Choosing a medical aid

With the financial year kicking off changes implemented by Finance Minister Pravin Gordhan will get into gear this month.

There will be some changes involved in the way medical aids are taxed - and these changes are incredibly complex and confusing. So complex in fact, that even some Personal Finance editors are scratching their heads.

The basics of choosing a medical aid will still remain the same and it is something which could save you thousands and even your life in the future.

Here are some things to keep in mind when choosing a medical aid scheme:

 

• The monthly cap amount (for company contributions) has been raised from R625 to R670 for the first two persons and from R380 to R410 for each additional dependent.
• Being part of your company's medical aid scheme is not always the cheaper option.
• Always make sure you are on the medical aid scheme which is the most suited to your needs 

A medical aid is vital and while it might seem like an unnecessary expense, there is no telling what the future holds and it could save you money and headaches in the future. However, these schemes can often be complex and confusing, so it is best that you speak to a professional.

 

In the mean time, if you are not part of a medical aid scheme or your company does not offer these benefits, it is best that you research the different options available and compare prices before signing on.
If you need to research and compare medical aid schemes, click here to find out more.