Not all medical aid schemes are born equal.
Has a small medical aid scheme got plans that can meet my budget and health needs? Or should I rather invest in a well-advertised scheme?
Why invest in a Small medical Aid scheme?
- The GTC Medical Aid Survey reveals that small medical aid firms offer good value
- They may not be as well known as some of the larger firms who advertise more
- The general idea is that large firms, with more money, should have lower admin and healthcare costs, but results show this isn’t so
- With healthy solvency levels, smaller schemes have solid claim-paying abilities
- Larger firms attract more new members but this is only because of advertising spend
A big or Small medical aid scheme – You should still Belong to One
It’s not surprising that most of us put good medical care at the top of our list for peace of mind. Some are willing to go without a car or home insurance, but not health cover.
Health is a priceless gift, and maintaining and staying healthy is worth it. We all know the advantages of belonging to a medical scheme, and having financial protection from massive medical costs is the goal.
Being able to have access to private medical care is the next best advantage.
South Africa has many medical aid schemes, some of them are huge and others much smaller. Discovery, Fedhealth, Bonitas and GEMS are among the largest. Genesis, Resolution and Keyhealth are some of the smaller schemes.
Small medical aid scheme – Make sure they are Registered
So why would anyone join a small medical aid scheme?
- They’re more personalised
- They spend less on non-health-care related items such as free movie tickets as rewards
- They offer lower premiums.
Big or small, always make sure to join a scheme registered with the Registrar of Medical Schemes. The plans must provide a minimum set of benefits to its members.
The Genesis plan is one of the better, smaller schemes. Rated as one of the top in the country because of their excellent benefits and financial stability.
Example: Genesis’ Private Comprehensive cover is R2 200 per month, a similar plan at a well-known bigger insurer would be R5 400. About R3 000 more than what you get at Genesis, and for much the same thing.
Keyhealth is another medical aid with a wide range of very good benefits. There are six plans to choose from – Essence, Origin, Equilibrium, Silver, Gold and Platinum.
This is a firm who like to offer members pure health-related products free from add-ons that really serve no purpose – but which they have to pay for.
With KeyHealth you get pure medical aid cover. Their Essence Option plan will only cost you R1 360 a month.
Among others, with Keyheath you get major medical expenses cover, chronic medication, PMBs, supplementary services, day-to-day benefits, basic and specialised dentistry, prosthesis benefits and free additional benefits.
Resolution Health is another good ‘smaller’ scheme with 150,000 members. Registered in 1998, it has a Global Credit Rating of A+ and claims are paid within 48 hours. They announced an increase of 9.6% for 2018.
What are You looking For?
Those who want open or closed medical schemes have got plenty of options. There are very good smaller schemes which range from cheap entry-level and hospital-only options to comprehensive options which cost more.
Do some research and compare medical schemes. Don’t just rush in but look carefully at what is offered.