High medical costs can very easily and very quickly cost you all your savings!
Illness and accidents are unpredictable. You don?t expect them and they always seem to come at a bad time.
And for many people this leads to debt.
A Medical Aid protects you financially, should you suddenly have to pay large, unexpected medical costs!
Without a plan, you will have to deal with poor medical service and treatment.
You are on your own, feeling ill and still have to find a GP or specialist.
And worse, you may land up in a government hospital!
Delaying getting treatment for health concerns (because you can?t afford it), may worsen your illness and make it more expensive to treat in the long run.
Injury, car accidents, stress-related illness and dread disease don?t only happen to older people.
They can affect you at any time!
Your and your family?s health is non-negotiable!
And it is really for this reason, you need to join a medical aid! It will give you the money you need to get better.
Fortuna, there are a wide variety of plans for you to choose from within each medical scheme, making it easy to buy the level of cover that you need and can afford.
These range from basic and relatively inexpensive hospital plans to the more all-inclusive, comprehensive plans.
Discover which type of scheme is right for you.
Starting out or newly married.You are healthy and your risk of high out of hospital costs is low. However, you are active and the risk of hospitalisation is very real.
Or you can consider a hospital plan with an out of hospital savings account to help you pay for dentistry, doctors? visits and acute medication for minor illnesses, such as colds and flu.
Or open a separate Health Debit Card or bank savings account.
Young families.You need to provide cover for serious conditions at high cost, like hospital and certain clinical procedures (gastroscopy, colonoscopy, tonsillectomy MRI and CT scans in and out of hospital).
Older families.You need more comprehensive cover if you want peace of mind for any eventuality.
If you are the sole breadwinner with a few dependents then you will need more cover ? than a medical aid - to protect your family's financial safety while you are treated.
10 things you need to consider...
Full cover vs. a hospital plan.
If you can afford normal day-to-day medical expenses, such as GP visits yourself, consider a in-hospital only plan. It is far more affordable than full medical cover.
Or look for a hospital plan with day-to-day savings or a plan with co-payments on smaller treatments like GP visits.
Check your health.
Choose a plan that offers comprehensive cover. You never know when you may need greater benefits.
If you are healthy, consider an in-hospital only plan as that is your area of greatest risk.
Assess your finances.
Obviously, buy a plan you can afford. You may need to begin with a network plan that offers you an income-related contribution.
At least you will have basic life-threatening (heart attack, car accident) and life sustaining (cancer, kidney) benefits.
Be especially careful of low cost hospital plans. Plans that pay you out per day you spend in hospital very seldom cover even a fraction of the medical costs!
Check a scheme's payment record.
Check with your GP's receptionist, or the nearest private hospital, to find out what they think of a particular medicalaid.
Check the scheme's solvency ratio. Find out how solvent the medical aid is.
You don?t want to pay your premiums and then find out that the scheme has gone under while you were in hospital having kidney stones removed!
Understand the benefits.
Check the rate at which the scheme pays claims and what co-payments you will have to make on procedures.
Also check any overall limits. You may need to consider a Top Up/Gap plan to make sure your claims are paid.
I am not paid to promote a single scheme, and will be able toaffordable-medical-aid-plans-explained help you choose the scheme that will be the most beneficial to you.
I do NOT CHARGE an added fee!
YOU PAY THE SAME AS YOU WOULD DIRECT TO THE scheme.
I can help you AND I DO NOT CHARGE EXTRA FOR THAT!
Find out about exclusions.
Be aware that schemes can impose a 3-month waiting period as well as 12-months on specific conditions.
Make sure you understand what you are getting.
You get what you pay for? That is why there is such a choice of plans.
The more the plan costs, the more the benefits compared to cheaper plans.
Remember it is medical aid, NOT medical paid!
Manage your wellness
The healthier you are the less you will claim. Schemes offer wellness programs which are really worth it if you work with them.
They aim at rewarding you for being healthy offering a definite value proposition which could compensate for the cost of your plan.
The trick is to get involved and keep up with the program!
NEED ADVICE TO JOIN A MEDICAL AID?
MedBioWorld: one of the largest Internet sites for medical and biotechnology journals, associations, databases and other resources.
For the latest insurance news go to ITInews