With the imminent threat of recession in South Africa, medical aid and hospital plan brokers need to be aware that consumers are bearing the brunt force of the weakened rand and increasing prices. This may lead to them moving to a cheaper medical aid option with less coverage.
Although consumers are effected financially by raised medical aid prices, it is strongly advised by medical professionals that you should not base your medical aid solely on your pocket. Reason being? The best option is one you can afford which best covers the healthcare needs of your family. Choosing the right medical aid option is balancing a members medical circumstances with their family’s health status. By choosing a cheaper medical aid option, you might just be hurting your pocket even more because you can find that your benefits run out before the end of the year and claims are now not being paid. Members will then have to begin paying for medical expenses from their own pockets.
According to the CMS ( Council for Medical Schemes), the medical aid market has not been very successful in attracting healthy, young clients. Younger adults are obviously less prone to chronic health conditions like diabetes or hypertension, lifestyle diseases that adversely effect the pool of contributions.
Runaway healthcare costs have various contributing factors, many of which are beyond the influence of schemes. This leaves schemes with no option but to negotiate individually on all price increases with service providers, blocking the development of a more efficient and cost-effective healthcare sector.
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