Understanding the value of healthcare
The 2024 medical scheme contribution increases are a bitter pill for family finances to swallow following several years of cost containment in the industry and a rebound in claims following the pandemic.
Most healthcare costs are incurred in the final years of life. Yet, you never know when you may be involved in a life-threatening accident or develop complications from illness unexpectedly, as many young people did in the early stages of Covid-19. Opting in and out of medical scheme membership like this is known as anti-selection, and it significantly drives up the cost of contributions for all. The value of healthcare is incalculable, and if funding is contributed to and used responsibly as intended, it can be more affordable.