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Category:
Insurance
News /
Medical Schemes /
August 2007
Many South Africans still not prioritising medical aid
"This country's
younger, aspirant black population is just not realising the
importance of having good medical cover", according to Chris Lithole,
Director at iChoices, an authorised financial services provider.
Research seems to suggest a disregard for healthcare cover and
experts predict this could severely affect the financial successes
of many South Africans.
 Lauded
as the three keys to financial security, home insurance, retirement
savings and healthcare cover are key to protecting one's assets. Of
these three `grudge purchases', medical aid is seemingly the most
unpopular and is therefore the most overlooked of the insurance
options.
According to
findings released by independent research house, Specialist
Research, 50% of South Africans falling within the R2, 500 - R10,
000 income bracket regard saving for retirement as extremely
important. Meanwhile, having medical cover only rates as extremely
important to a mere 20% of people within this segment of the
population.
While plenty of
the disposable income generated by South Africa's black population
is being spent on big brand, tangible purchases that portray status,
there is also recognition of longer-term gratification in the form
of savings. These South Africans seem to rate saving for their
children's education and even protecting their families by getting
their own life insurance, as very important. But again, medical aid
fails to find pole position within this upwardly mobile, urban
society. According to Lithole, it's time people started to realise
that one's livelihood depends on one's health.
"As soon as you
can afford medical aid, you owe it to yourself and your family to
check out the different options and get your health covered",
explains Lithole.
You can't go
wrong by speaking to an accredited broker, who is experienced enough
to assess your budget and healthcare needs and match these as
closely as possible to suitable scheme options.
Lithole
suggests you remember the following:
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It's
vitally important that you provide your broker with all the
information they require, so that they can assess your and your
family's medical history and current and future healthcare
needs. If you withhold information about a medical condition or
potential family illness, this could really count against you as
you could find that your scheme may refuse to pay for costs
incurred for undisclosed conditions. There is no point in going
to the trouble of getting medical cover if in the end your
scheme can't meet your medical costs.
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If you
can't afford comprehensive medical cover then seriously consider
a hospital plan. In a medical emergency, this will mean the
difference between getting the best treatment in a private
hospital versus having to be admitted to a government facility.
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If you are
planning to have a baby, then be aware that basic related
pregnancy costs and delivery are in the region of R30, 000
(assuming it is a straight-forward delivery). Ensure you get
cover that has generous in- and out-of-hospital maternity
benefits so that you won't have to dip into savings to cover the
shortfall.
Lithole
believes that now is an important time for people to insure their
most prized possessions. Healthcare should really be given priority.
And if for no other reason, than because failure to obtain cover for
unforeseen medical emergencies could result in severe financial
burden.
Author:
Elizabeth Senger - iChoices
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