Adulting 101: Getting a jump on medical aid
It’s true what they say – adulting is like trying to fold a fitted sheet, sometimes it just feels impossible. From tracking your monthly expenses to deciding what to make for dinner (again), it’s basically a series of question marks. But hey, if you’ve just entered the working world, congrats! You’re taking epic steps towards building your future your way, because awkward bedding and all, you now get to call the shots.
Starting out on your own for the first time can be super overwhelming, and as a young, healthy person, you might consider spending on medical aid a low priority (see cost of potatoes these days). As with most things in life, however, an ‘early bird’ approach gives you better control from the jump.
In this blog post, we’re diving into why it’s crucial to think ahead with answers to some of those questions you’ve got knocking around.
Isn’t medical aid really for sick and older adults?
If you put medical aid in the same aisle as heart pills and adult nappies, you need a reframe. The world of medical aid, aka medical schemes, is way bigger than that. Really it includes everybody because it enables access to quality care from accidents and serious illness to everyday healthcare needs such as GP visits, contraception, x-rays and basic blood tests, for a start. Basically, if you’re human, it’s for you.
Wouldn’t it be smarter to just get medical insurance and leave medical aid till later?
Waiting to graduate from peanut butter to almond butter to save some cash is one thing. This is a whole different story. Medical insurance can be helpful but it should not be seen as a substitute for medical aid. Medical aids offer comprehensive cover across a broad range of healthcare needs as regulated by the Council for Medical Schemes and operate as non-profit entities with pooled funds that belong to members. Medical insurance, on the other hand, provides limited cover at the discretion of insurers, which are for-profit entities. Medical insurance may also not be sufficient for costly hospital and specialist treatment fees, which can easily end up being in the millions for unforeseeable events, such as accidents, care of premature babies, and treatment for serious illnesses, to name a few.
What’s a late-joiner penalty?
In a nutshell, if you are over 35 and have never been a medical scheme member or if you’ve had a break in your membership, you are open to a late-joiner penalty. Unfortunately, this is not a once-off thing. This penalty can be added to your monthly contributions for the remainder of your life and can be anywhere between 5% and 75% of your contribution. This mechanism in place to ensure that if people join when they are older and more likely to develop an illness, there are sufficient funds in the pool so that all members – young and old – can continue to count on their cover. In short, joining today saves you tomorrow.
Do waiting periods apply to the young and healthy?
Waiting periods are applied to people with pre-existing conditions, who have had a break in membership of more than three months, or who have never been a medical scheme member before. This is because some people view medical schemes as a quick fix and join knowing that they will need to make a large claim soon, shortly after which they leave the scheme again – wham-bam, vibes. Waiting periods are in place to protect member funds from this type of shady behaviour.
Over at CompCare, we’re shaking things up on waiting periods because we’ve done our research and found that if young, healthy and financially pressed people can start their medical aid journey without being on the back foot, it has positive financial consequences for them and the scheme. That’s where our new instant digital cover comes in, allowing you to sign up immediately and have full medical aid cover by midnight that same day – no waiting period. Yes, for real – BUT you have to be young, and you have to be in good health. If that’s you, it’s a super sweet deal and means that you don’t miss out on any medical aid value, plus you get complete peace of mind right away before any unforeseeable healthcare concerns arise. This is available from 1 January 2025 via the Universal.One App for Compcare members.
How can my medical aid enhance my wellness now?
Full disclosure – we’re biased when it comes to this one because CompCare has always been ahead of the curve in wellness and preventative benefits. For example, we cover home-based healthcare from UTI and pregnancy tests to a cutting-edge AI-enabled vital signs measurement app and remote doctor consulting, bringing you next-level convenience.
Ever heard of a fitness prescription? Just good old science, working for your body through qualified, professional input that you can apply with flexibility to whatever workout works for you. Need a mental safe space? You have it with trusted 24/7 professional mental health support. And as for digital wellness management? At the risk of sounding like an infomercial, you really can scrap having ten self-care apps because this one does it all. You should check out uWellness™ for yourself. In brief, this app covers all eight dimensions of wellness with wellness assessments, health calculators, evidence-based health guides, a mood checker, daily tips, easy-to-follow condition specific generic diet plans and rewards partner access. It gives you real-time feedback, tracks progress, and integrates with wearable devices, allowing users to connect seamlessly with healthcare professionals. So yeah…we’re just going to leave that there 😉.
From choosing to be a grown-up with full-blown medical aid to tracking how your meal choices impact your mood – we’re here for it all. And if you want to take a look at the CompCare product options for 2025, you can check them out here https://compcare.co.za/2025-options/