Page 4 - TDA booklet 2017
P. 4

Financial Solutions for Business Owners
         Financial Solutions for Business Owners
    Financial Solution for Business Owners

                                                                                          “Remember that your membership of   professionals, and what your medical   Sharon concludes by pointing out that
                                                                                          a medical scheme constitutes a legal   aid will pay.  actual hospital costs sometimes exceed
                                                                                          contract,” says Sharon, “and that it’s in        medical scheme rates by five times,
                                                                                          your best interest to understand the   “You may think that if you’re a member   therefore gap cover remains crucial
                                                                                          terms and conditions of your contract.”  of a medical scheme, you’re fully   to help you pay for the shortfalls and
                                                                                                                  covered for all in-hospital expenses,  to ensure you don’t suffer financially
                                                                                          Cover the gap           but often, you’re not. In most cases,   because of unexpected expenses.
                                                                                          There’s often a big difference between   there’s a difference between what
                                                                                          the total cost of hospital procedures,   a specialist charges and what your
                                                                                          certain out-patient services and the   medical scheme covers.”
                                                                                          tariffs charged by medical

         How to choose

         medical cover

         To avoid nasty surprises, it’s crucial to do your homework before deciding on a medical scheme.

         Finding the most suitable medical   in with what you currently have, and   • Familiarise yourself with the said
         scheme option for you and your   decide whether the benefit richness      benefits you are paying for, and
         family can be tricky. Not only are   as well as cost changes would still suit      ensure that your family’s most
         there many schemes to consider,   your family’s healthcare needs,”     important needs, such as doctor’s
         but the myriad of options offered by   she says.     visits, chronic medication, optical
         each can make it hard to compare                    needs, dental surgery, pregnancy
         the benefit richness of an option   “The next step is to get assurance      and baby immunisation, are met.
         with that of another.   of the scheme’s financial soundness,   • Note the conditions and/or benefits
                                 as this is an indication of its ability      that your medical option doesn’t
         “It is vital to ask the right questions   to pay claims. The average age of its      cover – for example, certain             Contact: Sanlam Business Market
         before making a decision,” says   members is also a determining factor,      procedures – as well as co-payments    Tel: 0860 100 539
         Sharon Rubens, Managing Director of   as this represents the risk and claims      and/or exclusions.  Email:
         Completemed Healthcare Consultants,   pattern of the scheme.”  • Also pay attention to how each
         an independent brokerage wholly                     scheme classifies dependants over
         owned by Sanlam Life.   Checklist                   the age of 21 – for example, students
                                 • Decide how much you can afford to        – and whether there is a difference
         “Start by comparing the benefits for      spend on medical scheme cover for       in the monthly premiums for specific
         2018 of the scheme you’re interested      yourself or your family.     dependants.
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