Most of us are not fortunate enough to have a back up of cash to rely on to pay our medical expenses ourselves, in particular any emergency treatment that may require hospitalization. It is hence necessary that we belong to a medical aid scheme, which at the very least is a hospital plan.
There are a number of medical aids out there, all offering various plans which can either be a straight hospital plan i.e.: provide cover to pay for your bills when you are hospitalized, to hospital plans with a small savings for day to day to expenses right up to plans offering you extensive in and out of hospital cover.
The plan you select is based on your needs as well as affordability, it is therefore important to utilize the services of a medical aid specialist who knows the products and can ensure you are on the plan most suitable to your needs. They can insure you are informed about what you are covered for as well as what you are NOT covered for.
What are waiting periods?
You may have heard talk in the market about waiting periods on medical aids and this may seem quite confusing – but it really is quite simple! Medical aids are no longer allowed to turn anyone away, so how do they keep the premiums down and ensure people don’t just join a medical aid when they are ill…they place waiting periods on new medical aids.
Depending on your situation you could either be given a 12 month condition specific waiting period or a 3 month general waiting period.
Late joiner penalties
A late joiner penalty may be levied for the number of years you have not been on a medical aid from age 35. Hence it is important that you don’t delay joining a medical aid as the more years you have a break in cover the more you will pay.
Shortfalls can occur on any medical aid, guard yourself against this by taking out Stratum Benefits Gap Cover. Contact me now to find a cost effective solution that suits you.
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