Updating your budget for 2024? Don’t overlook health cover.

Are you updating your financial planning for 2024? Don’t overlook health cover. 

At Bloom, we understand the importance of protection against unforeseen medical costs, offering peace of mind for you and your family. From comprehensive health insurance to medical aid and gap cover, we provide options that cater to everyone’s needs and budgets.

Why is health cover important?

  • Financial protection: Avoid the heavy costs associated with medical treatments. Our range of health cover options, such as medical aid, health insurance, and gap cover, ensures you don’t face these burdens alone.
  • Access to private healthcare: Secure access for you and your family to top-quality healthcare services.
  • Peace of mind: Rest easy knowing you’re protected against unexpected medical expenses.
  • Better healthcare options: Gain timely access to necessary treatments, which can be important for early diagnosis and managing health conditions.
  • Preventative care: Benefit from regular screenings and check-ups that help maintain overall health and prevent severe illnesses.

Who benefits from comprehensive health cover?

Health cover is essential for everyone, regardless of age or health status. 

At Bloom, our range of health insurance, medical aid, and gap cover products are designed to meet the needs of various groups, ensuring that all South Africans have access to quality healthcare services.

  • Individuals with pre-existing Conditions: Managing ongoing health issues such as diabetes or heart disease can be financially draining. Our health plans help cover costly treatments and essential medications, reducing out-of-pocket expenses and ensuring continuous care.
  • Families with children: Children’s health can be particularly unpredictable, with frequent visits to doctors and potential emergency treatments. Our health plans provide comprehensive cover that supports families through every health milestone, from routine vaccinations to unexpected illnesses, ensuring children receive the care they need when needed.
  • The elderly: As we age, our health inevitably deteriorates, and the likelihood of requiring frequent medical attention increases. Early enrolment in a suitable health plan can mitigate the risks associated with ageing, such as arthritis, osteoporosis, and other age-related conditions. Our plans offer tailored options that focus on the needs of older adults, providing them with peace of mind and sustained quality of life.
  • People with chronic conditions: Chronic diseases require ongoing management and can lead to significant financial and emotional strain. Our health cover facilitates regular access to healthcare providers, medications, and treatments necessary to manage these conditions effectively.
  • Pregnant women: The journey through pregnancy and childbirth involves numerous medical appointments, tests, and potentially high-risk procedures that can be costly. Comprehensive health cover from Bloom ensures that expectant mothers have access to the best prenatal and postnatal care, covering everything from ultrasound scans to delivery, making the experience as safe and stress-free as possible.
  • Active individuals and sports enthusiasts: Injuries can happen unexpectedly for those who lead active lifestyles or participate in sports. Our plans often include specific provisions for sports-related injuries, ensuring you are not financially disadvantaged by accidents and have access to prompt rehabilitation services.
  • Frequent travellers: If you travel often for work or pleasure, having health cover that protects you abroad is crucial. Our plans can include cover for medical emergencies overseas, giving you confidence that you are protected, no matter where you are in the world.

Quality health cover from Bloom, encompassing health insurance, medical aid, and gap cover, ensures that everyone—from the young and healthy to the elderly, and from single individuals to large families—can access the healthcare they need without financial burden. It’s not just a safety net; it’s an investment in your health and

What are the risks of not having health cover?

Lacking adequate health cover can expose individuals and families to various risks that can have long-term consequences on their health and financial well-being:

  • Financial risk: Without health insurance, medical aid, or gap cover, you are responsible for paying all medical expenses out of pocket. This can lead to significant financial strain, especially in unexpected illnesses or accidents requiring expensive treatments or hospitalisation. The cost of surgeries, emergency room visits, medications, and ongoing care can quickly deplete savings and lead to crippling debt.
  • Limited access to healthcare: Those without health cover often face limited access to healthcare services. Private healthcare providers may require upfront payment before treatment, and without insurance, many are forced to rely on under-resourced public facilities. This not only limits your choices of healthcare providers but may also affect the quality of care you receive.
  • Delayed treatment: One of the most critical risks of not having health cover is delayed treatment. Individuals without coverage might postpone seeking medical help due to cost concerns. This delay can exacerbate medical conditions, leading to more severe health issues that are harder and more expensive to treat. Early detection and treatment, which health cover facilitates, are often vital to better health outcomes and can be essential for conditions like cancer, heart disease, and diabetes.
  • Impact on overall health: Over time, the lack of prompt and adequate medical care can lead to deteriorated health, reducing quality of life and increasing the likelihood of long-term disability. This can impact an individual’s ability to work, further straining financial resources and contributing to a cycle of health and economic hardships.
  • Emergency situations: Handling medical emergencies can be incredibly challenging without health cover. Emergencies require immediate and often intense medical interventions that can be financially overwhelming without insurance to cover the bulk of the costs.
  • Broader social impact: On a larger scale, when a significant portion of the population lacks health cover, it can lead to wider societal issues. These include increased healthcare costs for all due to a higher burden on public health systems and economic inefficiency from a less healthy workforce.

The risks associated with not having health cover underscore the importance of securing a comprehensive health insurance, medical aid, or gap cover plan. Investing in health cover is not merely a preventive measure but a crucial step towards ensuring long-term health stability and financial security. Bloom offers a variety of affordable and comprehensive plans tailored to meet the needs of different individuals and families, ensuring that quality healthcare is accessible and affordable for everyone.

How to budget for medical costs in 2024

The best way to make sure you include health cover in your budget is planning. There are various advantages to creating a budget, like gaining greater financial control over your income and expenses, which will allow you to make informed decisions about where and how you allocate your money. Furthermore, when you have a budget in place, you will find that you can identify areas where you can cut back and save, which leads to increased savings in the long run. It’s also a great way to avoid and manage debt. If you’re disciplined about your budget, you will refrain from overspending on expenses you don’t really need. 

Here are some ways you can implement financial planning methods to ensure you include health cover in your budget and avoid rising medical costs: 

  1. Determine your monthly income. This is the gross income you earn each month.
  2. Calculate your expenses. This includes housing, food, transportation or loans, like car repayment. 
  3. Allocate a portion of your income for health cover. To do this, set aside approximately 10-15% of your monthly income.
  4. Compare different health cover plans. Take a look at medical aid, health insurance and gap. They offer different benefits and have different cost implications. Choose the option that best serves your medical needs and your available budget. Once you’ve selected a plan, contact a broker to to sign up.
  5. Monitor your spending. Keep track of your expenses to ensure you remain within your budget.

For affordable, reliable health cover that gives you and your loved ones the care you deserve, choose Bloom. Contact us to discuss your options and secure your health future today.

Your journey to quality healthcare starts here.

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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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