How to choose a medical scheme
How to choose a medical scheme that will see you through thick and thin
What is important when choosing a medical scheme for you and your family or even for your employees? Josua Joubert, Chief Executive Officer and Principal Officer of CompCare Wellness Medical Scheme,
one of South Africa’s most enduring medical schemes, provides his insights on choosing cover that is most appropriate for you and those who are important in your life.
Nowadays we are all quite understandably cost conscious. Your health is, however, without doubt your most precious asset. It is therefore critical to ensure that your medical cover adequately and effectively meets your needs, so that you are not at risk of being caught short.
It is furthermore important that your medical scheme cover is not only affordable, but that it offers rich benefits and the maximum possible value for your investment as well.
Do the research
With more than 80 medical schemes in South Africa, and numerous benefit options to choose from, it can be rather bewildering to choose a medical scheme and option that is right for you. We therefore recommend that you do your research carefully. You can also consider enlisting the advice of a registered healthcare broker to assist you in making the right decision.
Make sure that you understand your medical scheme and its different benefit options. Read the membership guide and brochures, and familiarise yourself with the scheme rules.
Is your medical scheme financially secure?
One of the first things you will want to ascertain before selecting a medical scheme is whether it is financially sound and sustainable. The scheme’s reserve levels will give you an idea of how financially stable it is.
CompCare offers good benefits in relation to price, has always maintained strong reserves, and is served by an excellent, service-minded administrator that pays claims efficiently and timeously.
What do you need from your cover?
Does your medical scheme offer a comprehensive range of options that can meet your particular requirements? For example a young and healthy person who enjoys sport will have very different healthcare cover requirements than a family, or a more mature business executive.
Whatever your situation, it is wise to establish exactly what you will be covered for and whether your scheme will apply a waiting period in your particular case. Keep in mind that some benefit options do place limitations on hospitalisation. This is one of the reasons why you should check that the benefits offered will meet your specific needs and requirements.
CompCare offers a range of options, including new generation, traditional, hospital and special managed care low cost options, which are designed to meet any healthcare need.
We work on the basis that while the scheme must always be cost conscious and find ways to run as efficiently as possible, no two members are ever the same, nor do they have the same healthcare requirements. The healthcare cover provided for each individual member is therefore personalised to ensure that it fits your exact requirements and needs.
Does the medical scheme provide true and lasting value?
One way you can check whether a medical scheme is likely to offer you value is to enquire what the average scheme increases were over the past five years. Also check whether benefits were decreased or increased as some schemes may well reduce their benefits in order to cut costs while at the same time increasing contribution rates.
Your finances will determine what option and which scheme you can afford to belong to. However, when comparing the different costs of medical schemes look closely at the benefits and how they are structured.
CompCare works to ensure that average member contribution rate increases are kept as affordable as possible while its benefits are meaningfully enhanced year after year.
The CompCare offering
With a track record of more than 40 years our success over the years is due to the solid benefits we offer and the strong emphasis that is placed on service.
CompCare not only has rich benefits, but we are also known for our exceptional preventative care and wellness benefit packages. We understand the value of a holistic, primary healthcare approach, focused on prevention and accessibility for you and your family.
Our members enjoy the freedom to pursue their passions secure in the knowledge that they are under the care of a medical scheme that does not compromise on care.