To top
Logo
Articles

Private medical schemes still have their place

Private medical aid schemes still have their place in SA, make sure you have the right one.

12 March 2010 · Staff Writer

Margaret Hulme, Old Mutual Actuaries healthcare consulting manager, believes private medical aid schemes have a positive role to play in South Africa in the short to medium term.

In a statement released last week Hulme said: "While Pravin Gordhan, Finance Minister, alluded to the government's intention to introduce a National Health Insurance (NHI) system in his recent budget address, private medical schemes will draw comfort from his remarks highlighting the need for the private sector to be retained alongside the public system." 

  • The tax deductible portion of monthly contributions to medical schemes - for those under 65 - has been increased by 7.2% for each of the first two beneficiaries. That is, from R625 to R670.
  • It has also increased by 7.9% for each additional beneficiary; so from R380 to R410.
  • For those who are 65 and older, medical expenses, including contributions, are still fully tax deductible. 

It will take some time before the South African government implements a national health insurance scheme and while government hospitals continue to struggle with various issues, the private ones are cashing in.

Visiting a private hospital, doctor, dentist or any type of specialist can become a pricey affair. If you do not currently have health insurance, shopping around for a good deal is the best place to start. Be informed before you choose a medical aid. Also make sure that you are getting the best out of your current medical aid provider by comparing quotes once in a while. Every individual has different needs and there is no point in paying for something you'll never use.

Make good money choices - join 250,000 South Africans who get our free weekly newsletter! Join the community →
JustMoney logo

info@justmoney.co.za  
5th Floor, 11 Adderley Street, Cape Town, 8001

© Copyright 2009 - 2024 
Terms & Conditions  ·  Privacy Policy

Quick links

Your credit score is ready!

View your total debt balance and accounts, get a free debt assessment, apply for a personal loan, and receive unlimited access to a coach – all for FREE with JustMoney.

Show me!