Streaming issues? Report here
Xolani Gwala 2019 1500 BW
The Xolani Gwala Show
12:00 - 13:00
volume_up
volume_mute

Up Next: Lunch with Pippa Hudson
See full line-up
The Xolani Gwala Show
12:00 - 13:00
Home
arrow_forward
Lifestyle

Six tips to help you choose the right medical aid plan

30 September 2019 12:27 PM
Tags:
Medical aid
financial advice
medical scheme
medical plan
Financial advisor Shaheed Peters explains what factors to take into account when selecting a plan to suit you and your family.

Choosing the right medical plan can be a pain in the neck and in the pocket.

There are about 81 medical aid schemes in South Africa, 21 of which are open-plan medical aids.

Financial advisor Shaheed Peters says it can be difficult finding the right package to suit the budget and needs of different people.

Whether it's medical aid, medical insurance or gap cover, Peters says consumers need to consider their options carefully.

We're living in tough enough times. This is putting a strain on consumer pockets.

Shaheed Peters, Independent financial advisor

Think about your needs, how healthy are you, what life stage are you in and the needs that will influence your choice.

Shaheed Peters, Independent financial advisor

Here is some of his advice:

  • Your medical aid contribution should not exceed 10% of your monthly income.
  • Assess your medical needs and create a budget for how much you can afford to pay.
  • If possible, consult with a financial advisor or medical broker who can help you compare your options.
  • If you are a parent or have a chronic illness, comprehensive cover is the way to go.
  • A hospital cover plan is a more affordable option if you are young, independent and healthy.
  • Be aware of any other conditions such as waiting periods on pre-existing health conditions.

You need to make sure that you are comparing the same benefits alongside each other and not simply choosing the cheapest options.

Shaheed Peters, Independent financial advisor

Gap cover is there to cover the in-hospital medical expenses that medical aids won't cover in totality.

Shaheed Peters, Independent financial advisor

Listen to the discussion for more detailed advice:


30 September 2019 12:27 PM
Tags:
Medical aid
financial advice
medical scheme
medical plan

More from Lifestyle

roxy-davisjpeg

'Power of the ocean forces you to be in the moment, everything else washes away'

9 December 2019 1:55 PM

Roxy Davis runs a surf school in Muizenberg and she dedicates much of her time helping adaptive surfers.

Share this:
Read More arrow_forward

kabelo-thathe-on-son-of-a-sonjpg

"There's no monetary value on your presence as a dad"

9 December 2019 12:42 PM

Kabelo Thathe explains how his journey to fatherhood has helped him become the best dad that he can be.

Share this:
Read More arrow_forward

Festive Season Christmas party end of year 123rflifestyle 123rf

5 questions to ask yourself before blowing your early December paycheck

9 December 2019 12:13 PM

Financial planner Paul Roelofse encourages households to create a budget before spending this festive season.

Share this:
Read More arrow_forward

snail-container-home-pixabaycom

Building a container home? You're welcome to, but follow due process says NHBRC

7 December 2019 4:50 PM

As the National Home Builders Registration Council clarifies red tape queries, there's a flood of complaints about its high fees.

Share this:
Read More arrow_forward

book-pagesjpg

John Maytham's Weekly Book Review: 06 December 2019

6 December 2019 4:56 PM

Bibliophile and beloved Afternoon Drive presenter John Maytham reviews his latest book picks, including a new read by Stephen King.

Share this:
Read More arrow_forward

val-de-vie-estate-website-imagejpg

Val de Vie ranked SA's top residential estate once again

6 December 2019 12:20 PM

Val de Vie Estate remains number one. Ryk Neethling, the estate's marketing boss, explains what it takes to stay on top.

Share this:
Read More arrow_forward

Nic Harry

Want to start a small business? Lessons from a successful serial entrepreneur...

6 December 2019 11:51 AM

The Money Show’s Bruce Whitfield interviews Nic Haralambous, founder (at the cost of R5000!) of funky sock company Nic Harry.

Share this:
Read More arrow_forward

Airport departure

Considering emigration? Financial planner discusses the affordability of leaving

6 December 2019 11:04 AM

Can you afford to leave South Africa? Certified Financial Planner (CFP) Barry O'Mahony on what to consider before deciding.

Share this:
Read More arrow_forward

140323Earth.jpg

2019 concludes decade of 'exceptional global heat and high-impact weather'

5 December 2019 5:18 PM

The World Meteorological Organization says 2019 is set to be second or third warmest year on record.

Share this:
Read More arrow_forward

emo-adams-michelle-gildenhuysjpg

Celebrity couple Emo Adams and Michelle Gildenhuys on raising 4 kids

5 December 2019 3:10 PM

The singer and the model boss share the secrets of their happy marriage and parenting styles.

Share this:
Read More arrow_forward