Why medical schemes limit members to once-a-year policy changes
Medical schemes only allow members an opportunity to either downgrade or upgrade their medical aid once a year.
But what happens if a member cannot afford to pay the current premium in the middle of the year due to unforeseen circumstances?
Are medical schemes allowed to prevent members from downgrading their medical scheme in the middle of a benefit year?
Paresh Prema, General Manager at Council for Medical Schemes says according to the Medical Schemes Act, it is compulsory for medical schemes to allow members an opportunity to change their option and it usually occurs between October and December.
If the scheme wants to allow further changes during the year it is up to the board of trustees of the scheme to allow that to happen.Paresh Prema, General Manager at Council for Medical Schemes
Prem says if the medical schemes wanted to allow members to change their options outside the set periods, they could allow it.
To hear the rest of the conversation with Paresh Prema, listen below:
Wealth builder Warren Ingram on how the new budget affects you.Read More
Spur releases results saying it plans to open 11 outlets in SA and 17 internationally in the second half of the year.Read More
Massmart has withheld their dividend as it swings to a R1.3bn lossRead More
''Government is speaking with forked tongue and Budget 2020 came as a shock''. Unions want to fight planned wage cuts.Read More
Eskom temporarily cut power to the rail agency in the Western Cape because of an over-due payment. It says Prasa has now paid up.Read More
What will happen if the IOC pulls the plug on the Tokyo Olympics? Pippa Hudson interviews sports scientist Dr Ross Tucker.Read More
Dennis Dykes (economic adviser for Nedbank) looks at the key positives and negatives of #Budget2020.Read More
"It’s now all predicated on saving R160bn in public sector wages. Are we going to keep to our promises?" asks Judge Dennis Davis.Read More
Sars Commissioner Edward Kieswetter discusses #Budget2020 changes to our tax system.Read More