant when conducting medical aid scheme comparisons. Be sure not to overlook the small print. A scheme’s terms and conditions might, for example, preclude any claims for treatment of a pre-existing condition for a mandatory period.
Incidentally, you can save time on these preliminaries. Rather than browsing multiple sites, you can receive simultaneous quotes from several different schemes by using one of the specialised comparison websites dedicated to companies that provide private healthcare cover.
Evaluating the Company
Insurance is a highly competitive business in which only the best survive. Basing medical aid scheme comparisons on their longevity can be an excellent way to choose a company that has proven to be on top of its game.
As well as favourable online reviews, such companies will also have a cash reserve (solvency ratio) equal to at least 25% of its annual premium income, a triple-A international credit rating and a reputation for prompt and fair claim settlements; in fact, all the signs of good governance.
In practice, with or without a medical aid scheme comparison, a growing number of South Africans now choose Medshied. This 54-year-old company ticks all of the above boxes and offers its members exceptional value for money.
