When you look at the different types of financial products available to you, many can be difficult to understand. It can feel like its own world, where a different language is used! Unfortunately, the same can be said about medical insurance. It’s hard enough to know if a medical insurance cover is tailored for you, but it can be even harder to know how to customise your plan so that it’s perfect for you.

Don’t worry, because the Info Hub team will be breaking down the process of how you can make medical insurance cover tailored for you, step-by-step. We want to make sure you have all the information you need, so that you’re happy with the decision you make.

This article breaks down:

How to Tailor Your Medical Insurance Cover

Before we break down how you can have medical insurance cover tailored for you, we must make one important note: Medical insurance is not a medical aid scheme, and the cover is not the same as that of a medical aid scheme. Medical insurance is a tool that gives you access to private healthcare benefits like doctors, dentists, medicine and more at a really affordable price. With that said, the first step in tailoring your medical insurance cover is choosing which plan you prefer. Many medical insurance companies offer standard plans, as well as premium plans that provide more comprehensive cover. Then it’s time to think about who else will be on the plan with you, since the number of dependents and how old they are will affect your monthly premiums. Once that’s decided, you can then look at any additional benefits that are available. Maybe a medical insurance cover that’s tailored for you means having access to doctors and emergency services, or maybe you’re looking for some lifestyle benefits like store discounts or counselling. What you decide will be based on your needs.

Lastly, go through different medical insurance companies to see if there are any special combinations for their plans. Some companies have already thought about what medical insurance cover tailored for you looks like, so you could run into some really good deals.

The Benefits of Choosing a Tailored Medical Insurance Plan

The problem with one-size-fits-all plans is that they could put you in either one of these situations: You end up paying more than what is necessary for benefits you don’t plan on using. Or worse, you get a plan that doesn’t cover all of your essential needs. Having medical insurance cover tailored for you allows you to avoid either situation. With a tailored plan, you control the number of benefits you have access to, how many dependents get to use those benefits and more. With that freedom, you can think about which benefits you and your loved ones will need the most. Another bonus for tailored plans is the fact that you get more leeway with your budget. You might feel that a certain premium plan would have been perfect for you, only to be put off by the price. Having medical insurance cover tailored for you allows you to push your budget to get the benefits you want, without going completely over the limit.

Determining the Level of Cover You Can Afford

The main aim of having medical insurance cover tailored for you is to strike a balance between the benefits you need with how much you can afford month-to-month. Since medical insurance plans have limits and exclusions, it’s important to figure out which level of cover ticks all the boxes. If you have a chronic disease that isn’t covered on a standard plan for example, it would make more sense to go for a premium plan that does. If you’re looking to get medical insurance for someone that might need accident cover but is young and healthy, it might make sense to get something that’s standard. Medical Insurance plans are designed to be affordable, so you won’t find yourself paying extremely high premiums anyway. This is why you can allow your needs to help you in determining which level of cover you can afford.

Conclusion

That’s all for this article! Understanding these plans can be a hassle, but having medical insurance cover tailored for you can really be a game-changer when it comes to accessing private healthcare. We hope this article has helped to make that journey much easier.

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Not all Medical Insurance plans are the same and benefits as well as limitations may vary. Descriptions of benefits given are meant to be for general educational purposes only and you must ensure that you seek the advice of a broker to ensure any product choice you make suits your individual needs