Don’t Reduce Medical Cover and Lose Your Health

December 15, 2021

Paying for medical cover has become a huge financial burden for South Africans – an unnecessary evil. However don’t just reduce medical cover on a whim.

A condition like cancer, stroke, diabetes or heart disease without a medical aid can drain all your savings.

Many people want to reduce medical cover, particularly people reaching retirement age. They feel that without an income, they won’t be able to keep up with the monthly premiums.

Hloni Mphahlele from Alexander Forbes Health says that retirement is when you most need good medical aid cover.

Apply for your medical gap cover quote immediately by completing and sending the form on this page. Medical aid scheme members only

Reduce Medical Cover – Medical Aids are Not for Profit

Reduce Medical CoverMphahlele said that many retirees downgrade from their comprehensive cover to a lower-cost option. Or they even take the plunge and abandon their medical schemes entirely.

Mphahlele also warned against health insurance that pays a certain amount for each day you spend in hospital. He said this wasn’t a better and cheaper option for medical scheme membership.

She said that although the providers of services to medical schemes do make a profit, medical scheme are not-for-profit entities. And that all the contributions they collect go to pay claims and build reserves.

Reduce Medical Cover – Medical Aids Trying to Stay Afloat

People are finding that their medical aid contribution is far bigger than their benefits which don’t increase but get less. Medical inflation is higher than other inflation, and there are many reasons for this. One reason is the high cost of private health and the high-profit margins of some pharmaceutical companies.

For medical aids to stay afloat, they introduce a higher than usual contribution increase. So if your scheme’s contribution increases are greater than the industry norm, you should look for something better. A good medical aid scheme should communicate with its members. It should keep them informed and up to date with contribution changes.

Reduce Medical Cover – Get Clarity with a Financial Advisor

Many people are opting to reduce medical cover. They do this to bridge what they can afford and the above-inflation rise in medical aid premiums.

Members get fewer benefits and be paying up larger amounts for hospital stays and day-to-day care.

If you are desperate about the rising costs of medical aids, it is imperative to consult with a financial advisor. Find out exactly what cover you have and that your family has everything it needs.

Reduce Medical Cover – Gap Cover has become a Necessity

Gap cover has come about to cover the gap between what specialists charge and what the medical aid will cover. Your medical aid will likely pay out at 100% of tariff. But you will be liable for the shortfall of the medical bill.

Gap cover doesn’t take the place of your own medical scheme cover. However it is necessary, complementing the shortfalls that occur.

Reduce Medical Cover – Only Pay for the Health Care you Need

There are different ways to save money on your medical bills, but that is another topic altogether. Don’t try to cut medical aid costs by putting your health at risk. Your health is everything. When it goes, all is lost. And you won’t have any money either to try and restore it as it just costs too much. Re-look at your medical aid and make sure that you’re only paying for what you need.

Apply for your medical gap cover quote immediately by completing and sending the form on this page. Medical aid scheme members only

All info was correct at time of publishing