How Do I choose a Medical Aid Plan for the First Time?
Consumers are constantly told to find a medical aid plan best suited to their needs. But what are your needs? Here are some guidelines for choosing a medical aid plan, because you can’t predict the future.
Guidelines for choosing a medical aid scheme
The question of “what do I choose” becomes harder because of the many options on offer in the healthcare market. So common sense dictates that the best plan would be one suited to your lifestyle and income.
In the end, you get what you pay for. Different plans are offered at different price structures.
Medical aid is basically an insurance plan, so the cheaper the policy the fewer the benefits. Don’t select a plan based purely on cost. Comparing apples with apples is a core essential when selecting a plan.
Compare costs by Studying the Benefits
You should decide how frequently you are likely to claim from your medical scheme. Frequent users should invest in a scheme that offers the most cover within the family budget.
Exercise caution if buying the cheapest cover on the market, these usually offer very limited cover for hospital procedures.
Paying those big bills
You should ensure that you choose a plan that covers hospitalisation, as the cost of surgery has sky-rocketed and some private hospitals will not even admit patients with low cover.
Paying those small bills
Savings accounts to cover the cost of out-patient health care are offered by several medical insurance companies. You can lodge claims against these accounts to cover visits to the doctor, dentist and optician. It also covers medication needs.
Healthy clients who do not claim from their schemes on a regular basis should exclude the extra cost on a full plan to cover their daily needs once their savings have run out.
Manage your health
Many medical schemes offer what is termed “wellness programmes” which reward policyholders who remain healthy. This is a monetary reward which can compensate the cost of medical health cover.
Before applying for medical aid you must understand the product you are buying. Select a plan that best suits lifestyle and financial constraints. Obtain advice from a medical scheme advisor or broker before making a final decision.