By now, medical aid schemes will have already announced their plans, contribution levels and benefit structures for 2023. In this economy many have become increasingly conscious of their spending habits. Some have even resorted to either downgrading their medical aid plans or cancelling them completely to save money. Some companies such as Discovery, Momentum and Bonitas are keeping up with the recent trend, adopted during Covid, of freezing contributions for the first quarter of 2023 to alleviate some of the financial pressure members face.
Notwithstanding, some think that the best medical aid means having the most expensive plan. This is not always the case. Remember that the right plan is the one that works best for your individual needs.
The simplest way to find the best medical aid is by answering the following:
- What level of cover do you need?
- How much can you afford?
Once you have determined what your needs are then you will be able to assess which companies are able to provide for those needs. Some of the factors which should not be overlooked are the benefit limits and exclusions imposed by schemes. Although benefit limits are also set to increase, effective 1st January 2023 to keep up with inflation, members must take note of the shortfalls in cover which may still exist. This is where “GAP cover” becomes vitally important to provide for those shortfalls.
What is involved in changing your medical scheme?
While moving from one medical scheme to another may save you something on your monthly contribution, depending on your medical aid history schemes may impose either a 3-month general waiting period or a 12-month pre-existing condition waiting period whereby claims during those periods may be rejected. Also, when moving out of an existing scheme you may be required to pay back any savings that the scheme advanced at the beginning of the year to cover claims. This, however, is only applicable to members that 1) are on plans with medical savings and 2) are downgrading or cancelling their membership during the year, and 3) have over-utilised their medical savings.
Members will have until the beginning of December to submit plan change requests. Please refer to the details communicated by the schemes.
If you need any assistance with any aspect of your medical aid and GAP cover, please contact our healthcare specialist, Lorraine, on 011 656 2910 or via email: admin@maximuswm.co.za.