Many South Africans are experiencing financial strain and looking for ways to economise. When they compare medical aids, understanding the details is crucial. It may be very tempting just to pick the cheapest available option to save some money. However, doing so could put your and your family’s health at risk. In addition to the monthly premium price, there are two primary factors you will need to consider when making this essential purchase. What will you be getting in exchange for your hard-earned cash, and can you rely on the chosen service provider to meet its contractual obligations? Here’s what you should be looking for.
To Compare Medical Aids, Focus on the Benefits
A medical aid product amounts to a contract in which the service provider undertakes to supply its clients with financial assistance towards their private healthcare expenses. The precise details of that support are known as the benefits. In conjunction with the terms and conditions, the benefits describe the specific treatments that qualify for financial aid and any limits applicable to relevant claims. These generally apply on an annual or per-treatment basis or both. Selecting a product whose benefits best match your known and anticipated healthcare requirements should be your primary focus when you compare medical aids.
Terms You Should Know When You Compare Medical Aids
The following terms apply to all schemes and products and should generally not influence your choice, but understanding them is essential.
- Co-Payments: Sums payable by the member when a service provider charges more than the recommended medical aid rate.
- Pre-Authorisation: Prior approval by the scheme may be necessary in some cases, such as hospital admissions.
- Late-Joiner Penalty: First-time applicants aged 35 and older are considered a higher risk and will pay higher premiums.
- Waiting Period: A 90-day period during which claims are not accepted from first-time applicants or anyone not covered during the previous 90 days. Some pre-existing conditions could incur a 12-month wait for related claims.
- Prescribed Minimum Benefits (PMBs): A list of 270 medical conditions for which all schemes are legally bound to provide cover for diagnosis and treatment.
Talk to KeyHealth Before You Compare Medical Aids
A company’s longevity is invariably a measure of its reliability. Of the more than 200 companies that once provided this crucial service, only 76 survive today. Established in 1968, KeyHealth is the oldest and has earned a reputation for offering affordable yet exceptionally comprehensive products free from unexpected co-payments and hidden restrictions. We promise value for money, not irrelevant freebies. Before spending a lot of time and effort to compare medical aids, why not review the KeyHealth product range and enjoy some unique free core benefits?