How to find the right health insurance plan for families

The COVID-19 pandemic has proven just how precious and uncertain our health and welfare can be given the rate of worldwide infections. No one can predict if and when you’re likely to fall ill or develop a chronic condition, which is why, during these uncertain times, Bloom and Momentum Health4Me stress the importance of having family health insurance cover. This will afford you access to quality healthcare services should you need it. Find out what you need to consider when you’re looking for family health insurance.

What is medical insurance?

Medical insurance or health insurance is an affordable alternative to a medical aid plan. It’s governed by the Short-Term Insurance Act and covers a list of preselected benefits with a monetary value attached to each of them. Historically, medical aid plans have often proven unaffordable to many South Africans and health insurance is designed to meet the needs of those from a lower income bracket who are earning between R8,000 and R30,000 per month. It’s best for day-to-day medical expenses and provides limited hospital cover, which is serviced through its network of approved providers. Health insurance plans can also include death and funeral cover. Check our helpful article if you would like to understand the difference between health insurance and medical aid.

Why it’s so important to have access to quality healthcare

Having access to quality healthcare is very important in this day and age. Quality healthcare can be very costly if you’re not covered by medical aid or a health insurance plan. A serious health incident can quite easily drain your personal finances and leave you in debt or being in a position where you are unable to afford the necessary medical treatment for yourself or a member of your family. While medical insurance premiums can seem like an unnecessary monthly expense, it will save you money in the long-run should you be faced with a medical emergency or chronic condition.

Choose a family medical insurance plan in 4 easy steps

There are a number of factors to take into consideration when choosing the right health insurance plan. While the cost is always an important consideration, it shouldn’t be the only thing you take into account especially if you’re considering your family’s needs, not just your own. Consider your family’s current and future medical requirements, which could include specialist visits or chronic medication, together with your budget. With these in mind, you’re on your way to identifying what is it you need and want from health insurance.

1. Consider your family’s medical needs. Decide what your family really needs in terms of a health insurance plan. Remember that your cover can vary from year to year depending on your lifestyle or circumstances so consider the type of medical healthcare your family members will require. You may decide to have a baby or a family member could develop a chronic medical condition, which will affect the type of benefits they need. Choose a plan where you will have access to the right kind of healthcare professionals and services.

2. Review all the health insurance plan options. Individual plans, like Momentum Health4Me Gold plan, Silver plan and Bronze plan are categorised by how much cover they provide. Once you’ve decided what type of cover you need for your family, it will be easier to match this up with the correct health insurance plan. However, if you’re still unsure, you can speak to a trained Bloom health insurance consultant for some pointers.

3. Check the premiums, deductibles and co-payments. Before you make a final decision, you should check the out-of-pocket costs relative to your medical needs for the year. For instance:

  • The premium is the monthly instalment you will pay for health insurance cover
  • A deductible is the cost you are required to pay before your health insurance kicks in
  • Co-payments are a fixed fee that you will be required to pay for certain services, like a visit to a specialist, surgical procedures or prescription medication

4. Provider networks. Consider the type of medical services you will need to use for the year, like pharmacies, hospitals or specialists, and check whether your health insurance company includes a robust network of approved providers.

Which plan is the best health insurance for a family?

The best health insurance plan for a family will depend on your family’s medical needs and your budget. There are three Momentum Health4Me medical insurance plans from which to choose. The Momentum Health4Me Bronze health insurance plan is an entry-level option that is generally better suited for healthy, single people with no dependents and who don’t have any chronic conditions or family responsibilities. The plan offers day-to-day benefits with limited in-hospital cover for major medical events.

The Health4Me Silver plan is a more balanced option that could be the right choice for young couples and families as it offers day-to-day benefits, some specialist benefits like dentistry, and in-hospital cover, including maternity. The Health4Me Gold plan is the premium medical insurance option that offers the most comprehensive cover, including specialist visits and in-hospital benefits. This is Bloom’s most popular option and is the best plan for those with chronic medical conditions, who may need to visit a specialist or who need to receive chronic medication.

The average cost of health insurance for a family of 4

The cost of health insurance for a family of 4 or larger would depend on the plan you get. Momentum Health4Me offers medical insurance for families in the Bronze, Silver, and Gold plan options. Compare medical insurance plans to help you decide which option suits your family’s medical needs. This breakdown gives you an idea of how much is medical insurance is per month.

Can you put non-family members on health insurance?

Yes, under special circumstances, you can put people who are not immediate family members on your health insurance plan. However, this can only be done under special circumstances and after gaining approval from your insurer.

Get affordable family health insurance with Momentum Health4Me

What kind of health insurance do you need? You can start by asking the experts! Bloom understands that healthcare and medical insurance can be quite confusing, especially when making such an important decision. Health insurance helps prepare for the future, and good quality medical care can often be quite costly for families, which is why you need affordable, comprehensive health insurance to access top-quality care at private medical facilities. We have a team of trained brokers who can assist in helping you choose the right plan for your family. Contact Bloom for your health insurance quotes and we’ll be happy to explain the fine print.

Medical Content Disclaimer

You understand and acknowledge that all users of the Bloom website are responsible for their own medical care, treatment, and oversight. All content provided on the website, is for informational purposes only and does not constitute medical advice. Neither is it intended to be a substitute for an independent professional medical opinion, judgement, diagnosis or treatment.

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Momentum Health4Me is not a medical scheme product, and is not a substitute for medical scheme membership. The information provided on this website does not constitute advice in terms of the Financial Advisory and Intermediary Services Act. Momentum is a division of Momentum Metropolitan Life Limited, an authorised financial services provider (FSP 6406) and a wholly owned subsidiary of Momentum Metropolitan Holdings Limited.

Bloom Gap Cover is not a medical Scheme. Products that are offered are not the same as that of a medical scheme.

© Bloom Financial Services 2023. Bloom Financial Services (Pty) Ltd is an authorised financial services provider (FSP 50140). Bloom Gap is underwritten by Infiniti Insurance Limited a licensed non-life insurer and an authorised financial services provider (FSP No.35914)

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