The Covid-19 pandemic has been a stark reminder of how vulnerable even normally healthy individuals can be. Many fit South Africans found themselves fighting for their lives on respirators in an intensive care unit. Imagine facing a huge hospital bill after months of lost income following a motor accident. Such fears, combined with the escalating cost of living, are prompting many young people to compare medical aids more closely before committing to membership. If you are among them, the following guidelines should be of help when making your selection.
Guidelines for Choosing Your Medical Aid
Firstly, you will be purchasing a specialised type of insurance. If for any reason, you should be unable to continue paying the monthly premiums, there is every chance your cover will cease. Therefore, it is crucial to begin by examining only those products you know you can afford. You could google a list of schemes and check their websites individually. However, visiting one or two sponsored comparison sites is the quickest way to compare medical aids. Amalgamations have led to a steady decline in the number of schemes operating in South Africa. In 2020, the total number was 76, of which 18 are open schemes. The latter are intended for self-employed individuals and employees not covered by a company membership.
As a young person, you probably enjoy good general health. Consequently, your main concern will be how to cover the cost of an accident or medical emergency that might require hospitalisation. In that case, when you compare medical aids, you might want to consider a hospital plan. These products are designed to meet the cost of treatment whenever you are in the hospital. For the remainder of the year, any minor expenses for dentistry, medicines and GP appointments you will need to settle personally. In practice, this can still be a viable option for someone with a chronic illness, such as asthma, diabetes, epilepsy or any of 23 other conditions that every scheme’s products are legally obliged to cover. Treatment for these illnesses and many other prescribed minimum benefits must be covered, whether hospitalised or not.
When you compare medical aids, don’t be influenced by price alone. Instead, select all those products you can afford and examine their benefits. Don’t limit your search to hospital plans. Review some of the more affordable, fully comprehensive options as well. Look for limits or restrictions on any benefits that might be relevant to your needs.
Medshield Makes Your Choice Easy
If you require peace of mind and affordable cover, why not just check out the latest offerings from Medshield? Rather than using so much of your time to compare medical aids, simply browse through our selection of nine competitively-priced, industry-leading products and request a quote online.
