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Strategies & Market Trends : Dividend investing for retirement
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To: E_K_S who wrote (17666)12/1/2013 10:11:13 AM
From: bruwin   of 34328
 
OT.
WOW !! $904/mth is a relatively large amount for Medical Aid compared to what we pay back here in S.A.
That's about 3 to 4 times our average monthly premium.

I assume that's a comprehensive Medical Aid where you are getting Hospital Cover PLUS a Day-to-Day benefit cover for when you visit your doctor ?

The way Medical aid is set up here, if one is paying for full cover with no contribution from an Employer, then it's best to only get a Hospital Plan which fully covers your actual Hospital expenses plus what the Medical Aid pays for Surgeons, Anesthetists, etc., while you are in hospital, according to the Medical Aid's tariff.
In order to get cover for that extra amount that Specialists charge, over and above the Medical Aid tariff, one should get a separate Top Up Medical Insurance Plan which will pay for that extra amount that Specialists charge for their services while one is in hospital. In that way one is fully covered for the time in Hospital, which is one's biggest Medical expense.
A Top Up Medical Insurance Plan costs the equivalent of about $15/mth/person. A decent Hospital Plan costs about $180/mth for a Husband AND Wife.
One can then go to a hospital of one's own choosing and be treated by whoever is one's Specialist

If one takes up a comprehensive Medical Aid then the extra that you pay for your Day-to-Day benefit for visiting your GP comes out to be more than the annual benefit that you get from the Medical Aid. So it seems to make more sense to rather pay your GP if, or when, you see him, than to pay up front.

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