Best Medical Aid if You’re Self-Employed

Self employed womanBeing self-employed has many benefits, not least of which is the fact that you’re your own boss and have control over how you use your time. On the flip side, however, it often means sporadic income that can change dramatically in value from month to month.

Also, self-employed individuals don't have the advantage of medical aid as part of "cost to company" remuneration packages. Instead they typically have to pay for medical aid cover our of their own pockets. This makes it doubly important to find the best available cover at an affordable price.

Choosing the best medical aid for your needs

The "best" medical aid for someone self-employed will depend on factors such as age, health status and budget.

For a young, healthy individual who's self-employed, a pure entry-level hospital plan that covers major medical procedures is probably sufficient.

A self-employed family breadwinner, on the other hand, may have to take the day-to-day medical costs associated with multiple child dependents into consideration, without compromising in-hospital cover. In this case, a hospital plan with savings or a low-cost comprehensive or semi-comprehensive plan may be the best solution.

For those nearing or past the traditional retirement age, the ideal is to opt for a more comprehensive medical aid plan, preferably one that offers generous day-to-day benefits, extensive chronic condition cover and excellent in-hospital benefits at private facilities.

Of course, it's important not to subscribe to a medical aid option that puts an unsustainable financial burden on your budget, whether you're self-employed or not.

Using a medical aid broker

Instead of simply guessing which medical aid plan will best suit your needs, it can help to consult an accredited medical aid broker. A broker has access to information about multiple open medical aid schemes and can perform an in-depth healthcare risk assessment to help identify your medical aid needs.

IFC is an accredited financial service provider specialising in the South African medical aid industry. If you're self-employed, contact us for friendly advice and help in determining the best medical aid option given your budget.