These are South Africa's cheapest medical aid schemes
File image: A doctor dressed in a light blue overall with a stethoscope hanging around his neck, writes in his notebook. IOL. File image: A doctor dressed in a light blue overall with a stethoscope hanging around his neck, writes in his notebook. IOL.
CAPE TOWN - Healthcare plans have been unaffected by tax hikes in the latest budget speech.
Most South Africans will be more relieved to know that affordable medical aid schemes and hospital plans do exist. Take a look at SA’s cheapest medical aid plans, according to a report on Business Tech.
Personal Finance has also reported in December last year that the South African healthcare industry has been difficulty these past few years, with medical schemes facing escalating healthcare costs.
A study released this week by Alexander Forbes found that medical inflation (medical care and health expenses inflation) will be about 2% to 3% higher than Consumer Price Index (CPI) inflation over the long term.
CPI inflation has averaged 5.8% a year over the past 17 years, while medical inflation has averaged 7.6%, resulting in an average gap of 1.8% a year.
Roshan Bhana, the head actuary of technical and actuarial consulting solutions at Alexander Forbes Health, says the average contribution increases for the top nine open medical schemes have been well above CPI since 2007.
“Increases announced for 2017 were higher than in prior years because of a significant increase in the use of in-hospital benefits reported by many schemes.
“However, the contribution increases for 2018 are lower, in part because of lower CPI inflation in 2017,” Bhana says.
Alexander Forbes says medical inflation has been higher than CPI for the following reasons:
• High increases in the fees charged by healthcare service providers.
• The rising burden of disease. (A disease burden is the impact of a health problem as measured by financial cost, mortality, morbidity, or other indicators.)
• The increase in hospital admission rates.
• Medical scheme members making greater use of benefits.
• The development of new medical technologies.
• The statutory requirement that schemes maintain reserves of at least 25% of their gross contribution income.
• Medical schemes enhancing their benefits.
READ ALSO: Healthcare industry and consumers battle rocketing medical costs
According to Business Tech, the current medical aid tax credits are only safe for now but this may change in the long run.
This comes after government is eyeing National Health Insurance plans and is looking for ways to finance them.
Business Tech provides the cheapest and most expensive medical aid schemes, using data from Informed Healthcare Solutions (IHS) medical aid data portal.
List of cheapest medical aid plans across 5 categories: hospital plans, hospital plans with savings, day-to-day cover, GP networks plans, and comprehensive coverage.
Hospital plans
Plan Cost for principle member
Discovery KeyCare Core R792 – R1 525
Discovery Essential Smart R1 180
Momentum Custom Option 1 R1 366
Discovery Essential Delta Core R1 417
FedHealth EntryZone R1 424
Bonitas BonEssential R1 604
Discovery Coastal Core R1 610
Discovery Classic Smart R1 647
Resolution Health Hospital Plan R1 720
MediHelp Dimension Prime 1 R1 728
Discovery Essential Core R1 773
Momentum Custom Option 2 R1 885
FedHealth Maxima Core R2 082
Discovery Classic Core R2 064
Hospital Plan with Savings
These plans are the same as the above, but provide members with a limited savings account for day-to-day use.
Plan Cost for principle member
MediHelp Unify R2 088
Discovery Coastal Saver R2 160
Discovery Essential Saver R2 203
Discovery Delta Saver R2 214
MedHelp Dimension Prime 2 R2 310
Bonitas BonSave R2 304
Discovery Classic Saver R2 773
MediShield MediSaver R2 850
FedHealth Maxima Standard R3 310
Momentum Extender Option 1 R4 129
Resolution Health Millenium R4 660
Momentum Extender Option 2 R5 113
Hospital Plans with Day to Day Cover
These plans are the same as the above, but come with annual limits for day-to-day use, which fall away and are renewed at the end of each year.
Plan Cost for principle member
MediShield MediValue R1 680
Momentum Incentive Option 1 R1 834
Bonitas Primary R2 076
FedHealth Maxima Saver R2 259
Resolution Health Progressive Flex R2 365
FedHealth Maxima Basis R2 722
Momentum Incentive Option 2 R2 737
MediShield MediPlus R2 817
MediHelp Dimension Prime 3 R2 940
Bonitas Standard R3 265
GP Network Plan
These plans are designed for younger members entering the market for the first time.
Plan Cost for principle member
Momentum Ingwe R759 – R1 903
Discovery KeyCare Access R697 – R2 018
Discovery KeyCare Plus R990 – R2 064
MediHelp Necesse R474 – R2 076
Comprehensive Medical Aid
These are the top-tier schemes that typically have unlimited hospital cover, and comprehensive day-to-day benefits.
Plan Cost for principle member
Discovery Classic Priority R3 214
FedHealth Maxima Standard R3 310
Discovery Essential Comprehensive R4 102
MediHelp Dimension Elite R4 272
Discovery Classic Delta Comprehensive R4 398
FedHealth Maxima Exec R4 805
Discovery Classic Comprehensive R4 882
Bonitas Bon Comprehensive R5 774
Discovery Executive R5 950