INFOGRAPHIC: The increasing costs of medical aid in South Africa | Fin24
 
Loading...

INFOGRAPHIC: The increasing costs of medical aid in South Africa

Apr 04 2017 09:23


Medical aid contributions in retirement is one of the expenses that many people overlook when planning for their retirement. People either assume they will have enough money to cover all of their medical aid costs in retirement or they completely forget to make provision for post-retirement medical aid costs.

It is during our retirement that we need medical aid the most as some medical conditions, especially chronic conditions, tend to arise after the age of 60. However, with medical inflation consistently exceeding CPI, it can become extremely difficult to afford medical aid contributions in retirement.

We have created an infographic to demonstrate what the current costs for medical care is in South Africa and how much it will cost in 2026:

Discovery Invest has created funds to help you fund your medical aid contributions after you retire. You can also switch your retirement savings to Discovery Invest and they can add up to 15% more money towards your retirement savings right now. Or you can reduce your annual administration fees to zero.

Sources: The Department of Labour; WHO; News24; CompCom



NEXT ON FIN24X

 
 
 
 

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Can the SABC avoid retrenching staff?

Previous results · Suggest a vote

Loading...