What is it?
Medical aid is designed to provide financial cover for medical expenses for members who belong to a registered medical scheme, and who contribute monthly towards the scheme. All medical aids in South Africa must be registered in terms of the Medical Schemes Act and regulated by the Council of Medical Schemes. In a medical scheme structure – which is by nature not-for-profit – all member contributions are pooled and managed by a board of trustees in accordance with the scheme rules.
What does it cover?
All medical schemes must cover the prescribed minimum benefits (PMBs) – a set of defined benefits set out by the Medical Schemes Act which includes any emergency medical condition, a limited set of 271 medical conditions, and 26 chronic conditions. The purpose of PMBs is to ensure that all medical aid members have access to a minimum set of health services regardless of which plan option they are subscribed to.
Who needs it?
Government healthcare facilities are inadequate and overburdened, making it advisable for anyone earning an income to take up membership in a medical scheme. Thankfully, there is a wide range of open medical schemes to choose from, each offering a broad range of plan options that cater for different levels of affordability.
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Source: (Moneyweb, 2022)
