The giants in the world of medical aid would have you believe they got there out of merit. Instead of a big advertising budget. If you want to know the truth about which cover will benefit you most, it’s important to compare quotes.
How to Compare Quotes
To do this, you can either go through medical insurance brokers or use online medical insurance comparison engines. Choosing between the medical insurance brokers and comparison sites is almost as complicated as choosing a medical plan yourself. So we’re comparing them in the below list.
Medical Insurance Brokers vs Comparison Sites
1. Efficiency
Medical insurance brokers obtain quotes from each individual scheme, the same way that you would if they’d let you. Comparison sites generate medical aid quotes a lot quicker by sending your details to the relevant parties simultaneously. What’s more, the comparison site gets them to call you so you can ask them all the questions you have directly.
2. Cost
Few medical schemes in South Africa deal directly with the public. There will most likely be a broker fee. The amount of this broker fee, however, differs. Medical insurance brokers may receive a higher fee from one medical scheme than another and promote this over the other options. This means you’ll end up paying more for your medical plan. Comparison sites, on the other hand, do not receive a percentage of your premium as a fee. So they do not promote any one medical aid over another. This allows you to compare the cost of each plan fairly.
What’s more, comparison sites are free. So even if you have cover, you can use them to compare other options and determine if you’re currently paying too much on your medical plan.
3. Expertise
Comparison sites don’t offer advice or answer questions about medical cover. Medical insurance brokers, who have written the FSB regulatory examinations, are qualified and experienced enough to provide sound advice about which plan to go for. Remember, your plan is about more than just the premium. Medical insurance brokers know how each scheme operates and can relate the pros and cons of each.
4. Opting Out
The Consumer Protection Act (CPA) makes a cooling-off period compulsory (that is, within one week of taking out cover, the insured can opt-out without penalties). Comparison sites don’t often give you the option to go through the policy before you accept it. Everything is dealt with over the phone.
Medical insurance brokers, on the other hand, enable you to go through the document before you sign it. Comparison sites for medical insurance send your details to relevant third parties to provide you with a quote. These parties can explain the small print to you before you agree.
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