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Spreadsheet Ranger

What medical aid fund should I choose?

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Time to choose a medical aid plan. So many options and they all look like legal pyramid schemes to me so I need some assistance.

 

What is the best medical aid to have for someone looking for the following:

 

I am in my 20s, very healthy and rarely go the doctor.

I have an emergency fund to cover for cough syrup if I ever need it.

I want to be covered for the dentist.

I want to be covered for the odd minus 6 percent possibility that I get run over by a truck and suddenly need a R180k operation to survive and my Capitec card gets declined because all the wealth is in crypto.

 

I currently have a gym contract with Zone Fitness costing me R199 p/m if that is relevant.

 

Also, can someone explain to me the difference between a medical savings plan and a medical income plan since I see those two being mentioned as well, but I am not so clued up? 

 

I also heard the word "GAP", can someone also explain that to me? 

 

All in all, I will appreciate all help.

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My knowledge about these things are very limited, however I would suggest perhaps looking into a hospital plan with gap cover seeing as though you are still young and healthy.

 

Then you'll be covered for pretty much anything hospital related, all depending on who you go with naturally.

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I would recommend a hospital plan like a Discovery Core plan or even the Smart plan, do not get a plan with a medical savings account, I don't think its worth it, you're basically giving them your own money to keep and pay for day to day medical expenses, you can do that savings on your own.

Then get GAP cover by either Discovery or Stratum.

Stratums GAP cover also pays for casualty stuff if you're not admitted, like if you twist your ankle and need an xray. (That's what their website says, I haven't used it)

 

Discovery Vitality isn't really worth it if you don't fly or stay in hotels alot, so just keep your current gym contract.

 

The only downside from all this is that you won't get any cover for Dentist visits.

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Mmm, okay.

 

What is the fund called that will carry over? Basically, I do not need medical stuff now but would like to have a fund that compounded over time so that when I am 70, I have a large medical fund that can help me.

 

I hope that makes sense.

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Why hasn't this got any more replies.....urgh

 

 

@Spreadsheet Ranger what did you end up going with?

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Why hasn't this got any more replies.....urgh

 

 

@Spreadsheet Ranger what did you end up going with?

 

Still undecided, I received a reply back from a broker, but none of the options appeals to me I will share the options here tonight.

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Still undecided, I received a reply back from a broker, but none of the options appeals to me I will share the options here tonight.

 

give me the deets

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These are the options the broker came back with. (Not sure I want any of those.)

 

2017-08-28_11-54-17.thumb.jpg.a0be967c23b38afb725f9af0a496c206.jpg

 

2017-08-28_11-54-45.thumb.jpg.f35b091d9876d5046c8088bdb5238658.jpg

 

2017-08-28_11-55-06.thumb.jpg.e9c0c1db4210abb45679805722af80a2.jpg

 

Basically the following medical schemes:

Bestmed Beat2 

Discovery Coastal Saver

Medihelp Unify

Topmed Active Saver

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Do any of you know Genesis?

 

This looks more affordable than my current options: https://www.genesismedical.co.za/benefits-and-plans/

 

Are there any red flags regarding the Genesis Medical Scheme?

 

@Nimz

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Dunno Genesis, bit you can't go that wrong with Discovery Core and gap cover.

 

Discovery now offers gap cover too but I'm sticking with Sirago. Not sure how I feel about getting gap cover from the company that didn't fully cover me in the first place. Somehow it feels like you're making it easier for them to find a reason not to pay

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Oh, I saw your docs from August. If you have the means to pay for day to day medication and doctors' visits yourself, don't bother with a medical aid savings account. They have rules as to how much you can spend regardless of the balance.

 

The Discovery Saver is just the Discovery Core plan with the savings account attached. In my opinion, take the difference and save it yourself.

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Isn't Discovery like the most expensive medical guys around and offer virtually nothing in return unless you use their whole ecosystem?

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They've always paid out when I needed to claim and accepted virtually everywhere. Most expensive? Probably... but I'd rather not mess around when it comes to medical aid.

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I am now sitting between this https://www.medihelp.co.za/ (Medihelp Medical) and https://www.genesismedical.co.za/benefits-and-plans/ (Genesis Medical Scheme).

 

Genesis looks more affordable, If I look at this sheet https://www.genesismedical.co.za/1pagers/Genesis_Medical_Scheme_Benefits_and_Contributions_2017.pdf and I compare that to medihelp's benefits https://www.medihelp.co.za/docs/default-source/medical-aid-brochures-2018/medihelp-medical-scheme-dimension-range---english.pdf am I right in saying that Genesis offers more benefits especially dentistry.

 

@Bandit, what does Discovery core cost and how does it compare to the above two options specifically Genesis Private Choice (R1 000 p/m) and Medihelp Dimension Prime 1 (R1 356 p/m).

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Well, it definitely seems cheaper (a couple o R100 bucks) than Discovery. Medical aid is all jargon to me, but after you've picked your plan (and the "word on the street" is that a hospital plan is enough) you should look at gap cover:

 

http://www.sirago.co.za/  <- I use that

https://stratumbenefits.co.za/ <- looked at that but since I'm already a Sirago client there's no point in moving

 

There is some info here https://www.medicalaid-quotes.co.za/gap-cover but you should DEFINITELY look here: http://wellspent.co.za/resources/gap-cover/

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I would recommend bestmed and momentum hands down... and I would ALWAYS stay away from discovery unless you can afford their top notch plans.. too many grey areas and little catches with them

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Add to that this -> https://stratumbenefits.co.za/products/base-2/ Stratum benefits Base Gap Cover.

 

Or should I rather take the normal hospital plan from medihelp (https://www.medihelp.co.za/products-and-benefits/medical-aid-2018/hospital-plan) R1 356 per month and then I add better Gap cover like the Stratum Benefits Elite Gap Cover -> https://stratumbenefits.co.za/products/elite/

 

Thoughts?

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In my opinion, a medical plan with a savings account is a waste. Rather save the difference yourself. They have all sorts of rules and limits the day you want to use a big sum of it even if you haven't touched it in a few years.

 

My experience anyway. Decent hospital plan (200% cover) + gap cover (500% cover)

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In my opinion, a medical plan with a savings account is a waste. Rather save the difference yourself. They have all sorts of rules and limits the day you want to use a big sum of it even if you haven't touched it in a few years.

 

My experience anyway. Decent hospital plan (200% cover) + gap cover (500% cover)

 

How do I know if Medihelp is a decent hospital plan? 

 

This one https://www.medihelp.co.za/products-and-benefits/medical-aid-2018/hospital-plan

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Yes agreed, Gap cover should be 500% cover. Anything below that means it most likely will not.be sufficient in the unlikely event you require it. I have Gap cover through ZestLife. Quite expensive but it offers alot of additional coverage like 50 out pateint procedures as well.

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Look into bestmed beat 2 option aswell. 1554 pm, and I have had no issues with them over the past 5 years. I am on a savings plan as well and the PVT hospital option so you can bring that cost down dramatically if you go hospital plan.

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