Determining the medical scheme that offers the best value for money in South Africa depends on your individual healthcare needs, budget, and preferences. According to 2022 data, there are 72 medical schemes in South Africa with approximately 9 million members. 16 of these medical schemes are open to the public and 55 are restricted, mostly offered by companies exclusively for the benefit of their employees. Of the medical aids open to the public, several are known for providing comprehensive coverage at competitive prices. Compare medical aids by carefully considering several key factors to ensure you select the one best suited to your needs.
It’s essential to compare the features, benefits, premiums, and network coverage of each medical scheme to determine which one aligns best with your specific requirements and financial situation. Consider factors such as customer service reputation, member satisfaction ratings, and any unique programmes or value-added benefits offered by each scheme when you compare medical aids.
To anyone new to navigating the complexities of selecting a suitable medical aid, the task can seem daunting. It’s an unfortunate reality that amidst widespread inflation and below-inflation wage increases, cost becomes the overriding factor when South Africans set out to compare medical aids. The need for affordability forces many to seek healthcare from the overstretched public health sector. Recognising this trend, most forward-thinking medical schemes have been actively exploring avenues to overcome the affordability barrier.
The impact of escalating premiums is mitigated for those fortunate enough to be employed by a company participating in a group scheme. Individuals in this position benefit from the group discount and their employer’s contributions. However, there are several open schemes that anyone not currently enrolled in a group medical aid is free to join. If you’re considering buying into an open medical scheme and are looking for a product that best suits your and your family’s needs, seeking experienced guidance to compare medical aids may prove beneficial.
Compare Medical Aids and Select Based on Benefits
It goes without saying that the cost of the premium should be a significant factor in your decision-making, but it shouldn’t be the sole determinant. Opting for a barely affordable option could potentially leave you and your dependents unable to meet private healthcare expenses in the event of your missing a premium payment for any reason. Adopt a systematic approach when you compare medical aids and make an informed decision that balances affordability and cover.
Factors to Consider When You Compare Medical Aids
- Consider your and your family’s needs: Start by listing the known and anticipated needs of everyone to be covered when filling in your membership application. Get into the specifics of what may be required. Do you have young children who may require specialised dentistry or orthodontics, like braces? If you’re contemplating starting a family soon, investigate the extent of the maternity benefits available. If you and your family generally enjoy good health your primary concern would be the cost of surgery, casualty treatments and hospitalisation. Are you aware that all medical aids are legally obligated to provide certain prescribed minimum benefits (PMBs), encompassing the diagnosis, treatment, and care of 26 chronic illnesses, such as diabetes and rheumatoid arthritis?
- Compare medical aids online: Use an internet-based comparison site to get an idea of the range of premiums on offer for various degrees of cover. Resist the urge to simply opt for the cheapest option, ‘Cheap’ is invariably less likely to meet all your requirements. Shortlist those within your budget and compare their benefits Based on this research, select the product that aligns with your needs.
- Research the medical scheme’s financial credentials: When you compare medical aids, be aware that there are medical schemes that did not stand the test of time largely due to insolvencies resulting from poor management and the extremely competitive environment. Before finalising an agreement, it’s prudent to scrutinise the financial credentials of the prospective medical aid company and make sure that their track record says that they are financially sound.
- Take note of word-of-mouth: Ask friends and acquaintances how satisfied they are with their choice of medical aid. Does the medical aid adequately meet their needs and process claims promptly and without dispute?
Compare Medical Aids and Get Affordable but Comprehensive Cover
KeyHealth Medical commenced operations in 1968 and, unlike many competitors, has consistently met, or exceeded, its financial, regulatory, and ethical obligations through sound governance by its trustees. Nearly 56 years after our inception, our focus remains on pioneering innovative approaches to offer our members maximum cover and benefits at the best value. For reliability, affordability, and valuable cost-free additional benefits, explore KeyHealth’s industry-leading range of 2024 products. Contact KeyHealth today and give yourself and your loved ones the medical cover they deserve.
