Is Coronavirus Lock Down Taking Your Money?

Is your income dropping and you need to cut your costs?.

Before you terminate your medical aid, please consider this advice.

new on lockdownJUST IN!!

The leading medical aid has 2 initiatives to assist their members during the Covid-19 outbreak:

  • Members may pay up to three-months medical scheme contributions from positive (carry-over) MSA balances
  • Qualifying SME employers are offered a concession to defer up to two-months of medical scheme contributions of their employees. These contributions would need to be repaid over a period of up to 12-months after the deferment period, interest-free.

Appoint us and we can investigate your options at no cost to you!

Whilst lock-down may be vital to “flatten the curve” allowing South African healthcare services to prepare for the worst, it is destroying our income and savings!

Saving of lives can never be compared to strangling an economy … at least in the beginning!
New infections are dropping, partly due to the lock-down, but increasingly more lives are being put at risk by having no money to live off.

The threat of poverty related illness and crime is going to increase and something will have to be done to reduce the severity of lock-down It is only a matter of time.

The media is packed with options on debt relief, guides on how to budget, take payment holidays, start second – online- career, reduce your home bond and wisely spend your money during the lock-down
Just Google and see.

This blog is about saving your Medical Aid - especially if you are paying for it yourself and are not a company employee.

In tough times one of the first “expenses” that people look to cutting is insurance. Medical Aid is mostly the first insurance to go, as it is seen as a grudge purchase! Something that we can safely do without.
Or can we?

All we see, hear and read about today is Covid-19 related illness!
And we tend to forget that all the other illnesses – that were present before the Corona Virus – are still there!

All the healthcare threats that required us to join a medical aid, still exist.
In fact, they may be heightened if we get this virus! Illnesses and accidents have not gone away!

Conditions like broken bones, appendicitis, cancer, heart attack, stroke and kidney concerns still threaten us.

You may also have underlying medical concerns you do not even know about, like insulin resistance that Covid-19 just loves!

private hospitalThe cost of private hospitalisation has not reduced!

If you get the virus, you get complications.
And complications may mean you go to hospital.

Because of added pressure on all our state hospitals, you may have no choice but to go private and face extra costs.

Who will then help you with paying those costs?

Please don’t stop your Medical Aid!
The risk you face without help to pay those costs is too great.

What must I consider for my medical aid need?

It goes without saying that you need at least a hospital benefit medical aid.

A plan that will guarantee you admission to a private hospital.
No up-front deposits to pay.
And unlimited cover.

A plan that pays for:

  1. life-threatening (accident, stroke, heart attack, etc.) and life-sustaining (cancer, kidney, etc.) treatment.
  2. casualty treatment.
  3. specialists and treatments like MRI and CT scans.
  4. in-hospital radiology and pathology.
  5. diagnostic scopes - gastroscopy, colonoscopy, sigmoidoscopy and proctoscopy
  6. chronic medicines you may be prescribed.
  7. mental health – so important in these uncertain times.
  8. day surgery procedures and treatments like biopsies, eye, ear, nose and throat procedures

medical aidWhat type of Medical Aid plan is really affordable?

Most schemes offer lower-cost plans that offer only in-hospital benefits and chronic medicines, or the use of networks, or premiums that are income-related. All will have lower premiums than comprehensive plans.

Most medical aids do allow ta downgrading of plans once a year, so investigate your options and ask them.

Your greatest financial risk lies in private hospital costs.
Most people can comfortably manage day-to-day expenses like doctors, dentist and chemists. If you are going to land up in debt as a result of medical costs, it is more than likely going to be from hospital costs.

So never be without, at least, a hospital benefit medical aid - especially these days!

There is an income-related plan that will allow you access to any hospital!

One particular income-related premium (network plan) is larger than most medical aids!
That must mean something! Join this plan and you get lower premiums with the largest and most secure scheme in South Africa!!

Consider a plan with in-hospital benefits only and self-pay smaller, day-to-day costs.

We have a plan that allows you unlimited hospital cover at any hospital you choose and also pays most basic, as well as some enhanced dentistry benefits!

Yes, cover both your medical costs risks – private hospital and dentistry costs – in one affordable plan!

Investigate what cheaper options are open to you before stop your medical aid. Not having a medical aid is too much of a risk for anyone to take!

Why not consider another scheme, if you cannot switch to a plan you want within your current medical aid?
You will be subject to underwriting by the new scheme and may suffer waiting periods. However, this may be an acceptable risk for you, especially if the alternative is no medical aid at all!

top upPrivate provider fees are not regulated and many can charge up to 500% of the medical scheme rates!

Some plans pay claims at 200% or 300% of medical aid rates, offering you a lower claim shortfall, but these are more expensive.

Increasingly, plans also have procedure co-payments, which you have to fund.

You are strongly advised to consider a GAP or TOP UP insurance plan to address these threats.

This separate insurance plan will cover most in-hospital claim shortfalls and scheme co-payments.

By adding a Top Up plan you can improve your medical aid benefits, so-much-so, that you can even consider joining a lower cost/benefit plan - with a lower premium - and still have an excellent, no risk medical aid for virtually the same premium as the higher medical aid!

Contact me as I have been a professional medical aid broker for more than 30 years.
I know the difficulty of understanding the "small print" around medical aids! I can help you find a plan that will make sense to you and that will meet your needs and wants. I will confirm everything with the scheme you choose to join - quickly!

We promote more than 5 medical schemes.
By authorising us to deal with your medical plan - at no added cost for you – we can help you with any concerns you may have. From benefit queries to administrative problems. And assist with your annual renewal process.

quote I want a quote.

TALK TO ME .... I am here to help you - AT NO CHARGE!
Send me your questions and concerns. I'll answer them for you.

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You must consult the schemes/company product brochures and rules for comprehensive benefit descriptions.

income protectionMedical aid pays healthcare costs.
What if a disability STOPS your income?

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Last update: May 6, 2021


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