It is often the case that the extent of your medical cover will need to align with your financial situation. Despite the rising cost of healthcare premiums in RSA, a medical aid plan remains a necessity. Equally as important , is South African hospital plans – either as standalone cover or as part of an all-inclusive policy. Maintaining your family’s current South African hospital plans policy, however, might not always be sustainable. Be it a life-changing event or changing family needs, many citizens decide to abruptly cancel their healthcare cover. Cancellation is not the only option – there is a smarter choice. By downgrading your current hospital plan, you can save on much needed costs. This means you still have peace of mind and can maintain a degree of healthcare should the unexpected occur. If you find yourself at a crossroads, let us explain why downgrading your healthcare plan is far better than no cover at all.
Downgrade to what you can afford?
Downgrading from your current hospital plan is not as simple as just serving notice and signing onto the cheapest alternative plan out there. Both your financial and healthcare situations should play equal roles in deciding which healthcare plan to switch to. Generally speaking, health plan prices are tied to the degree of benefits offered – how soon after hospital admission do benefits kick in, and which choice of hospitals are included – thus limiting co-payments. As a rule of thumb, choose the best possible plan you can afford. You need the security of knowing that, should you experience a catastrophic health event and require hospitalisation, you are not further crippled, financially. When your finances improve, you can then look forward to upgrading your medical aid or hospital plan to include more comprehensive cover.
Making the Change
If you’ve done all your homework, and it makes sense for your family to downgrade from your current South African hospital plans policy, make sure you give your current provider or broker written notice. Ensure that you also request a membership certificate to prove continuous cover. Bear in mind, one downside to changing your health cover, is that you may need to adhere to fresh waiting periods for certain admissions and procedures. Decide on an alternative before you serve notice, and check, to what extent it covers you for additional benefits such as, an Illness top-up, 24 emergency support, and Accident/Trauma benefit.
Day 1 Health is the perfect solution to your medical policy downgrade. Offering a range of stated benefit hospital plans designed to suit you and your family’s needs, members can also enjoy wellness programmes and a nationwide Hospital network which includes access to most private hospitals in SA. Make the wiser choice and maintain your family’s health cover by applying online today