Review your medical aid plan annually

Annual medical aid premium increases for 2018 are in excess of inflation and often with a decrease in benefit levels.

Reviewing your medical aid changes for the year ahead can be simplified into six questions to ask yourself before deciding whether to stick to your current plan or if a change would bring savings, or appropriate benefit increases, says GTC’s Jill Larkan.

1. Do you expect big medical events next year?

Childbirth, operations or special dental treatment require due consideration when evaluating your medical aid.

2. Will a network work for you?

Many medical aids offer a premium discount for using practitioners and hospitals in a network. Members should consider these options, paying attention to doctors and specialists they may need, and if the hospitals or clinics suit their requirements. Reductions in premiums when taking up the network plan option could offer significant savings with almost the same benefits.

3. How far did your medical savings account go this year?

Take stock of your actual medical aid savings account usage for the previous year. If it’s usually depleted by March, you could upgrade to a plan that provides for additional savings. Alternatively, members could add extra money to a secondary savings account, to prevent unplanned medical expenses eroding your monthly discretionary income.

4. How much more can you afford to pay?

Review the increase of your premium and compare it with your salary. Evaluate benefit usage and risk undertaken to decide if you can still afford your current benefits.

5. Is your medical aid presenting its changes to you?

Review your medical aid’s changes for the new year with the professional healthcare advisor. Study changes to benefit areas that affect you most.