Guiding consumers since 2009

Featured question: If I miss a payment, am I still covered?

By Staff Writer
Question:
 
If I miss a health insurance payment, am I still covered? What is the grace period for being late?
 
Answer:
 
The Medical Schemes Act cites failure to pay the premium in the time allowed as one of the grounds for suspension of a member.
 
Technically, a member who does not pay their premiums is no longer a member and a scheme is not permitted to provide benefits for a non-member. This is because a scheme's funds are made up of the members' contributions for the benefit of said members, and therefore unfair to those members if that scheme were to provide benefits for someone not contributing.
 
However, there are obviously situations where contributions are missed or paid late for various reasons. Therefore, if a member has missed a payment, I would suggest that they contact their scheme as soon as possible to explain the situation and attempt to make the necessary arrangements to avoid the possibility of being denied benefits.
 
Expert:
 
After working in the NGO sector for several years, Heidi joined the Board of Healthcare Funders in 2000 as Head of Corporate Communications. For more information, click here.

Recent Articles

Featured How to be “future greedy” with passive income

Setting up numerous streams of income is a safe way to protect yourself from the loss of your main stream of income. Better yet, setting up passive streams of income will ensure you always have money coming in, without costing you additional working hours. So, what is “passive income”, and how can you earn this?

Can your debt be cancelled?

It sometimes happens that you struggle so much to pay your debt that you think of asking your creditor to write it off. But debt doesn’t just get written off. There are conditions that must be met and procedures that must be followed before the creditor cancels your debt.

 

Be financially prepared to lose your job – here’s how

During uncertain times, it’s natural to be concerned about the security of your job. Regardless of your performance at work, you may be out of work if your company is no longer profitable. But what would that mean for your personal finances, and how would you survive if you suddenly lost your income?

Should you save for a new car or finance it over time?

Buying a car is a long-term commitment. You either need to save up for it or pay it off over time, and the option you choose will depend on your personal circumstances and preferences. So, what should you consider when deciding which payment method to make use of?

Deals

FNB senior customers can earn up to 30% back in eBucks at Clicks

Price: Available on request
When: From 5 August 2020
Where: Nationwide

Bakwena Spa Women’s Day Special

Price: R549 per person
When: Until 31 August 2020
Where: Centurion, Hartbeespoort, Kuils River

Dis-Chem Pap Test Special

Price: R180
When: From 3 August to 11 September 2020
Where: Nationwide


Latest Guide

Guide to debt rehabilitation solutions