- November 23, 2016
- Posted by: MoneyJunction
- Category: Medical Aid
Are you serious about making sure you get the most mileage out of your hard earned money? One of those painful debit orders that run on payday every month is your medical aid premium. So how do you go about making sure you find the right medical aid scheme for you and your family?
We’ve come up 6 easy steps you can follow:
Start with making a list of medical aid schemes you are interested in joining.
Now contact each scheme and get the following information from each of them.
1. Membership size
It’s quite simple – the more people on the scheme the better. Bigger schemes can negotiate better prices with hospitals, pharmacies and doctors. There is also more cash available for those times when everyone seems to be claiming.
2. Is the scheme growing?
Is the scheme attracting new members and growing? Or is the scheme stagnant, or even worse than that, losing members? A scheme that isn’t growing means existing members need to carry increasing costs.
3. Solvency ratio
By law a medical aid scheme must have a solvency ratio equal to 25% of its gross contributions (from members). If the level drops below this, the scheme needs to increase its monthly contributions or decrease benefits in time to come.
4. What have the scheme increases been year on year?
By how much did the scheme increase its contributions this year over the previous year? If the increase has been much higher than average then it could indicate problems.
5. Service levels
Ask them how quickly their claims were paid in the past year? Ask other members of the scheme about their experiences with the scheme’s service? Ask your doctor what he thinks about the scheme and its paying of claims?
6. Plan vs Plan
Once you have satisfied yourself with information on the points above, decide what you can comfortably spend on a medical aid plan for you and your family. Then get comparative quotes for the schemes you are looking to join and compare the benefits offered.