We understand that starting a career or finishing off your studies comes with a very tight budget, and many budding South African professionals believe they can’t afford medical aid.
However, as we know, having medical aid is particularly important in South Africa due to the costs of private healthcare and the limitations of overburdened public healthcare services. Without medical aid, you may face significant financial strain in the event of a medical emergency or serious illness.
Instead of worrying about not having medical aid in place, let’s unpack how you can determine what you can afford and align that to the benefits you need.
Take a close look at your finances
Determining whether you can afford medical aid depends on a thorough assessment of your financial situation and the costs associated with the medical aid plans you’re considering. Start by calculating your monthly income from all sources, such as salary and side gigs. Next, list your monthly expenses, including fixed and variable expenses. Remember to prioritise your medical aid.
Make a budget
To budget for medical aid, adjust your budget if necessary to accommodate the cost. This might involve cutting back on non-essential expenses. It’s also a good idea to maintain an emergency fund to cover unexpected medical expenses that might not be fully covered by your medical aid plan. Consider signing up with Profmed. The PPS Wallet facility offered by Profmed is an independent savings account that helps manage your medical aid shortfalls. Review your plan and budget annually to ensure it remains affordable, as medical aid costs and your financial situation can change over time. Consider potential salary increases or changes in your financial situation that might make medical aid more affordable in the future.
Do your research
Researching medical aid plans is crucial. Understand the different types of plans available, such as hospital plans, comprehensive plans, and those with additional benefits. Obtain quotes for various plans and compare the monthly premiums, ensuring you also consider any additional costs like co-payments. Evaluate your current health status, medical history, and any ongoing or anticipated medical needs to ensure the plan covers necessary medical services, preferred healthcare providers, and any specific treatments or medications you require.
Here’s how Profmed makes our Savvy options accessible and cost-effective:
1. Reduced premiums
Profmed’s Savvy options feature reduced premiums compared to the more comprehensive plans thanks to network hospitals that result in a 10% monthly contribution reduction. These lower premiums are tailored to fit the budget constraints of students and young professionals who might be new to medical aid schemes.
2. Network based services
Our Savvy benefit options offer exactly the same benefits as the Premium options. The only difference is that the Savvy options require you to make use of the hospitals in the network to avoid a co-payment. This approach ensures that members have access to necessary medical care without compromising on the quality of their benefits.
3. Preventative care emphasis
Profmed places a strong emphasis on preventative care, which helps in managing health proactively. This approach includes regular check-ups, screenings, and vaccinations.
For more information and to see how Savvy meets your needs (and your budget), read more here:
