When the world unraveled because of the financial crisis, many sought to free up cash by cancelling their monthly insurance premiums. But many found that this was not a smart move in the long run. The question of “Is medical aid worth the money?” is a valid question and one, which is explored below.
Have you ever been faced with the following?
- Not being able to afford quality health care;
- Not having money to buy proper medicine;
- Not receiving the service you had hoped for when seeking medical treatment;
- Being frustrated by bureaucratic health processes, even when needing a simple procedure.
The list of frustrations can go on, and purely having the correct medical aid plan can solve many of these.
You need to assess your needs before deciding on which plan you should opt for. Your present life stage is a great determining factor of whether you need a basic plan or something more detailed. Consider the following stages to help as a guide:
- Have you just recently graduated and starting your first job?
- Are you pregnant or have a wife who is?
- Have you got a family of at least one if not more children?
- Are you on your own and have only you to care about health wise?
- Are you taking care of a parent or other family member?
There are likely to be a few more scenarios, but let’s briefly explore each one here to determine the answer to the question “Is medical aid worth the money?”
If you are on your own and you have zero dependents then a cheaper policy is not such a bad thing. You will also want to consider what type of care you want access to in the event of an emergency or major operation. The last thing you want is to be on a basic plan and then for something drastic and unplanned to happen.
If you are married and are planning to have children, it will make sense to have the wife and mother-to-be as the primary member and then make sure you have the type of cover that will be more than sufficient for when she gives birth. Medical aids can be great in covering additional costs and adding the experience, depending on the level of cover and even the status of your policy.
If you are taking care of a parent or other family member, you will have options of making them a dependent on your policy. Depending on the level of dependency you choose, will have an effect on the costs you are likely to pay every month.
Ultimately, you do not want to be left out in the cold because you were too stingy to pay for decent cover. You need to make sure that you have the cover that is best for you at your present time.
Don’t forget that you will have the opportunity to upgrade or downgrade your policy on an annual basis so if your needs change then you will have that flexibility. Some medical aids allow you to change as and when you need, depending on the circumstances.
Our feeling is that you can never been too careful and that having the right cover is more of an investment than a grudge purchase every month.