Financial forecasts have never been more depressing, and South Africans are feeling the pinch in all aspects of life. Wherever you turn, it seems that prices are spiralling out of control, and many of us are having sleepless nights worrying about where to cut monthly expenses. Unfortunately Medical Scheme Increases For 2017 are not going to help the current situation.
Medical aid increases for 2017 have been especially high, and many members are starting to consider downgrading or cancelling their medical aid membership, as they simply cannot afford the increases. Before making such a decision, it is important to speak to an expert who can advise you on alternative options available to you.
Downgrading to a lower option could sound like a good idea and save you money in the short term, but the long-term effect of having less cover for your family’s healthcare needs must be carefully considered.
On the one hand, it is better to have some cover than none at all, but if you downgrade to a plan which does not cover your specific needs, you will be wasting your hard-earned money.
Deciding to cancel your medical aid membership is a huge financial risk. Clients often tell me that with what they pay every year in medical scheme contributions, they could easily save enough money to self-fund medical expenses.
This argument would make sense if you had the gift of predicting the future – imagine cancelling your medical aid and being diagnosed with a serious illness, or being involved in a car accident, before you have been able to save the hundreds of thousands of Rand which you would have to pay to be treated in a private hospital!
Best for you
At Omega Wealth, we realise that the realities of the economic climate cannot be ignored, and that keeping your current level of cover is sometimes not an option. That is why our consultants will assist you in identifying the most suitable options for you and your family, to ensure you get the best healthcare cover you can afford.