Affordability is all about whether people can afford to pay for something. Since the spending power of individuals changes based on where they are in their careers and lives, how affordability is measured also shifts over time.
To complicate things even further, there are multiple factors to consider. For example, a graduate will have a lower salary than someone with a decade of experience behind them. However, while they may earn more, the living costs and family responsibilities of the more mature professional will also be higher.
All of these factors must come into play when considering which medical aid scheme is affordable. Here are five questions to ask when considering which medical scheme offers the best value for your hard-earned cash.
1. Are there multiple benefit options to choose from?
This is critical. As we’ve already touched on, there is no one-size-fits all. Benefit options vary based on how comprehensive the medical cover is and contributions will depend on your family size and specific medical needs. As we all know, a hospital option is far more affordable than a comprehensive option, therefore medical benefits will be richer on a more comprehensive option. If you are young, fit and healthy and have no dependants, a hospital option may be all you need. But if you are growing a family or have any medical conditions, a more comprehensive option could be better aligned with your life goals and needs. When selecting a medical aid, consider your monthly budget, your medical needs and what type of cover suits your lifestyle. At Profmed, we have Savvy options and Premium options that allow members to select between various degrees of cover. You can compare benefits here. https://profmed.co.za/compare-options-2023/
2. Does the medical scheme offer hospital network options?
A network hospital refers to a hospital (or group of hospitals) that has entered into an agreement with a medical scheme. Members are required to use the network hospitals to avoid a co-payment. For example, the agreements that Profmed has with our network hospitals allows us to pass on discounted costs and therefore lower monthly contributions. The Savvy options and the ProSelect option, (our network hospital options) offer members a large selection of network hospitals to choose from when requiring hospitalisation. However, a R10 000 co-payment applies if a member on a network option chooses to use a non-network hospital. We have carefully selected the list of hospitals on our networks to ensure we provide members access to the most efficient hospitals with the best clinical outcomes.
3. Does the medical scheme have a day procedure network?
Did you know that procedures that can be done at day clinics instead of hospitals can cost less, with the same clinical outcomes? When reviewing medical aid options, check to see if day clinics are within the network. Profmed has introduced the Day Procedure Network on our ProSelect Plus, ProSecure and ProSecure Plus options and have negotiated preferential rates for specific day procedures that previously would have required in-hospital stays.
View our day procedure network
4. What are the hidden costs within comprehensive benefits?
Some medical aids offer additional services like rewards programmes. While some members want these additional programmes, others do not. At Profmed, we believe that health is wealth. We don’t implement higher contributions to cover rewards programmes, instead, we keep our contributions lower and allow our members to select additional benefits.
5. Interested in joining Profmed?
Profmed is registered as a restricted medical scheme for professionals. Professionals are discerning and astute when it comes to their health. We therefore have a healthier risk profile. We are one of the most trusted medical aids by professionals in South Africa.
If you are interested in joining us, please contact degree@profmed.co.za
