A serious medical event can be financially crippling for a family. A good medical aid should come to the rescue, especially for large hospital expenses.
Plan options can be comprehensive (covering chronic, day-to-day, and hospital expenses) or limited to chronic and hospital expenses. The more comprehensive the option, the higher the contribution.
Your membership is guaranteed, but a scheme may impose a 3-month general waiting period (during which no claims will be paid) and/or a 12-month condition-specific waiting period (during which no claims related to an existing condition will be paid).
Furthermore, the scheme may impose a late joiner penalty.
In South Africa, a late joiner penalty (LJP) is a monthly rate increase for new members who join a medical scheme after the age of 35 and have not been a member of a registered South African medical scheme since before April 1, 2001.
The LJP is calculated as a percentage of the member’s premium, which is added to their standard monthly contribution. The penalty amount is usually between 5% and 75% of the base contribution rate, which is set by the specific medical aid scheme.
Please speak to us for advice on medical aid and related matters.