Can you “Top-Up” your Medical Aid savings?

“Lawrence, my medical aid savings has run dry, what are the medical aid’s banking details so I can transfer some money and “top-up” my account?” If you belong to a medical aid scheme and you don’t know the answer to this question then please take a minute to read the rest of this post.

The answer to that question is “I don’t have the medical aid’s banking details because you can’t top-up your medical aid savings.” Once you have run through your medical aid savings you’ve got to wait until the new-year when your savings account is re-boosted with fresh funds. That means during this exhausted medical savings period you will need to self-fund all of your day-to-day expenses like GP visits, over the counter medication and in the chair dentist visits.

We can, however, blame legislation for this. The Medical Schemes Act states the following: “A medical scheme, on behalf of the member, must not allocate to a member’s personal medical savings account an amount that exceeds 25% of the total gross contribution made in respect of the member during the financial year concerned.”

So How Can You Make Sure You Don’t Run Out Of Medical Aid Savings Mid-Year?

You really need to try and budget out your annual medical savings allocation. For arguments sake, when January rolls around and your medical savings account is boosted with R12 000, the best thing would be to think to yourself “There are twelve months in the year. I’ve got R12 000 in my account so ideally I should limit my spending to R1000 per month.” I know that’s easier said than done but it really is the only way you can budget it out over the year and make sure you don’t hit a wobble mid-year when you are out of savings! If you still aren’t making it on your medical savings then I would suggest that you look at a different medical aid plan with a threshold benefit built into it. Once your medical aid savings are exhausted, you’ve got a self-payment gap to get through, and then your scheme starts picking up the bills for the remainder of the year.

Can we help you with anything? Leave your details below and we will be in touch.

[wpforms id=”31592″ title=”false” description=”false”]

Leave us your thoughts in the comments section below.

Please rate this post

If you would like further information, submit your details below & we will contact you.