Is a short term saving worth the potential long term cost?
Although the economic down-turn has necessitated a cut-down on household expenditure, we live in a society where many people believe that “appearances” represent who we are. As such, people often opt to reduce their non-visible expenses first before considering cheaper alternatives to the more visible costs, such as the monthly instalment on a car – even though the saving on the latter may be more significant. Medical aid is often regarded one of the non-visible expenses that offers no tangible benefit in return, especially to the young and healthy.
The Marketing Director of Selfmed Medical Scheme, confirms this stance. “For the young and healthy, the decision to cancel or buy down to a cheaper medical aid option seemingly holds no risk. This decision is purely based on current state of health and does not take into account high cost, unforeseen medical emergencies, such as the injuries sustained through a motor vehicle accident.”
By buying down to a cheaper option, some form of medical care will still be covered, but the question to ask yourself is whether this limited cover is worth the saving in contribution?
“It is not only medical emergencies that bring about unforeseen high medical expenses”, she points out. “Various diseases, including certain types of cancer, have also become increasingly common amongst the younger generation. Without proper medical intervention, members may have to rely on inadequate care or wait for months on end to receive medical attention at a state facility. By then it might already be too late.”
A member’s current and short term need for medical aid should not cloud the decision to change option or cancel membership. If the decision is purely based on affordability, buying down to a cheaper option may bring temporary relief, albeit coupled with reduced medical benefits.
All medical aids are by law compelled to offer members the opportunity to change option at least once per year. It is your right as a member to use this opportunity to review both your contribution and benefits to find the most appropriate fit for your family.
“At Selfmed, we know how important it is to have the right option that will cater for your needs when you need it most. That’s why we encourage our members to contact us to discuss their healthcare needs and affordability, prior to changing option or cancelling membership.“
The Selfmed Medical Scheme is a licensed financial services provider and active member of the Ethics Institute of South Africa and applies due care and diligence in providing accurate information to its members that will serve their best interests.
By relying on proper healthcare advice, you too can be assured that any short term decisions aimed at relieving your household expenses, will not jeopardise your long-term well-being.
For more information contact ~mSelfmed Medical Schemeemail@example.com~.