Medical aid plans can be confusing and pricey which is why it’s important to compare the various options and benefits to ensure you find a medical aid that works for you and that is within your budget.”It is imperative that the decision you make regarding your and your family’s health and wellness is balanced against affordability”. For existing medical aid members, it’s the time to analyze the plan you are on, whether it meets your health needs and compare it to the various options available” explains Lee Callakoppen, Principal Officer of Bonitas Medical Fund.
The Competition Commission report echoes the inquiry’s 2018 findings that a lack of competition in the private healthcare industry is fueling increasingly unaffordable healthcare costs. Former Health Minister Aaron Motsoaledi wanted to understand just why private healthcare was so expensive before the government began buying services from the sector under the National Health Insurance (NHI). According to the Head of GTC Health Care Consulting, Jill Larkin medical aids are expensive because “members of the medical aid continue to use the medical aid to such a degree that they have no choice but to up the premiums if we wish to enjoy the level of cover we currently have. The government is working hard to improve services and match medical schemes but it is moving too slowly says”.
On the other hand, Callakoppen says that completing a simple personal healthcare needs analysis will help you determine what level of cover you need. “Consider how much you and your family spent on medical expenses over the past year as a guide and then ask yourself the relevant questions focusing on the number of times you sought medical attention, consulted a specialist and the amount of medicine you bought in the year. “Then consider which expenses won’t come up again soon like childbirth and which are likely to come up again such as flu and chronic conditions like high blood pressure and diabetes. If you discover that you hardly claimed or have very few medical expenses, then you can choose a lower level of cover” adds Callakoppen.
“Once you have an idea of what you might need for the year ahead in terms of healthcare, then take a look at your budget and decide what you can afford and remember that the rule of thumb is that contributions should not exceed 10% of your monthly income”. Your health and that of your family is important so it is vital that you are comfortable with the choice you make and are confident your healthcare needs will be taken care of” adds Callakoppen.
