MedXpert
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how to save on
medical scheme premiums
5 Ways To Save Money On Your Monthly Medical Scheme Premium
Could it be possible to save on medical scheme premiums? With the unceasing increases in all household expenses, this might be the least you want to achieve. If you want to save on your monthly medical scheme premium, continue reading.
Evaluating your current health cover needs against the coverage that your current benefit option offers is the key to ensuring that:
- you are not paying for more health cover than what you need; and
- you do not end up paying for most of your health cover expenses out of your pocket
Cut Your Monthly Premiums! Discover How Your Current Medical Scheme Compares to Other Options – No Strings Attached. Get Started.
1. Find a product with a child dependant premium structure that suits your family
Medical Schemes apply different rules when it comes to child dependant premiums. Some schemes will only apply the child dependant premium up to the age of 21, whilst other schemes will allow for registered students to continue paying a child premium for a few more years. The maximum number of children you pay for will also differ from scheme to scheme. Find examples below of the different rules applied:
Medical Scheme A Once a child turns 21 years, even if they are a full-time student, they will start to pay an adult dependant premium
Medical Scheme B When a child is a full-time student, they will pay a child rate up to the age of 24 years
Medical Scheme C Child rates up to the age of 26 years for children still financially dependent on their parents
Many medical schemes offer benefit options specifically designed for students and young people entering employment.
Discover the essential guidelines for child dependant premiums on your medical scheme. Download the Rules that affect your premium here!
2. Change to a more suitable benefit option during the benefit review period
The annual benefit review period usually starts from September until the end of November. During this period, medical schemes launch premium increases and benefit changes for the following year. No additional waiting periods are applied when changing between benefit options during this period.
- Evaluate your benefit usage before selecting an alternative option
- Ensure your scheme receives the option change request before the end of November.
Cut Your Monthly Premiums! Discover How Your Current Medical Scheme Compares to Other Options – No Strings Attached. Get Started.
3. Over-insured? Why pay for more than what you need?
You could be paying for a comprehensive medical scheme benefit option but not need or utilise all the comprehensive benefits offered. By looking at your claims’ history, you can determine if this scenario applies to you.
4. Under-insured? Running out of benefits during the first semester?
Have you faced a time of significant medical expenses that wasn’t covered by your current medical scheme? Should you consider an upgrade to a more comprehensive plan option? Upgrading could make sense if the increased premium for better cover is equal to or even less than what you have been paying out of your pocket. Let an accredited health cover advisor assist you in evaluating the advantages and disadvantages of stepping up to a more comprehensive health cover option.
5. Change to a network option
Network options are more affordable and offer more or less of the same benefits as non-network options. Medical schemes contract with Designated Service Providers to manage the cost of health care delivery. You should determine whether your medical scheme does have network options. The next step, before changing to a network option, will be to check if the hospitals near you are on the list of contracted network hospitals.
