Why Bigger is Better When it Comes to Medical Aid
There has been a great deal of concern and misunderstanding surrounding medical aid in South Africa in recent years. The two particular issues being that people are choosing not to take out medical cover and that some of the smaller medical aid schemes have collapsed.
There seems to be an increasing number of people who are not signing up for medical aid even though they can afford it. This is a growing concern in light of the fact that the number of medical claims being made is consistently increasing year after year. Often people choose not to take on medical aid because they are nervous about the recent state of schemes collapsing. However, this is often only an issue for the smaller schemes which people often turn to in order to get cheap cover. This can be a mistake and many people have learned a harsh lesson that cheapest is not always the best option. That is why here are medical-aid.co.za, we will look at available medical schemes from the leading providers in South Africa and provide you with a number of quotes on similar products. It is then up to you to decide which is best for your individual needs as well as your budget.
It is usually a better choice to opt for one of the larger providers, for example the Liberty medical scheme, as they are usually more stable. As is often the case, smaller providers may be cheaper, but they are much stricter when it comes to paying out on claims and certain conditions and/or treatments may not even be covered. When you use the larger providers like Liberty, you will not have to worry so much about these issues. The financial impact of individual claims is not a big deal to these providers because they are so well established in the industry. Furthermore, they are not so stringent when it comes to paying out for your medical expenses. As a general rule of thumb a medical aid provider needs a solvency ratio of at least 25%. If your provider’s solvency drops below 20% then it is best to look at changing schemes.
Providers like the Liberty medical scheme fully understand the level of competitiveness in the medical aid industry and because of this they will often pride themselves on their transparency. It is unlikely for there to be hidden terms and conditions or obscure clauses in their policies. It is often tempting to save a few Rand when arranging medical aid, but sometimes in the long run it is worth paying a little extra for a better and more reliable product. At medical-aid.co.za we can provide you with quotes from all of South Africa’s leading medical aid schemes allowing you to find one that offers great value for your money.