Eeny, Meeny, Miny, Moe, Which Medical Aid Is The Way To Go?

Nicola Mawson

With medical aids such as Discovery putting their premiums up across the board at a rate higher than the consumer price index, shopping around for a cheaper option might seem like a good idea.

At Discovery, there will be a weighted average increase of 9.3 next year across all plans. These higher than the cost-of-living increases are the result of something known as medical inflation, which the Council for Medical Schemes explains includes aspects such as age demographics, increased cost of medical equipment and medicine, as well as the volume of claims.

There are several aspects to consider when moving medical aids, or even joining one for the first time, including cost.

Kia Brokers managing member Gerald Kahn said, If you are young, disciplined, and generally in good health with no chronic illness, you may want to look at just having a hospital plan and gap cover, while diligently putting away the equivalent of a monthly medical aid premium into an investment vehicle that can quickly be accessed, while earning interest.