FACT : the 2 greatest areas of financial risk from high medical expenses are private hospitalisation and dentistry costs.
FACT: If you have the ability to manage your own medical aid, you have the potential of saving premium.
FACT: There are plans that address both these areas!
The one size fits all medical aid is really expensive!
However, Fedhealth gives you the ability to structure your medical aid and therefore how much you pay.
There are 4 core plans to choose from) that provide you with in-hospital benefits, chronic benefits, screening benefits day-to-day benefits and additional benefits. All core benefit bundles come pre-packed with value-added benefits paid from Risk, not from savings.
You then choose the type of day-to-day savings fund that you prefer.
For young people who are single, in a relationship or just married. An affordable hospital plan with day-to-day savings that gives you solid medical aid cover at a great price.
Perfect family hospital plan and savings option if you’re just starting your parenting journey, with generous maternity and childhood benefits to give you extra peace of mind.
Ideal for growing families, with generous maternity and comprehensive childhood benefits to take care of your precious bunch.
Provides solid medical aid cover for more mature families whose kids are no longer toddling about.
All plans (except flexiFED 1) cover hospitalisation at any hospital.
The ANY HOSPITAL flexiFED plan offers no additional discounted premium.
The GRID plans offer an full cover if you use listed hospitals for planned procedures (outside of an emergency).
There is an 11% premium discount for joining this option.
The ELECT plans offer full cover at any private hospital with a R 12,500 fixed excess for planned procedures.
Nothing for emergencies. This excess may be on top of the standard claim shortfalls and co-payments each plan carries.
There is a 25% discount when joining this option!
Medical aids have a fund from which you pay all day-to-day costs.
They provide a pre-determined amount of money, available for you to pay your out of hospital costs and you immediately start repaying that over 12-months. A portion is added to your premium.
So, the savings account within a medical aid is really a “compulsory loan”, as from the start, you are forced to repay savings whether you use them or not! You have no choice.
Fedhealth feel this is wrong and offer you a revolutionary MediVault to pay for your day-to-day benefits.
You are allocated an amount of money that’s available, ready and waiting for you in your MediVault for day-to-day medical expenses. Only once you need it, you can transfer these funds from your MediVault to your Wallet, and only then will you start repaying that amount over 12 months or less. BUT the choice is yours – if you prefer the old way, you can just transfer your entire MediVault at the beginning of the year, and it will work exactly the same as what you are used to with your old medical aid. Like other schemes, they also make an amount of money available for you - but you only repay the portion of savings that you actually use – (not all of it) - once you start spending funds.
This is what makes the MediVault a game changer. Why should you pay for something you haven’t used yet?
How the day-to-day savings work...
If you have the ability to pay back only what day-to-day savings you have used,( interest-free over 12-months), opposed to a full repayment of the amount, you will reduce your total medical aid costs.
It is that simple.
The total premium you pay every month, is made up of two parts.
The first part is your hospital/risk cover and the second part is your contribution for day-to-day benefits.
With flexiFED, any amount of savings you spend and repay, is voluntary and at your discretion!
You have the ability to decide just how much you want to spend on your medical aid.
You choose the amount of day-to-day funds you want to use and only repay that portion when you spend it.
Repaid over 12-months interest-free!
If you do not use your savings, you keep your premium low! Yet you can keep savings there for when you do need it!
Again, why keep on paying for a benefit that you don’t immediately need?
When you pay from your savings, you then repay that amount used over the next 12-months (or less if you want to) and your premium increases - until the amount you spend is repaid.
Your premium then drops down again to paying only the “risk” portion.
FLEXIBLE members don’t pay for day-to-day benefits until you use them. This could save you thousands every month.
You pay less without compromising the quality of your cover.
You are in full control over how much you pay for your medical aid.
You will have one debit order each month – made up of your Risk/Hospital cover contribution and your MediVault repayments.
Any unused funds in your Wallet will transfer to the next year, so you won’t lose it.
This works the same way as all South African medical aid savings funds work.
Your full annual saving allocation is ready for use from the start.
Your premium, remains the same throughout the year.
You know how much you have in your fund for the year.
You will have one debit order each month.
The amount of savings in the FLEXIBLE option is greater than those in the FIXED option.
If you have higher than expected day-to-day costs, you can switch to the FLEXIBLE option at any stage, releasing additional funds for you to use!
You can “unlock” funds beyond your initial FIXED allocation and only re-pay what you use – not the full allocation.
NO OTHER SCHEME OFFERS THIS BENEFIT!
This is especially important to those who run out of the “traditional” savings during the year!
And remember only Fedhealth allows you to upgrade your plan at any time!
So, you don’t even have to join an expensive, high benefit plan today.
Join a lower option - safe in the knowledge that should you suffer a life-changing event, you can upgrade to a plan that will help you when you need it.
Buy the cover you need now, not on a “what if” basis like with other schemes!
Now you really control what your healthcare cover costs.
All plans pay these listed benefits, meaning your savings will last longer:
There are 3 variants to consider using:
Make the most of the GRID and ELECT plans by joining a Top Up plan, which will pay shortfalls and co-payments on these plans.
If you accept a little extra admin when using your day-to-day savings, you can reduce your premium even more by choosing the FLEXIBLE option which gives you full control and flexibility in managing your costs.
OR, if you prefer to have Fedhealth do the savings administration and have the certainty of what funds are available at any time, along with your monthly premium you pay then choose the FIXED option.
TO SUMMARISE THE SAVINGS ...
On the Flexible plan you only start repaying the savings you use, when you spend them.
So, your next premium will rise by 1/12 of the amount you took from savings. This continues for a year till that amount is paid back – interest free. No savings use and your premium remains low!
This method has a substantially higher savings allocation.
If the Flexible plan is a concern, then consider the standard Fixed plan – which works like other medical aids – where you have a set premium, irrespective of the savings you spend.
I am here to help you decide AT NO ADDITIONAL COST!
Fedhealth pay me a fee to help you join.
Let's see just what you can save on your medical aid costs.
ASK “WHY?” other medical schemes make you take a "compulsory loan" for your savings account - even if you seldom or never use it!
ASK “WHY?” other medical schemes make you pay for so much from your savings?
ASK “WHY?” other medical schemes do not allow you to control your costs?
Do you want the BEST HELP FOR FREE?
We have a Facebook page as well ...
Medical aid pays healthcare costs.
What if a disability STOPS your income?
Last update: April 6, 2021
MedBioWorld: one of the largest Internet sites for medical and biotechnology journals, associations, databases and other resources.
Medical Aid Authority Peter Pyburn.
South African rights reserved.