In almost every industry, we\u2019re seeing the rise of the empowered consumer and the medical aid industry is no exception.<\/p>\n
\u201cWe\u2019re seeing the rise of passionate consumers who want a more personalised experience.<\/p>
\u201cYoung millennials, in particular, like to call the shots and are all looking for much greater flexibility, choice and control when it comes to selecting the right medical aid option to suit their personal needs,\u201d said Jeremy Yatt, principle officer of Fedhealth.<\/p>\n
\u201cAffordability is also a big issue for young and healthy millennials who often can\u2019t afford the more expensive comprehensive plans.<\/p>
\u201cThey then default to selecting a basic hospital plan which may satisfy their budget but does not quite satisfy their needs.<\/p>\n
\u201cThey generally find most options are simply outdated.\u201d<\/p>\n
It makes sense that at different life stages people have different requirements and need to plan accordingly.<\/p>\n
Yatt said young people can often fly by the seat of their pants as long as they have hospital cover and some day-to-day benefits.<\/p>\n
\u201cMost basic plans do not, however, offer any day-to-day support,\u201d he said.<\/p>\n
Thanks to access to information available on the Internet, today\u2019s young consumers are more empowered than ever before.<\/p>\n
When it comes to selecting a suitable medical aid option, many conduct extensive online research and seek out peer-to-peer recommendations before narrowing their choice down to two or three options.<\/p>\n
<\/p>\n
ALSO READ:<\/span><\/p>\n Loadshedding: check your security system before the lights go out<\/a><\/p>\n Business Chatter \u2013 What makes Torga Optical Germiston special<\/a><\/p>\n <\/p>\n Fedhealth provides the following five guidelines to young and healthy consumers:<\/strong><\/p>\n 1. Look at your family history. How healthy are you and are there any genetic diseases that you may inherit later on in life? Conditions such as diabetes, asthma or epilepsy may require regular check-ups, medication or even hospitalisation, so you should see if your medical aid plan would cover any related costs. Even if your family does not suffer from any chronic conditions, a full medical history is always useful to know. Also check for personalised benefits that young people may need like trauma treatment, unlimited accident and emergency treatment and female contraception for example.<\/p>\n 2. What can you afford? Draw up a budget and list absolutely everything in it like your monthly cellphone spend, that yoga membership, your grocery bills. Work out what you can afford each month for medical aid, and cut down on non-essential costs (like your daily cappuccino) if you need to. If you can only afford a hospital plan, then choose the most comprehensive one you can afford, bearing in mind you\u2019ll need to save a little each month to pay for things like medicines, or seeing the doctor when you\u2019re sick.<\/p>\n 3. Do you need day-to-day cover? While you may be bursting with health right now, you may still need some day-to-day cover. Many medical aid plans come with the option of a medical savings account (MSA) attached, where you can access a portion of money per year for these day-to-day expenses. Others, like Fedhealth\u2019s new MediVault offering, allow you to \u201cborrow\u201d a certain amount of money from the medical aid to cover these expenses, and then pay it back interest-free over 12 months. This acts like a great safety net for those really just wanting the peace of mind of a hospital plan.<\/p>\n 4. Is there any way you can reduce your monthly contribution? If you are young and healthy ideally you want to find a plan that you can personalise with discounts. On the FlexiFED 1 benefit bundle for example you can elect to pay a co-payment for any planned procedure and save yourself 25 per cent on your monthly premium. If you were paying R2 000 for a basic plan you now will only have to pay R1 600 for example. Over 12 months this equates to a saving of R4 800.<\/p>\n 5. What happens if you need to upgrade? Life is unpredictable. While a hospital option with limited benefits may suit your needs now, what happens if you suddenly have a life changing event and need to upgrade your option? Always check if your preferred option allows you to do this at any time of the year.<\/p>\n \u201cEntering the work force is just the beginning of a new stage in your life where you\u2019ll have to make hundreds of decisions every day about your future.<\/p>\n \u201cBy making the right decisions about your healthcare, you\u2019ll be putting your best foot forward into this exciting new chapter,\u201d said Yatt.<\/p>\n <\/p>\n Contact the newsroom by emailing: Melissa Hart (Editor)\u00a0<\/span>germistoncitynews@caxton.co.za\u00a0<\/a><\/strong>or Leigh Hodgson (News Editor)\u00a0<\/span>leighh@caxton.co.za<\/a>\u00a0<\/strong>or\u00a0Kgotsofalang Mashilo (journalist)\u00a0kgotsofalangm@caxton.co.za<\/strong><\/a><\/p>\n Remember to visit the Germiston City News on the following social media platforms:<\/p>\n Facebook<\/a><\/strong><\/p>\n Twitter<\/a><\/strong><\/p>\n Instagram<\/a><\/strong><\/p>\n YouTube\u00a0<\/a><\/strong><\/p>\n Or add the GCN on\u00a0<\/b><\/span>WhatsApp 079 406 1181<\/strong>\u00a0<\/span>or\u00a0BBM (BBM Pin: 7F102137)<\/strong>\u00a0<\/b><\/span>today, to get all the latest news.<\/p>\n Catch-up on more local news with our sister newspapers\u00a0<\/span>Bedfordview Edenvale News<\/a><\/strong>,\u00a0<\/span>Alberton Record<\/a><\/strong>\u00a0and\u00a0<\/span>Kempton Express<\/a><\/strong>.<\/p>\nHave a story?<\/strong><\/h4>\n