Related Articles
Top Stories
May 24 2012 17:31
The Reserve Bank will maintain current interest rates, and a sizeable reduction in the local petrol price is expected, says governor Gill Marcus.
May 24 2012 15:29
The Reserve Bank will maintain current interest rates, says governor Gill Marcus.
May 23 2012 22:00
Economic liberation or the lack thereof is the most divisive issue in the country, according to a survey.
Johannesburg - An online survey by Justmoney has shown that consumers could be paying nearly a third too much for their medical aid because they do not review their cover regularly.
As the cost of medical cover continues to rise, South Africans feel the pinch and some are reportedly tempted to cancel their health cover. But Justmoney says consumers should first review their existing policy and then shop around among other providers to find the most affordable and suitable medical aid.
The survey showed that 25% of people could no longer afford to pay for their medical aid. Forty-four percent have never shopped around for cheaper medical aid, while 16% had not reviewed their medical aid for at least five years, the survey showed.
"The difference between a standard hospital cover for a family of four and the all-singing, all-dancing 'lifestyle' package could be as much as R4 000 per month.
"If you do not need all those extras, you are better off putting the additional money into an investment account. And if you can't afford such a high premium, find a policy that suits your pocket instead of going without vital medical aid cover," says Paul Beadle, managing director of Justmoney.co.za.
Beadle advised that it was important for people to seek the advice of an independent broker, and compare at least three different medical aid policies.
"The medical aid market has changed a lot in recent years, so consumers need the help and advice of a qualified medical aid broker who can review their circumstances and recommend the most cost-effective cover for their situation," Beadle said.
- I-Net Bridge