It is that time of year when your medical aid informs you how much more you will be paying in 2024 for your medical cover.

In this podcast, Maya chats to Jillian Larkan, head of healthcare consulting at financial advisory firm GTC to unpack the mysteries of medical cover.

With medical costs rising at rates that are above inflation, the amount we spend on medical services takes a growing bite out of our budgets.

It is important that you take the time to understand your medical plan in order that you can make the most of it, and to make sure that you have the right plan for your specific needs and circumstances.

You might be overpaying for benefits that you don’t actually use, so you could possibly find a more cost-effective plan.

In this podcast, Larkan addresses the following issues:

• Why medical aid contributions increase above inflation. What drives these costs? Or are schemes just fleecing us?
• While schemes announce an average increase, increases can differ significantly between plans. Know what to look for.
• Understand what your scheme covers that relates directly to your requirements and especially extended benefits and preventative screening.
• What is gap cover, and why do we need it if we are already paying so much to medical schemes?
• What is the lowest-cost scheme?
• What is health insurance and is it a viable alternative to medical scheme cover?