LIFESTYLE NEWS - The cost of healthcare and medical insurance has remained expensive and therefore unaffordable to the majority of South Africans.
To those who already have health insurance, keeping up with the cost is a challenge.
Here are some ways in which you can keep your healthcare and insurance costs affordable.
Shop around
It’s important to find an insurance policy which suits you. Some medical schemes have high premiums, but also have a wider range of benefits for specific categories of treatment. If you don’t get ill often, it might be worth your while to go for a medical scheme on which premiums are low, there is good hospital cover and low on day-to-day cover. If you need ongoing medical care, though, you will need a scheme with higher day-to-day limits. The best is to go to an independent medical-schemes broker, who could help you make sense of the different possibilities.
Reassess your health insurance needs
It’s easy to miss out on savings simply because you have stuck with the same plan year after year while your situation has changed. You should periodically reassess your insurance needs by putting into consideration things like number of family members or dependants, the frequency and possible need of prescription drugs and tax breaks important to you. If you do decide to join a scheme, also check who gives you the best deal for your spouse and children, and exactly what your monthly contributions would be.
Chronic medication costs
The list of chronic conditions or PMBs (Prescribed Minimum Benefits) indicates which conditions medical schemes have to continue treating – even if an individual member’s benefits have run out. If you suffer from one of these conditions, ask your GP whether there is a suitable generic for the medication he/she is prescribing for you. In this way you can keep the costs down.
Hospital plan
A hospital plan is a lot cheaper than a full a medical scheme. Many insurance service providers have very reasonable hospital plan options if you are prepared to go to a particular hospital for elective procedures (not for emergencies). This allows the scheme to negotiate bulk discounts. Make use of this.
Chemist
Prices for both prescription and over-the-counter (OTC) medicines can vary enormously from chemist to chemist. The one closest to your house may not be the cheapest. You could be paying a fortune for convenience. Large pharmacy chains are always the cheapest, as they can negotiate lower prices on bulk purchases.
Check overall hospital limits
If a scheme limits its hospital payouts to R500 000 per family per year, Find out what a week or two in hospital would cost for you and your family.
The tips above if observed will drastically reduce your healthcare and insurance costs.
Article courtesy of the Caxton publication, Alberton Record.
