Key Medical Aid
Getting medical cover is an important thing that everyone should have. The plans to include health insurance into one’s budget should be more important than many trivial things that we value more.
Overlooking medical insurance
Healthy, young people will especially overlook medical insurance since they do not see much likely hood of them getting sick, most will look at the money spent to support their cover as money lost and do not look at the benefits that they would get if they would fall sick or be involved in an accident.
South Africa has many medical schemes offering key medical aid and people should look across the many option plans to choose a plan that would suit their medical needs and a plan that is within their budget.
Your health is important
It is unfortunate that many people in South Africa have little regard for medical aid and don’t consider it a key necessity. For one to have good financial security and for one to have some relative peace of mind, it is advised that one should at least have home security, retirement security and medical or health cover.
Among the three important securities, Health security is the least popular. People would rather secure their homes and retirement. This is not a very wise trend and health should actually be put in front of the rest.
Without proper health, nothing can be enjoyed and the benefits of the home and the retirement benefits though important will not matter in a case of this eventuality. Therefore it is important that as one enjoys their good health today, one should also secure their health for a rainy tomorrow.
Penalty for late joiners
People reluctant to enroll for health insurance should realize that there are some penalties that are slapped on people who join late. The common “Late Joiner” age is 35. The penalty will also increase as one advances in age after the age of 35. Young people should therefore join some medical scheme early.
Some people will also wait until they are sick or until when they see a likely hood of getting sick, this is not right and to prevent this, Medical aids will have waiting periods for members who have just joined when they will not be compensated (but will still pay premiums) if they fall sick.
The period could be 3 to 12 months. Therefore one should join early before getting sick.
Different types of medical insurance schemes
In South Africa there are two kinds of medical insurance schemes, the open and the closed schemes. The open scheme as the name suggests is open for anyone to join. The closed scheme is especially for employees. There are about 41 open medical schemes and 83 closed schemes.
For the individual in search of health insurance, it is not an easy task to choose the right company. The help of a broker is key to finding the right medical aid scheme.
Brokers are the most knowledgeable people about the many insurance companies and their products. They will know the best insurance companies and the specific product that could benefit an individual’s needs. Once one gets a proposal from the broker, one could go a step further and seek a second opinion just to be sure.
After subscribing to a plan, one should also continue checking out other options to see what would best provide for their changing needs such as a growing family or their advancing age.
There are numerous medical aid schemes available in South Africa today, all offering plans targeted at different market segments and income levels. Among the most popular are Bonitas Medical Aid, Gems Medical Aid, Discovery Medical Aid, Resolution Health Medical Aid and Liberty Medical Aid.