South African Medical Aid – What is meant by a ‘buy-down’?

Listening to regular news bulletins, it’s difficult to not be convinced that the South African economy is in an uncontrollable tailspin. The knock-on effect of the current climate is job uncertainty, intermittent load shedding and an inevitable rise in the cost of living.

As families across the nation scrutinize their monthly budgets, South African medical aid is often identified as the one expense that can be sacrificed to make ends meet. Rather than relinquishing your medical cover and taking massive financial risks, a healthcare alternative has emerged, for you to consider – “buying down” to a more affordable medical scheme option. It is the perfect equilibrium between a crippling monthly contribution and a total sacrifice of your family’s healthcare.

Choosing the right South African Medical Aid alternative

The choice to buy-down to a cheaper healthcare plan should be considered along the lines of what your healthcare needs are. If you are reasonably healthy, it makes more sense to downgrade to a health plan with lower premiums. Carefully consider the restricted benefits attached and assess whether a healthcare provider’s list of network GPs and hospitals are feasible to you and your family.

Using out of network hospitals, specialists and doctors can land you with a huge and unexpected medical bill, regardless of which medical aid or health insurance scheme you are a member of. These unforeseen out-of-pocket expenses may be not be so clear cut when reading the fine print of a health plan policy.  Read the benefit schedules of every prospective plan carefully to make an informed decision when buying down.

Make the Leap of Faith to Affordable Healthcare

As the cost of South African medical aid increases, the higher a South African citizen’s income, the introduction of double digit premium increases might just be the trigger that pushes you over the edge. Don’t make any rash decisions. Take a deep breath, do your research and make the sensible decision to buy down from your medical scheme.

Day 1 Health offers a range of affordable health cover solutions, tailored to the extent of cover that you and your family require. Offering a broad range of primary healthcare and hospital benefits, additional specialist options and generous waiting periods, RSA citizens can buy down from exorbitant monthly medical costs without sacrificing their wellbeing. Find a health plan that meets your budget and requirements and Apply online today.

 

 

 

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