As we begin the run-up to the festive season, sounds of yuletide carols and outdoor concerts will soon fill the air, and you’ll find yourself pondering philosophical questions, such as who exactly likes Christmas pudding and why do we only eat cranberry sauce once a year?
With all the merriment, it’s easy to get caught up in advent adventures and forget the more clerical side to the Christmas countdown. For, come the new year, along with all our resolutions to shed our newfound pounds, we will inevitably be faced with an increase in our medical aid schemes.
Some medical schemes have already announced their contribution increases for the new year.
According to a recent article published on IOL, despite recording a healthy R820 million surplus, medical aids are hiking membership fees of about 8 % (rough average), which is above inflation. The 72 schemes have increased membership by almost 50 000, bringing the total to 8.95 million beneficiaries in our country.
Even so, South African medical schemes continue to face the challenge of making quality healthcare more affordable and accessible.
“Turbulent economic conditions will continue in 2023. As such, Momentum has committed to implementing cost-effective and flexible health-care solutions that not only provide comprehensive healthcare cover but create opportunity for the uncovered population to gain access to quality healthcare services,” said the scheme’s Damian McHugh.
After a challenging year for the healthcare industry, with medical schemes facing escalating healthcare costs, as well as having to comply with the strict parameters of the Medical Schemes Act, increases are unfortunately inevitable. However, although you cannot avoid an increase, it’s important to work out how you will factor this into your budget in the new year. It’s also worth taking the time now to reflect on whether your chosen medical scheme meets your requirements.
When considering a medical scheme, it’s important to review its benefits and programmes, as well as its costs. For example, in light of the aforementioned statistics, does your scheme offer a suitable mental wellness programme? Are there sufficient benefits for your family, as well as benefits that help to encourage positive lifestyle changes and focus on preventive care, such as pap smears for women over 21 and mammograms for women over 40?
Along with fairy lights and tinsel, the increase in medical aid prices will soon be upon us, so take a moment before you get caught up in Christmas crackers to decide how you’re going to reconcile this increase and whether your medical aid scheme is the right one for you. At Attieh and Associates, we’re here to help you understand the changes, increases and implications to your integrated financial plan. Don’t hesitate to arrange a meeting to discuss your needs and financial capacities.