Advising your clients on stretching their medical scheme savings

The role of the broker in educating members on how best to ensure their savings last throughout the year, cannot be underestimated. It is important to ensure that all clients who belong to savings based medical scheme options are made aware of common practices which can quickly whittle away their funds, leaving them exposed to healthcare costs later on.

Agility Channel suggests that the following important tips be provided to members on savings based options:

  • Ask for generics – Advise your client that if they need to get acute medicine that they ask their doctor or pharmacist to give them the generic medicine as opposed to the more expensive name branded one.  Generics and cloned medicines provide the same active ingredients as the more expensive branded medicine without the hefty price tag.
  • Ask about discounts for cash and pay for day-to-day medical services where possible – In some cases the provider or pharmacy will give your client a discount for paying cash for their treatment or medicines, which can then be claim back from the medical scheme, thus eating up less of their medical savings account.
  • Don’t use savings for over-the-counter medicines – Extend the life of savings by avoiding paying for over-the-counter medicines with a medical savings account.