Is medical aid worth the cost?

The average person thinks there is no point in investing in an ongoing healthcare cover plan. Many people feel that medical aid schemes cost too much money and that they "never get sick", or if they do, they can cover their day-to-day doctors' expenses.

Medical aid can often be a grudge purchase – something people do not willingly prioritise. However, the benefits of being a medical scheme member far outweigh the cost, and there is no guarantee that one's health will always be good enough to cover expenses out of pocket.

Applying for medical scheme membership later in life also has its drawbacks. The Medical Schemes Act only protects existing members and permits waiting periods of up to 12 months and late-joiner penalties to be imposed on people who choose to join a scheme later in life. The secret to affordability is selecting an option that will benefit you over the long term. 

Your health is a lifetime investment

Your health is your greatest asset, requiring careful financial consideration and planning. Choosing the right plan can be complex, but having the right plan means you won't rely on state clinics and hospitals for care. It also means you can have tests, screenings and procedures done early without waiting to save enough cash (potentially worsening your condition). 

You need to consider what type of plan you can afford and your current health status, including your age and other risk factors, and then consider what you may need in the future to ensure that your choice of medical scheme has plans that can support you as your circumstances change.

Many medical schemes and their accompanying loyalty programmes encourage minimising risk factors by exercising and having a healthy lifestyle. Schemes also negotiate preferred rates with healthcare providers to ensure that benefits last throughout the year, but healthcare provider networks may differ from option to option.

It is crucial to ensure that your choice best suits your medical and financial needs and to understand its benefits and networks by discussing it with your financial adviser. All these factors ensure you get the best value for money.

The suitable medical scheme offers various plans to suit your lifestyle and age - one that caters for the individual from childhood to adulthood and well into old age. Medshield is one such scheme. Its mission statement, "We partner with our stakeholders to enable access to sustainable and affordable quality healthcare through innovative products and benefits", lends itself to Medshield's continuous pursuit to partner with capable and quality healthcare providers and negotiate to provide value for money services to members. 

A plan for every stage of life

Your life is a tapestry of moments and choices that are uniquely yours. And when it comes to safeguarding your health, you deserve nothing but the best. That’s why, for 2024, Medshield increased selected benefit limits by an average of 5%, while fine-tuning its nine affordable plans to serve you better. Whether you're climbing your career ladder, building a family, or savouring the well-earned freedom of retirement, Medshield offers solutions tailored to your needs. With Medshield, you're not just another policyholder but a partner for life.

In your 20s: If you are a young adult, MediCurve is an affordable digital plan that allows young and tech-savvy first-time medical aid buyers healthcare cover without any financial strain on their daily lives. MediCurve offers a bouquet of in-hospital and out-of-hospital benefits with free, unlimited virtual family practitioner consultations through the Medshield SmartCare benefits.

MediSwift is a cost-effective, value-based hospital plan that provides amateur sportsmen and women with additional physiotherapy and biokinetics benefits both in and out of hospital.

If you have a young family, the MediPhila option will protect you from unforeseen medical costs through unlimited hospital cover for prescribed minimum benefits (PMB) conditions, per beneficiary limits for non-PMB in-hospital treatments, and an out-of-hospital benefit limit for specific services.

In your 30s: MediValue is the ideal option for individuals needing unlimited hospital and day-to-day partial cover. This option has both a prime and compact category. The benefits are the same in both, but the compact category requires the compulsory use of Medshield Provider Networks for a smaller contribution. Otherwise, MediSaver is perfect for independent individuals who want to manage their out-of-hospital healthcare expenses through a personal savings account with unlimited hospital cover.

Reaching your 40s and beyond: MediPlus is the answer for middle- to upper-income earners, offering unlimited in-hospital cover and a generous day-to-day limit. This option has a prime and compact category. Both benefits are the same, but for a smaller contribution, the compact category requires the compulsory use of Medshield provider networks.

MediBonus is the best choice for corporate employees and individuals who need comprehensive unlimited in-hospital cover and extensive day-to-day benefits. PremiumPlus provides the most comprehensive cover with freedom of choice, including no network restrictions, 200% cover for specific in-hospital procedures and a personal savings account to manage daily health care.

At any stage: Perhaps you are not one to visit the doctor for routine check-ups, everyone should at least have unlimited in-hospital cover in case of major medical emergencies. MediCore is a hospital plan for those who require unlimited hospital cover with full PMB cover. Specific in-hospital procedures are paid at a higher rate (Medshield private tariff 200%).

No matter what stage of life you’re in, Medshield has a tailored and affordable package for you.

This article was sponsored by Medshield.