Choosing a medical aid

By Staff Writer

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.

Recent Articles

Featured Should you take out a loan or rent-to-own?

We compare personal loans to new finance models that are emerging, such as rent-to-own, which offers the same solution in a different format.

Why "insurance fronting" for your children is a bad idea

We examine the consequences of “insurance fronting” for your children and investigate legal ways to decrease your children’s premiums in South Africa.

Are you paying too much in bank fees?

We find out how you can bank with savvy, to best manage fees and charges.

What’s the minimum income for a car loan?

When you apply for vehicle finance, your lender will consider several factors when assessing your application, including your income.


Latest Guide

Guide to debt rehabilitation solutions