Page 5 - TDA booklet 2017
P. 5

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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