Each new year the Medical Aids announce their new Medical Aid Rates For 2018 rates and many changes, and once again you are faced with making the right decision for cover for your entire family. With 2018 rapidly approaching medical aid companies are sending out the notices that their subscribers have been waiting for (with no little dread), notices that outline the 2018 pricing for their offerings. And let’s just say, no one is going to be seeing any decreases.
The State of Medical Aid Costs for 2018
According to the Council for Medical Schemes (CMS), who oversee and monitor the nation’s medical aid companies, there are currently 82 medical schemes available in SA – yes, 82, there really are that many – that currently boast just under nine million members between them. And those plans are, on average, going to increase in price but between 5.5 and 11% in 2018, with the average increase being right around the 10% mark.
Medical aid companies themselves are – and do – offer all kinds of reasons for these increases – a rise in the number of older subscribers, a rise in medical costs in general, a rise in the number of people claiming chronic illness benefits and more – and whatever the reasoning the inescapable fact is that medical aid costs will be rising across the board and there is very little the average subscriber can do about it.
Medical Aid Rates for 2018
However, in actual fact there is. Now is the time, as these new pricing tables are released, to set aside some time to review your current medical aid and compare it to other offerings available. Doing so now will give you plenty of time to change before new year and yes, you may be able to save yourself some money despite the price hikes, or, at the very least, get the best possible value for the premiums you’ll be paying in 2018.
Medical Aid Rates for 2018
How to Conduct a Good Medical Aid Policy Review
To conduct a good medical aid, review you’ll need a couple of hours and probably more than a little patience. Set aside an evening if you can, maybe lay yourself on some nice nibbles and fire up your PC/laptop/smartphone.
Take Stock of Your Current Coverage
The first step in any medical aid review should be taking a closer look at exactly what coverage you have been paying for for the past year and deciding whether each element really needs to be there or not. For example, have you been paying extra for one of the growing number of special member benefits plans and then completely failing to use it? If that’s been the case, you need to decide now if you really are going to use those discounts and if you really don’t think you are consider dropping that element of coverage to bring your overall monthly premium down.
On the other hand, you may be lacking coverage that the chances are you will need soon. For example, whether you are a male or a female, if you are approaching fifty there are certain medical tests that you really should be having soon that you have probably never had before. Does your current medical aid scheme offer coverage for them or is that something you should add into the equation now that yes, you are getting to the age when mammograms and colonoscopies (among other things) are a must.
Medical Aid Rates for 2018
Check Out What the Competition Has to Offer
Once you have a clearer idea about just what medical aid benefits you currently pay for, it’s time to move on to a little competitor research. Almost all medical aid schemes display their basic plans online, so an hour or so going back and forth between open tabs may be all you need to do, although if you want to get a little more serious putting all the information into an Excel sheet would be very helpful.
What should you be looking for? Aside from basic cost differences between plans overall compare the basic rates of reimbursement each scheme offers. If you can get a higher rate for just a little more a month it may be well worth considering making a switch, especially when it comes to hospital coverage.
Speaking of hospital coverage this may also be a good time to take a look at gap cover policies if you do not have one. Even the best medical aid plans will leave their subscribers ‘on the hook’ for certain in hospital treatments as the difference between what a medical aid scheme is willing to pay and what is being charged for inpatient services is continuing to increase.
A final note. If you really don’t have the time or patience to run a medical aid comparison on your own there is help out there, in the form of medical aid consultants. These are independent professionals whose job it is to find you the best possible coverage – or combination of coverage – for the coming new year, and so making use of their services can be a great help, and a potential money saver too. Give us a call and we will arrange an appointment to speak to a professional consultant, insuring your health and your wealth
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