Friday, March 5, 2010
Medical Aid... A Necessity?
• Size of scheme – ie has membership grown?
• Claims paying ability of scheme
• Average age of the scheme, is the scheme attracting younger members?
• Average increases over last 5 years
• Administration, will it be easy to deal with the scheme, ie do they keep you updated with any status of your claims?
• Selecting an appropriate broker/ financial planner that knows the industry and can assist when you don’t understand the workings of a scheme, or when you struggle to get claims paid.
Don’t wait till you get sick to join the medical aid. Every medical scheme has the right to apply 3 months general waiting period and/or 12 month conditions specific exclusion.
What if you get in a car accident? Do you want to lie in a long que waiting to be treated in a public facility? If cost an issue, join a hospital cover option to start off with, at least you’ll have full cover when hospitilised.