Why Medical Aid is like a Rubik’s Cube – and how a healthcare advisor can help solve it
You have some important decisions to make. Why? Well, it’s that time of year when your medical scheme shares their benefit and contribution changes for 2023. This means that you need to decide whether to stay on your current plan, or switch to a more suitable one for your lifestyle.
Medical aid can feel like a Rubik’s Cube sometimes. You’ll spend time navigating all the details and fine print, and as soon as you think you’ve found a solution, you’ll notice you’re missing something vital, and you’ll have to change your mind all over again.
It’s not your fault though. Because there are so many medical schemes to choose from, all with a variety of plans, this can be highly challenging to assess on your own. That’s where independent healthcare advisors can help, as they have the knowledge and experience to guide you through this process, so you can make the most informed decision possible.
It’s important to know that this advice comes at no extra cost to you, as it’s already priced into your monthly premium – so really, you have nothing to lose, and everything to gain, by working with a healthcare advisor.
Here’s how else a healthcare advisor can benefit you:
- Affordability: Medical aid is a high-cost line item in your budget, so you need to choose a plan that best provides for your family, while at the same time being affordable. In this context, it’s equally important to understand what your chosen plan does NOT cover, and which products are available to help close those gaps.
- Financial stability of a scheme: If you’re thinking about moving to a new medical scheme, you need to give serious consideration to how financially sound that scheme is. Healthcare advisors conduct objective and independent financial assessments every year to ensure the long-term sustainability of various schemes, providing invaluable input on this aspect.
- Finding the best complementary product: As medical schemes evolve and medical professionals’ costs are not regulated, members face escalating out-of-pocket expenses, linked to tariff shortfalls and co-payments. For this reason, Gap cover is no longer a ‘nice-to-have’ but a necessity. Not just that though – your Gap policy needs to complement your chosen medical scheme plan, by addressing as many of those ‘gaps’ as possible.
- Medical scheme alternatives: As members are placed under increasing financial strain, a growing number are considering cancelling their medical scheme membership and looking for alternative cost-effective private healthcare cover. One possible solution is Primary Health Insurance (PHI) products, but it’s important to note that there are crucial differences between these products and medical aids. Advisors can provide the necessary advice on these differences, including the consequences of resigning from your medical scheme, plus the implications should you wish to re-join.
Your relationship with Sasfin Healthcare Consulting
Our goal is to develop a deep understanding of the individual member’s and your company’s healthcare objectives. While our services focus on giving the best advice to our clients, we pride ourselves on our education initiatives too, giving you regular industry insights and advice. This means that we can customise our healthcare service offering around your needs and budgets, ensuring that you and your family (or employees) stay healthy and happy.
To learn more please contact Sasfin Healthcare Consulting on 011 445 8059 or email firstname.lastname@example.org
Charleen Rix, CFP®
Head Healthcare Consulting, Sasfin Wealth