Most South African Medical Aid schemes are starting to announce the cost increase and changes to benefit structures for 2023. The majority of South Africans are taking strain under the current economic climate forcing consumers to make increasingly tough choices when doing their medical aid annual review.
Medical cover should be the last item to cut when reducing expenses. Instead, medical aid brokers should encourage members to do an annual review of their current medical aid plan cost and benefit structures. While we do not recommend cancelling a medical aid, we advise you to consider a plan that could be better suited to your medical needs and affordability.
While evaluating and comparing medical aid plans, remember that Glopin Healthcare Consultants are here to assist you in understanding the complex terms and conditions at no additional cost. Allow Glopin Healthcare Consultants to help you with your review or understanding of your current or comparative medical plan options. To also guide you in the process, the following questions are pertinent to consider when starting the process.
MEDICAL SAVINGS ACCOUNT
Was your medical savings account sufficient to last you through most of the year? If this was depleted by early March or April, you should consider upgrading your plan which will allow for higher coverage that will inevitably save you out-of-pocket costs throughout the year.
BUDGET/AFFORDABILITY
Have a look at what the cost increase in the new year for your current medical aid plan will be in conjunction with your monthly salary. Evaluating the benefits used and those not used in previous years enables you to decide whether to retain the current plan or change to a more cost-effective plan while considering the risk or reducing benefits.
BENEFIT CHANGES
More often than not members do not realise that medical schemes adjust the medical aid benefits year after year. It is particularly important to stay informed and read the annual benefit changes sent to members via e-mail or published on their websites. There is an array of changes that schemes could implement whether they are benefit enhancements or a decrease in benefits.
SUBMISSION DATES
Should you be upgrading or downgrading a plan with your existing medical scheme or completely changing to a new scheme it is important to note the deadline by which to have the submission completed is the end of November. Therefore, evaluating the plans between now and November to submit the changes timeously will ensure there are no disruptions between your existing cover to when the new plan will be effective by the beginning of January
THE BEST ADVICE AT NO ADDITIONAL COST
Choose an independent advisor such as Glopin Healthcare Consultants, who do not favour one scheme over another as they work with most major South African medical aids. Allow our brokers to do the tedious task of evaluating which scheme and plan are best suited to your needs at no additional cost.
Contact your Glopin Healthcare Consultant to commence the process for your annual medical aid review.
