Are you getting the most from your medical aid?
The cost of living is higher than ever – literally and figuratively – and outside of staying as healthy as possible, what can we do to keep costs down whilst still paying for medical aid?
It’s unfortunate that medical aids and hospital plans are not the easiest costs to stomach, but there are some thrifty ways to get the most out of your medical aid.
The fine print
It sounds like the worst homework in the world, but trust us, reading through those documents and knowing exactly what the terms and conditions mean can lighten your pocket in many ways. For example, did you know that with some plans, if you downgrade your medical aid, whatever’s left in your medical savings account (MSA) will be paid out to you in cash? Grab a cup of coffee and spend some time reading and understanding the terms and conditions of your medical aid plan, including coverage, co-pays, deductibles and any limitations or exclusions.
Pick the right plan
Some companies in South Africa offer their employees medical aid coverage and you will have to pay a minimal fee or in some cases, nothing at all. Lucky! But if you’re paying for it yourself, shop around and find the best plan that suits your lifestyle and health needs now. It’s great to have a “comprehensive” medical aid if your budget allows for it, but if you are in relatively good health and young enough, you may be okay with a hospital plan. Take the time to do the research and you may find a plan that’s surprisingly reasonable for your pocket and age. It’s always worth joining a medical aid when you’re young as some charge a late-joiner fee at a later age.
Use those benefits!
Are you maximising the discounts that your plan may offer? Many of us sigh at the admin of signing up or activating that benefit but it’s so worth it. Some wellness programmes offer discounts on gym memberships, rewards for shopping at certain stores, birthday coupons and vouchers, or even counselling and maternity services.
Cheaper than cure…
What will help in keeping your medical costs down? Preventative care. Take advantage of pre-emptive services covered by your plan, such as vaccinations, screenings and annual check-ups. The earlier issues are caught, the earlier you receive treatment and save on future healthcare costs.
Ask the pharmacist
If you’re struggling with a relatively minor health condition, first ask your pharmacist for some recommendations. You might possibly need an over-the-counter remedy instead of an expensive doctor visit. Also, opt for generics when possible, which are invariably much cheaper and the same efficacy as the brand name medication.
Track your expenses
Keep detailed records of your medical expenses, including co-pays, prescription costs and other out-of-pocket expenses. This can help you maximise your deductions during tax season. And if you are helping out a family member by paying for their medical aid, keep all this documentation. You could get a substantial tax rebate.
Disclaimer
This article is for informational purposes only. Always check with your doctor or medical practitioner about any health concerns, before embarking on any fitness or nutrition programme, or using any medication.