What to do if your medical savings account has been exhausted before the end of the year

22 June 2022
2 min read

Many of us on medical schemes deplete our funds before the end of the year, with most of us not aware of how to make the most of the available benefits.

There are several options available to make your medical savings last longer, these include using doctors in a specific network, opting for generic medications, or ensuring that claims for prescribed minimum benefits (PMB’s) are paid for by the medical scheme.

Here are six tips to make your medical savings last longer

  • Understand your plan: It’s important to understand your medical scheme plan, what you are covered for, what rates and network of providers apply to your plan type. You can find out more about your medical scheme plan through the communication received from your medical scheme, their website or by talking to your NMG healthcare consultant.
  • Avoid using your medical savings account to pay for over-the-counter medications: Paying cash and choosing cheaper generic medications will ensure that the funds in your medical savings account lasts longer. You will also have more funds available for emergency, out-of-hospital treatments.
  • Look out for medications that are covered in full: Medical schemes have formularies available for medication for a chronic illness. It is advisable to confirm with your doctor if your medicine is covered by the scheme.
  • Prescribed Minimum Benefits (PMB’s):  Prescribed Minimum Benefits are a set of defined benefits that ensure that all medical scheme members have access to certain minimum health services. If you have a PMB, ensure that the consultation and prescribed medications are paid for by the scheme.
  • Create a dedicated savings account: Consider setting up a savings account (which offers immediate access) dedicated to medical expenses.
  • Stay healthy: Learn more about your plan and the benefits offered by the scheme, this will ensure that you don’t spend money on preventative tests which could be covered by the medical scheme. Preventative benefits include pap smears, mammograms, prostate cancer screening and annual health checks.

Medical schemes are costly so it’s important to understand your benefits to ensure that you stay physically and mentally healthy!

How can NMG help?

NMG Benefits can provide you with assistance in understanding your medical scheme plan and ensuring that you are on the correct plan according to your needs.

Contact your NMG consultant today!

T&Cs apply. NMG Consultants and Actuaries is an Authorised financial services providers t/a NMG Benefits.


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