Presented by Medihelp

How to choose a medical aid savings plan

If you want more control over your healthcare expenses, a medical aid savings plan may be the ideal option for you.

Before you opt for a savings plan, however, you should consider whether it would provide all the benefits you and your family need while still being affordable.

Here are answers to some of the most commonly asked questions about a medical savings account (MSA).

What is an MSA?

An MSA is a savings account held by a medical scheme that allocates funds to members to be used for the payment of qualifying medical expenses.

Medihelp’s MSAs offer members a credit facility in advance, calculated according to the number of months in the year.

For example, when you join Medihelp medical aid’s Unify savings plan in January, you will have 12 months’ contributions to your MSA available immediately.

You may spend these funds on day-to-day expenses such as doctors’ visits, prescribed medication or any other expenses as stipulated in your medical aid plan.

Who owns the funds in the MSA?

Your MSA funds form part of the funds of Medihelp, but belong to you. However, you may not withdraw the funds in cash and may only use them to pay for specified medical expenses.

Do MSA funds earn interest?

Yes, any unused funds in your MSA accumulate and earn interest, and are carried over to the next year.

May I spend all the money in my MSA at once?

Yes, but you will then have no further funds available for the remainder of the year.

Medihelp’s Unify savings plan

Unify is a very popular Medihelp savings plan thanks to its affordability and generous 25% savings portion.

The freedom of choice that the savings component offers makes it a great choice for individuals and families.

Unify also provides the flexibility of choosing to claim in-hospital shortfalls or qualifying co-payment amounts from your gap cover insurance instead of from your savings account, which means that you can stretch your MSA funds to last longer.

Extensive benefits at an affordable price

Unify members get cover for hospitalisation at 100% of the Medihelp tariff at any private hospital, as well as cover for emergency medical services.

Members are also covered for 270 PMB conditions and 26 chronic illnesses on the Chronic Diseases List.

Additionally, a special GP consultations benefit for children between the ages of two and 12 kicks in once your savings are depleted. You also have added insured benefits for preventive care and screening tests, making Unify a smart choice.

Click here to view a full summary of Unify’s benefits.

Medihelp is celebrating 115 years in the medical aid industry, and we thank our members for making this possible. Your health is our top priority, and our medical aid plans provide the best healthcare cover for your unique needs.

Speak to an accredited Medihelp adviser to find the right Medihelp plan for you.

This article was published in partnership with Medihelp.

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How to choose a medical aid savings plan