All major medical schemes have released their benefit offerings and premium increases for 2020. Click on the links below for Premium Increases and Benefit offerings in 2020.
With the update on the NHI earlier this year, private medical schemes have come into the spotlight in terms of their relevance once the NHI is active. Private medical cover will play a large role in the success of the NHI should it ever be implemented.
We have found an increase in claims processed out of our office over the past year and urge all our clients to utilise our Chalford Wealth office for all private medical cover, hospital authorisations, claims, and general queries.
However, analysing these claims, more and more surgeons and specialists are charging in excess of the scheme rate of cover. This increases the amount clients have to pay out of their own pocket. Including gap cover as part of your medical portfolio will ensure you will not have to make sizable capital withdrawals from your investment to cover this additional and sometimes large expenses.
When considering upgrading or downgrading medical plans, it is important to consider the following factors when making your decision.
- Scheme rate of cover (Percentage of cover)
- Network hospitals for planned procedures
- Co-payments payable for planned procedures
- Waiting periods applicable if moving from one scheme to another
- Reduction of benefits
- Life stage
- Dangerous occupation or hobbies
Should you feel the need to change plans or schemes please contact us directly. Plan changes should be done before December to ensure the new plan is active on 1 January 2020.