Deciding on the right medical aid can be extremely confusing. Not only are there more benefit options that you can shake a stick at, but there are also specific regulatory criteria to bear in mind, not to mention all the jargon.
Luckily, going forward this year you’ll be in the know. Whether you looking to join a medical aid or simply reviewing the various terms and conditions, here are a few things that you need to know:
Medical Aid schemes are instructed by law to accept anyone who applies for membership. For this reason, older and more sickly members are allowed to join even if they haven’t contributed to the risk pool. To contest the risk, medical schemes can impose waiting periods. A waiting period works like a probation, where you pay the monthly contributions but you will not be entitled to any benefits for a specified time upon joining.
There are two types of waiting periods - a general period of up to 3 months, and a pre-existing condition waiting period of up to 12 months. Waiting periods can apply in the following cases: