Swap and Save on your Medical Aid Scheme
It may be possible for you to swap your medical aid scheme for a more appropriate one and save some money. This money should go into paying off any debts that you have. Getting out of debt gives you the space to achieve your aspirations. Your medical aid scheme should provide the cover that you require at the best price possible. Currently in South Africa medical aid schemes and the industry regulator are clashing about contribution increases being way above inflation, and the definition of what prescribed medical benefits (PMBs) are. There are real reasons for why medical aid costs more than inflation but some medical aid schemes have been adding between two and three times inflation. It seems that everybody is trying to get rid of their debts. Medical aid schemes in South Africa are undergoing a transformation. Monitor your medical aid scheme to make sure that you are getting the best cover for the price. Some medical aid schemes may be increasing their contributions by less than others but then removing benefits. The argument over PMBs could lead to major costs to the medical aid schemes, leading them to cut benefits. Don’t just swap if you can save, also make sure you will get the medical aid cover you need. Make sure that if you do swap and save, put the money into paying off your debt.
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