Medical Aid
What is medical aid?
Medical aid is a product where members buy specific benefits from a medical scheme at an agreed amount per month, the medical aid then pays for the members medical expenses when needed.
How much does it cost?
The amount which a member pays monthly as well as the amount of coverage received is determined by the medical scheme chosen by the member.
Is it necessary?
Not only does medical aid assist in covering you financially should you need it, it also provides a sound peace of mind, knowing that no matter what your financial situation may be, you and your family will be covered should medical treatment be needed.
Affordability is a challenge when it comes to getting you and/or your family covered, but there are ways around this. With sound advice from professionals coupled with quotes on the best medical aid schemes available, you can find an amount that will suit your monthly budget.
What you need to know about medical aid cover
If there is one thing to be sure of, it is that there are many different medical aid plans available for members. Ranging from basic hospital plans to comprehensive plans, all varying in price and benefits.
Making an informed decision when choosing which medical aid plan will best cover you and your family is absolutely vital. With so many plans available and so much advice being thrown around loosely, here are some “to the point’’ tips we can give you when looking to get the best out of your medical aid budget:
3 Common Types of Medical Aid Plans
- Basic hospital plans are recommended for family’s that would rather prevent health issues than spend time trying to cure them. For active individuals that stay fit and focused on healthy lifestyles this would be an ideal plan. However, there are disadvantages such as co-payments on certain procedures as well as some procedures not being covered at all.
- Traditional plans, although subject to the scheme rules, make for more of a comprehensive cover solution, covering almost all medical expenses, from in-hospital to chronic medication. These plans typically do not include any type of savings benefit.
Comprehensive plans only differ from traditional plans in the sense that they offer a savings benefit. These plans are recommended for individuals and families that are looking to be comprehensively covered in case of emergencies.
Facts Surrounding the Medical Aid Industry in SA
- There are 83 medical aid schemes on offer in South Africa
- There are two types of medical aid schemes, namely, Open and Restricted medical schemes. Restricted schemes only allow employees of certain companies to join them because the schemes have been established specifically for them, while Open schemes allow for anyone to join.
- It is illegal to belong to more than one medical aid scheme at the same time.
- Council for Medical Aid Schemes (CMS) is the body that oversees the medical aid industry in South Africa.
- The Medical Aid Schemes Act of 1998 is the legislation governing the medical aid schemes in South Africa. The regulations relating to the act came into effect another two years later.
- The Medical Aid Act requires every medical aid scheme to provide Prescribed Minimum Benefits (PMB’s)
- A co-payment may occur in certain cases, where a member will need to make a financial contribution in addition to the medical cover. Adhering to the claims procedures is vital in minimizing co-payments.
The different types of medical aid schemes available:
Restricted Schemes are medical aid schemes that are set up by an organisation, company, union, association etc. that only allows for their employees to form part of the scheme members.
Open Schemes are available to the public. Anybody can become a member of an open scheme. There are currently a wide range of open schemes available in South Africa with different plans and associated benefits to suit your needs.
Medaidquote will give you the best quote available, all you need to do is fill in our online quote form