The 2020 pandemic reminded us that even the healthiest people can be vulnerable. Sadly, many still struggle to pay for full medical aid options in 2024. Inflation has not only increased the cost of the food on our plates and sent monthly utility bills soaring to record levels but has also impacted healthcare in the public and private sectors. As medical equipment, medication, and energy costs have escalated, medical schemes had to develop new strategies to keep their premium prices affordable to as many South Africans as possible. Some schemes, like KeyHealth Medical, have been particularly successful in this endeavour.
There has been somewhat less pressure on those whose employers participate in a restricted or closed scheme, as this means their premiums are already discounted. In addition, they receive a contribution towards their monthly payments from their company.
However, it is mainly those who are self-employed or whose employers do not offer group membership that have most felt the pinch. For them, the hope of enjoying full medical aid options in 2024 must often seem little more than a pipe dream. Nevertheless, a hospital plan can be a lifesaver for many of them.
Hospital Plans vs Full Medical Aid Options in 2024
The hospital plan was first proposed to provide minimal but affordable cover for young unmarried individuals with good general health but minimum income. The idea was to throw them a financial lifeline in case of an accident or medical emergency requiring a lengthy stay in a hospital and costly surgery. However, although hospital plans were the cheapest form of medical aid available, they initially made no provision to support day-to-day medical expenses like GP or specialist visits, prescription medication, ophthalmology and dentistry.
Extending the cover of the hospital plan is an area in which we at KeyHealth Medical have excelled. By maximising cover for hospital accommodation and in-patient treatments and adding selected day-to-day benefits, we have created a product that will better meet the needs of families on a tight budget and with no chance of meeting the premiums for full medical aid options in 2024.
Medical aid schemes are non-profit companies and, as such, have no shareholders to pay. Instead, they must manage their premium income closely to ensure their cash reserve sufficiently covers all their members’ claims. The escalating cost of treatment has left the industry with one of three options – either raise premiums, reduce benefits or find ways to cut costs. At KeyHealth Medical, we believe the latter option is the only way to ensure medical aid products that are both affordable to most and fit for purpose.
Comprehensive or full-cover products are designed to provide financial support with all medical contingencies, and the only limits to that cover are defined by a set of terms and conditions, which, among other things, state the maximum sums claimable.
Ensuring Affordable Full Medical Aid Options in 2024
South Africa is facing yet another year of weak GDP growth, and the economy is still reeling from the effects of frequent power interruptions and an ailing Rand that has sent import prices soaring. These conditions might not seem to bode well for those seeking to invest in medical aid, but KeyHealth has made a plan to keep our premium prices from spiralling out of control.
As mentioned earlier, minimising costs is our strategy to keep premiums down. Nevertheless, we can’t claim to be alone in this endeavour; other schemes have the same idea. However, some have chosen to remove or curtail selected benefits, thus limiting how much they will spend on meeting claims. Other medical aids have attempted to distract their members from increased monthly premiums with freebies and special offers.
By contrast, KeyHealth Medical’s policy is to put its members’ private healthcare needs and monthly budgets first. We have recruited a network of designated service providers to achieve these goals. These include:
- Ambulance services
- Physicians and surgeons
- Radiologists and radiographers
- Pathologists and laboratory services
In exchange for using their services, our designated providers grant us more favourable tariffs, and we pass these savings on to our members through cheaper premiums.
Full Medical Aid Options in 2024 From KeyHealth
Even if your family is feeling the pinch, there should be no need to compromise on medical aid to make ends meet. Why not click here for more details about our extensive range of affordable options and unique free core benefits for 2024?