With the second half of the year in full swing, medical aid providers are often reshaping their offerings in an attempt to give their customers more value. Whilst this is a positive for many members of the public, it’s important to know what to look out for. Here’s what you need to consider before choosing medical aid insurance.
Some considerations before choosing your medical aid
It’s not as easy as you think
Compendium will assist you in choosing a provider and a policy shouldn’t ever be done without a lot of research. This is because we cannot foresee the medical bills we’re about to receive until an incident has happened. As a result, you need to be properly prepared. However, your needs, budget and lifestyle will always determine which plan you choose. You might find that there are some aspects of medical aid insurance that you might need to compromise on in order to meet budgetary constraints.
Whilst you do get what you pay for, you should never choose a medical aid based on cost alone. The price difference between schemes and plans with regards to medical aid are in direct relation to one factor: benefits. The more benefits you want, the more you’ll be required to pay. As a result, you need to determine exactly which benefits would have the greatest impact on you should they be removed from your policy. That way, you can see which plan contains the benefits you cannot possibly be without.
You need to be covered for the big stuff
If you find that you’re limited by your budget, it is best to choose a policy that covers you for larger bills like ones that stem from operations. Surgery costs can be incredibly daunting if you don’t have medical aid. This makes a hospital plan a wise and realistic choice until you can upgrade. Be warned that some hospital plans have exclusions on certain injuries and surgeries. As a result, it’s wise to chat to a knowledgeable broker before you sign on that dotted line.
Making provisions for the smaller stuff
If you’d like doctor’s visits and medications to be paid for you’ll need more comprehensive cover. Opting for a plan with a small savings is perhaps a way to ensure that you get the best of both worlds without having to pay large sums each month. If you are a low use claimer and don’t claim as frequently, you can choose a plan with a smaller savings. If you are a high use claimer, a low savings won’t cut it. You’ll need a larger savings, which will come with a higher premium. If you find you can manage to pay doctor’s bills and medications without needing to claim, you can forego the savings altogether and just stick with a hospital plan. In this event, we recommend a gap cover policy specific to your medical aid.
We can help you make that choice
For more on how Compendium can offer you a plan that fits your lifestyle and needs, please click HERE.