Simple medical aid guide for young adults
Our medical aid expert, Jeff Corbett, reveals the most important points to consider for young adults choosing a medical aid.
Being a member of a medical aid scheme makes sense – even for young, healthy people. Many young people are not prepared to join a medical aid because they believe it would be a waste of money. According to them, only old people and babies need doctors.
However, we need to remember that accidents and ill health could happen to anyone. Choosing an affordable but comprehensive medical aid scheme is a wise idea for anyone – no matter what age you are.
Here are my top 8 points to consider when joining a Medical Aid:
1. Embrace the loyalty programs. If you do, you may get more than the premiums back every month. i.e. the net effect of the loyalty program could mean that your medical aid costs you nothing.
2. Choose a company that is growing their membership and has large reserves. You want that company to still be around when you retire.
3. Choose a suitable plan. Hospital plans only suit those that are healthy, young and fit. The cheapest plan will end up being expensive for those that are not healthy and need to pay medical costs out of their own income.
For tips and savings on staying healthy and fit, take a look at our Health and Wellness section.
4. Savings plans are meant for those that cannot budget. Less money is available from a saver plan than what it actually costs.
5. 100% schemes are dangerous. They need a GAP cover to cover the surprise in the surgeon’s bill.
6. 200% schemes are not perfect either – unless you advise the surgeon what plan you are on and ask if you will be fully covered before the operation.
7. Emergencies are fully covered on all plans (100% and 200% and 300%). Therefore, if you are still only prepared to spend the bare minimum, at least take the cheapest 100% hospital plan.
8. It is recommended that you speak to a financial adviser before making a decision. They may be able to explain some of the finer print to you, as well provide some relevant advice on which schemes would suit a person of your particular income.
If you have a question for Jeff regarding your medical aid, go to our Ask The Expert section.
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