Fatshimetrie: The crucial importance of taking out health insurance at an early age
Being young, free, with a first job and a decent salary can make you feel invincible. You have good health, exercise regularly and eat a balanced diet. So why spend your hard-earned money on medical insurance instead of a new car, travel or entertainment?
When the unexpected strikes
Accidents, sudden illnesses or injuries can happen at any time, regardless of age. Without significant savings to cover unexpected medical expenses, the cost of treatment could leave you with a mountain of debt.
“In our view, the two main reasons why young people – even those in their 30s and 40s – delay taking out health insurance are the cost and the perception that it is unnecessary,” says Koena Molekoa, Senior Business Development Manager at Medihelp Medical Scheme. “However, waiting too long could end up costing you more, and you may not have the coverage you need when you need it.”
Factors to consider
Before you dismiss health coverage altogether, consider these factors that Molekoa points out:
Affordability: Health insurance can be expensive, but some coverage is better than none at all. Even a hospital plan is a good start.
Enrollment: Health insurance plan enrollment rules and the Health Insurance Plans Act state that, in certain circumstances, a person who has not been a member of a health insurance plan for 90 days or more before joining may be subject to a general three-month waiting period, a specific 12-month waiting period, and a penalty for late enrollment.
Treatment costs: Medical care is very expensive, especially hospital stays and specialized tests such as CT scans. A single event could leave you with debt equivalent to a home loan.
Cost of treatment vs. medical insurance contribution: The monthly contribution to medical insurance is often a fraction of the cost of medical treatment.
Public vs. private: Compared to private healthcare, public healthcare in South Africa faces many serious challenges.
Health insurance coverage and mortality: A recent US study found that people without health insurance have a reduced chance of survival. Preventive care and early detection are essential to managing one’s health over time, as many people without health insurance tend to skip regular screenings and tests..
Preventive Health Care: Most health insurance plans cover preventive services such as screenings, vaccinations, and counseling.
Rise in Lifestyle Diseases: Lung and heart disease, cancer, and stroke are on the rise due to our sedentary lifestyles, affecting more young people than ever before.
Other Considerations
Peace of Mind: Having health insurance ensures coverage for unexpected medical emergencies, giving you peace of mind.
Maintaining Health: Regular checkups and early intervention can prevent more serious health problems in the long run, making health insurance essential for maintaining overall health.
Financial Protection: Health insurance protects you from the financial burden of unexpected medical costs and helps manage chronic conditions with chronic drug benefits and disease management programs.
Access to Better Healthcare: Health insurance members typically have access to a wide network of healthcare providers, including private hospitals and specialists, ensuring superior care when you need it most.
Ultimately, it is essential to reconsider the critical importance of purchasing health insurance at an early age. Not only can it give you peace of mind when faced with unexpected events, it can also ensure timely access to quality care when needed. Don’t put off making this decision that could have a major impact on your life and well-being.