Waiting to have medical aid?

Delaying can prove costly as you get older and at risk of illness - Expert

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Are you waiting to join a medical aid scheme because you think you do not need it right now as you are fit and in good health? If you are, think again; this decision could come to bite you in a big way and cost you a lot of money.

Waiting too long to join a medical scheme could cost you dearly later in life, when late joiner penalties can significantly increase your monthly medical aid contributions, says Michael Emery, marketing executive at Ambledown Financial Services.

He points out that many young South Africans opt not to join a medical scheme because they are currently in good health, or because they cannot afford medical scheme membership. However, he says, neglecting to do so can prove costly as you become older and at greater risk of illness.

"South Africans should ideally join a medical scheme as soon as they start working and before they reach the age of 35. Starting early is an investment in the future of your health and it is as important as retirement savings.

Everyone should have access to quality health care. As soon as you can afford it, you should invest in cover that offers primary care, diagnostics and hospital treatment."

Emery says late joiner fees and waiting periods are designed to prevent misuse of the medical scheme system and protect medical scheme members who have been members for many years.