YOU’RE young, free and just landed your first real job with a decent salary. You’re also healthy, exercise regularly and follow a balanced diet. So why spend your hard-earned money on medical aid instead of a new car, travel or entertainment?
When life happens
Accidents, sudden illness or injuries can happen to anyone, regardless of age. Without significant savings for medical emergencies, medical treatment costs could leave you with a mountain of debt. “In our experience, the two main reasons young people – even those in their 30s and 40s – delay taking out medical cover are the cost and thinking it’s unnecessary,” says Koena Molekoa, Senior Manager: Business Development at Medihelp Medical Scheme.
“However, waiting too long could end up costing you more, and you may not have the cover you need when you need it.”
Factors to consider
Before ruling out healthcare cover, consider these factors that Molekoa points out:
• Affordability: Medical aid can be costly, but some cover is better than none. Even a hospital plan is a good start.
• Underwriting: Medical scheme underwriting rules and the Medical Schemes Act determine that, in certain circumstances, a person who wasn’t a member of a medical scheme for 90 days or more before joining, can have a three-month general waiting period, a 12-month condition-specific waiting period and a late-joiner penalty.
• Treatment costs: Medical care is very expensive, especially hospital stays and specialised tests like computerised tomography (CT) scans. One event could leave you with debt the size of a home loan.
• Treatment costs versus medical aid contribution: The monthly contribution to medical aid is often a fraction of the cost of medical treatment.
• Public versus private: Compared to private healthcare, public healthcare in South Africa faces many serious challenges.
• Medical aid cover and mortality: A recent American study found that people without health insurance have a decreased chance of survival. Preventive care and early detection are vital for managing health over time, as many people without medical aid tend to skip regular screenings and tests.
• Preventive healthcare: Most medical aids pay for preventive services such as screenings, vaccines and psychological counselling.
• Increase in lifestyle illnesses: Lung and heart conditions, cancer and stroke are increasing due to our sedentary lifestyles - and are affecting more young people than before.
Here are some other considerations:
• Peace of mind: Having medical aid ensures you’re covered in case of unexpected medical emergencies, giving you peace of mind.
• Health maintenance: Regular check-ups and early intervention can prevent more serious health issues down the line - making medical aid crucial for maintaining overall health.
• Financial protection: Medical aid protects you from the financial burden of unexpected medical costs and helps manage chronic conditions with chronic medicine benefits as well as disease management programmes.
• Access to better healthcare: Medical aid members typically have access to a broad network of healthcare providers, including private hospitals and specialists, ensuring that you receive high-quality care when you need it most.
• Comprehensive coverage: Many medical aid plans offer comprehensive cover, including dental care, optometry and mental health services. This holistic approach ensures that all aspects of your well-being are taken care of.
“It’s normal to feel invincible in your 20s, but life is unpredictable. A reliable medical aid helps you protect your health and shields you from financial ruin due to unexpected medical expenses. Even if you start with a basic plan, at Medihelp we believe that medical aid should be a non-negotiable item on your monthly budget – one that will benefit your health and financial well-being now and in the long-run,” adds Molekoa.
For more information on medical aid, visit the Medihelp website.