Michelle Bester How to find a trustworthy medical aid advisor 10Apr2024

How to find a trustworthy medical aid advisor

Medical aid advisors play a crucial role in helping individuals navigate the complex landscape of Medical aid schemes, Health Insurance and Gap cover.

By Michelle Bester CFP®


Here’s what you need to know:


1.  What Is a Medical Aid Advisor?

    • medical aid advisor is an expert who specializes in providing advice and services related to joining a medical aid scheme.

    • The South African medical aid industry can be overwhelming, with confusing terminology and a wide array of options for consumers.

    • A trustworthy medical aid advisor helps clients understand their options and choose the most suitable medical aid plan based on their budget and specific needs.


2.  Services provided by Medical Aid Advisors:

    • In-Depth Analysis: Independent Advisors thoroughly examine numerous medical aid plans from different providers.

    • Risk Assessment: They assess clients’ health and risk factors to recommend appropriate options.

    • Ongoing Support: Even after appointment, advisors can be relied on to:

      • Explain complex medical aid terms.

      • Assist with challenging claims.

      • Update clients on rates and changes for the following year.


3.  Choosing a Medical Aid Advisor:

    • Accreditation: Ensure the advisor is registered as a financial services provider and accredited by the Council for Medical Schemes.

    • Product Portfolio: Look for advisors who offer products from multiple medical aid schemes and gap cover providers. This ensures unbiased advice and provides you with various options.

    • Key Questions to Ask:

      • How many different medical aid schemes do you represent?

      • Have you placed clients in multiple schemes recently?

      • Do you have comprehensive data on various schemes and plans?

      • What systematic processes guide your recommendations?


4.  Payment Structure:

    • Commissions: Most medical aid advisors are compensated through commissions paid by the medical aid schemes they work with. When they assist clients in signing up for a specific scheme, they receive a commission from that scheme. Because this commission is paid by the medical aid, it has no effect on your premium whether you have an appointed adviser or not.

    • Client Fees: Some brokers may charge additional fees directly to clients for their services. These fees can be a fixed amount or a percentage of the premium.


5.  Transparency:

    • It is essential to discuss fees upfront with your advisor. Understand how they are compensated and whether any additional charges apply.

    • Reputable advisors are transparent about their fees and provide clear information to clients.


6.  Factors Influencing Fees:

    • Complexity: If your case involves intricate requirements or unique circumstances, the advisor may charge higher fees.

    • Services Provided: Advisors who offer ongoing support, claims assistance, and annual reviews may charge more than those who provide basic sign-up services.

At Ascor® we can help you choose the correct Medical Aid scheme and Gap cover product according to your needs & budget.  As we are independent, we can source products from the various South African Medical Aid schemes and Gap cover providers.


Read more about Ascor® Medical Aid Services

Ascor® Independent Wealth Managers Medical aid on Services page


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