Financial Literacy for Everyone

Medical Aid

You need to put money aside for unexpected medical expenses. You could have a medical condition, such as a weak heart, for which you need medicine every month.

Medical aid schemes

Medical aid is a type of insurance that you can take out.

A medical aid scheme pays the medical costs of the insured person if that person becomes sick, due to illnesses covered by the policy, or due to accidents. Well-known medical aid companies in South Africa are Bonitas, Discovery, Fedhealth, Gems and Medihelp.

Some larger companies have medical aid schemes for their staff. If you join the medical aid scheme, your monthly medical aid contribution will be deducted from your salary. The amount that will be deducted for your medical aid contribution is based on your salary, how many people are supported on your medical aid and your medical condition.