You’re an adult: it’s time to get a healthcare plan
Every kid says, at some point in their life, “I can’t wait to be an adult”.
Then, as they grow older, they start realising all the responsibilities that come with being an adult, but there’s still an aspect of being older that attracts them.
But the moment they reach their early twenties, those realisations becomes realities and mom and dad no longer want you to be their responsibility (they still love you, though).
When you start really working and want the luxury of moving out, being independent and responsible, then you’ve arrived at adulthood and it’s time to step up.
There will come a time when being a dependent on your parent’s medical aid plan is no more and it’s time, then, to get your own healthcare plan.
Why you need a healthcare plan
At your young adult age, you’re entering a time of your life where certain circumstances will warrant a healthcare plan. If you are planning to have or already have children, they’re going to need to be dependents on your medical scheme.
But everyone else aside, you need a healthcare plan because accidents happen and medical expenses are, well, expensive. More than that, they are usually unexpected and people often forget to budget for them. But that’s where a healthcare plan can save you big bucks, even if you have to spend some on a monthly basis.
Travelling to and from work puts you at risk of being in a motor vehicle accident, which means you should have car insurance to sort your car out and a medical scheme to sort yourself out. Working in an office with people (who are, by default, carriers of hundreds of germs), puts you at risk of getting sick and needing to go to the doctor and pay for medication.
An important factor that will play a large role in your motivation to get a healthcare plan is your family’s medical history. If there are chronic conditions or serious illnesses that run in your family, you should put measures in place to cover you should you fall victim to them yourself.
You need a healthcare plan because it’s the smart and adult thing to do. You know your lifestyle and you may be, for the most part, healthy. But there will always be a level of risk and there will always be a medical scheme that can be tailored to your extensive or limited needs.
Healthcare plan options
As previously mentioned, there are different healthcare plan options that you can choose from to find the one that suits you and your needs. They all work on a monthly basis where you pay them an amount to be covered, just like any insurance plan. Some of your options include:
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Medical aid: Medical aid is the more extensive healthcare plan you could opt for. They usually cover costs for both in and out of hospital expenses. So that means, visits to the doctor, prescribed medication, radiology, surgery, and physiotherapy (to name a few). Depending on which medical aid option you go for, there will be different limits as to what part of the cost will be covered and what you’ll have to pay as a co-payment. Which will still be significantly less than forking out money for the whole procedure.
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Hospital cover: A hospital cover healthcare plan will cover you for in-hospital expenses only. You may find some schemes that offer basic dentistry cover and a few additional benefits, but no doctor visit or medications are usually covered by a hospital cover plan. These are then more affordable than most medical aid options and are suitable for healthy individuals looking for risk cover only.
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Hospital cash plans: With a hospital cash back plan, you are paid a lump sum, daily cash amount that will cover any money you may be losing by being in hospital. It’s an insurance policy that doesn’t cover specific medical expenses, but rather compensates you with cash that can then be used for whatever you decide. You will still be liable for paying a majority of the hospital fee, but the burden will be lessened and you won’t necessarily be missing out from what you would have been earning if you had worked on the days you ended up in hospital.
How to decide on a healthcare plan
Now that you know some of your options, how do you decide which healthcare plan to choose? It’s quite simple, actually. You take a look at different price options for the different healthcare plans because, first of all, you need to know what you can afford to pay every month. But you can’t look at cost alone. Opting for the cheapest plan may save you money on a monthly basis, but may also lead you to have larger hospital expenses in the event you are admitted.
The next thing you need to look at is your lifestyle. Do you take care of yourself by eating correctly, exercising, taking daily vitamins and flossing your teeth? If you do, the chances of you needing more than a hospital plan are slim because you won’t need to see the doctor very often at all. But if you know you have a weak immune system and struggle with chronic conditions and illnesses, then you would be better off buying medical aid.
Weigh up the options, get quotes and compare plans because you’re going to need a healthcare plan of sorts. And make sure that you have coverage for everything you need.