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Medical Aid for Pensioners offers financial cover for health-related expenses specifically for those at the stage of retirement. Medical Aid schemes in South Africa do not have an age restriction, but a fee does apply if you start your cover for the first time after the age of 35. Medical Aid for people of pension age can be difficult to compare. Often, as people reach retirement age, their disposable income decreases, but their health risks increase. That is why it is always best to get advice from a professional financial advisor or Medical Aid broker.
Advantages and disadvantages
As a pensioner whose budget is tight but whose medical expenses are expected to increase due to their age, it is vitally important to note that there are options available to suit their budget and their medical needs. Pensioners could benefit from considering Medical Aid plans that include comprehensive in-hospital cover in case of medical emergencies, day-to-day cover for GP visits and medication, as well as dentistry and optometry.
But, if you have never signed up for Medical Aid before, and you’re of pensioner age, you will have to pay a late joiner penalty fee that can increase your monthly premiums by up to 90%. This fee is dependent on age, so someone who is 65 will pay less of a penalty fee than someone who is 80, for example. There is usually no waiting period for a payout for a pensioner if they had some form of Medical Aid before. If you have not belonged to a Medical Aid scheme before, a waiting period will apply.
If you have yet to invest in Medical Aid, or have decided to take out a new policy, it’s best to do your research before you apply. Compare benefits and prices online with Hippo.co.za and you’ll be on the right path to finding the best deal for you.