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The 2025 premium increases have been announced, and they are around 10% higher than the 2024 rates!
This is frightening, especially when CPI is around 6%!
It has now become vital that you look to ways of securing the finest hospital care at the best price you can.
Private hospitalisation can have unforeseen, huge expenses.
Costs can be so high that you cannot afford private care and may have to resort to state hospitals for treatment, which is not a desirable situation.
Costs like GP visits, dentist appointments, and chemist bills form out-of-hospital costs.
We have never had a client who has become bankrupt because of high out-of-hospital costs.
Although many members self-pay these costs, you may want some security so you can afford to pay for these treatments.
A medical aid offers two ways to pay for out-of-hospital costs:
Either way, having these out-of-hospital benefits increases your overall premium. Living in a country with an ineffective national health service, you need to be able to afford the finest private hospital care. Here are three ideas to consider:
All medical aids offer these plans however, Fedhealth offers an excellent plan that deserves your attention! Fedhealth Medical Aid is truly an exceptional medical aid because they really do offer the best, affordable, unique, value-added benefits of any scheme in South Africa. All plans have excellent in-hospital benefits and the offer of day-to-day savings which are re-paid only when you spend them! If you choose NOT to use the savings, you have a hospital plan! Just look at their hospital benefits: Premiums from as little as R 965 pm for a single member. From generous maternity and childhood benefits for young families, to extensive chronic benefits for older members, or treatment in a casualty ward after falling off a mountain bike for sporty members… they have you covered. Some brokers advocate joining a medical aid hospital plan and combining it with a day-to-day medical insurance for out of hospital benefits.
However, this idea has several concerns: These concerns aside, you can join a Day-to-Day insurance plan along with your Medical Aid to increase your out-of-hospital benefits. Combining a day-to-day insurance plan with your medical aid can increase your out-of-hospital benefits, providing you with more comprehensive cover. This approach allows you to create your own savings fund for medical expenses and although it takes time to grow, it is your money, and you can spend it as you wish. The fund can double as your emergency fund, unlike savings held within a medical aid, which can only be spent on medical expenses. You can use an access-type home bond as your savings fund. Facing these huge medical aid increases going into 2025, many members may have no choice but to downgrade their plans If this is something you are concerned about, we urge you to contact us for support and guidance on any decision you may make. Protect yourself against these potential threats, by joining a GAP or top-up insurance plan. This separate insurance will cover most in-hospital claim shortfalls and any co-payments. It is a vital safety net, ensuring you have adequate benefits for medical treatments without bearing the full burden of unexpected costs. Protect yourself from soaring medical expenses by bridging the gap between medical scheme rates and the charges imposed by private providers. Dental treatment is something we all need and it is vital you consider the Best Dental Insurance Plan OR Most Affordable Dental Planin South Africa. No Medical Aid or have a Hospital Plan only? This plan will help you meet the high costs of both normal and specialised dentistry! Talk to me .... I am here to help you - at no charge! 083 655 2164 You must consult the schemes/company product brochures and rules for comprehensive benefit descriptions. We will offer you the best help at no cost! Medical aid pays healthcare costs. Disclaimer, Medical Disclosure Find a Health Clinic close to you. South African rights reserved. Last update: October 31, 2024What to Do:
1. Join a Medical Aid Plan with Unlimited Private Hospital Benefits
2. Consider Combining a Medical Aid Hospital Plan with Day-to-Day Medical Insurance
Each plan has its own rules.
This makes them way more secure than a medical insurance which can totally exclude certain pre-existing conditions and elective procedures.
They cannot exclude these conditions, and only impose a maximum waiting period of one year.
Medical insurance generally requires members to pay costs upfront and then submit claims for reimbursement.
This can be problematic.
You are responsible for paying any shortfall.
Medical aids must provide full benefits for 27 chronic illnesses.
These are vital in reducing the severity and cost of possible future illnesses.
And it works with any medical aid.3. Join a medical aid hospital-only plan and self-pay your day-to-day costs or create your own savings fund to do this.
In this way, when you do not need to spend from the bond, you pay your loan capital far more quickly and can save huge interest over the term.But never be without private hospital cover!
Medical aids add procedure co-payments as well.
These are significant concerns for medical aid members.
The costs of braces, root canal, implants and so on, can run into thousands of rand. Most treatments are done out of hospital, so are funded from your savings. That can result in less money available for other medical needs and family limits being used on one member only!
Send me your questions and concerns. I'll answer them for you.
What if a disability stops your income?
YOUR TRUSTED, QUALIFIED ADVISOR:
Peter Pyburn - Authorsed Financial Services Provider, fully licensed to render financial services since 1991. Death and Disability Planning; Retirement Planning; Investment Planning; Healthcare and Estate Planning.
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