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?
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A medical aid advisor is an expert who specializes in providing advice and services related to joining a medical aid scheme.
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The South African medical aid industry can be overwhelming, with confusing terminology and a wide array of options for consumers.
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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.
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2. Services provided by Medical Aid Advisors:
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In-Depth Analysis: Independent Advisors thoroughly examine numerous medical aid plans from different providers.
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Risk Assessment: They assess clients’ health and risk factors to recommend appropriate options.
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Ongoing Support: Even after appointment, advisors can be relied on to:
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Explain complex medical aid terms.
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Assist with challenging claims.
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Update clients on rates and changes for the following year.
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3. Choosing a Medical Aid Advisor:
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Accreditation: Ensure the advisor is registered as a financial services provider and accredited by the Council for Medical Schemes.
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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.
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Key Questions to Ask:
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How many different medical aid schemes do you represent?
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Have you placed clients in multiple schemes recently?
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Do you have comprehensive data on various schemes and plans?
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What systematic processes guide your recommendations?
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4. Payment Structure:
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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.
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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.
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5. Transparency:
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It is essential to discuss fees upfront with your advisor. Understand how they are compensated and whether any additional charges apply.
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Reputable advisors are transparent about their fees and provide clear information to clients.
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6. Factors Influencing Fees:
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Complexity: If your case involves intricate requirements or unique circumstances, the advisor may charge higher fees.
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Services Provided: Advisors who offer ongoing support, claims assistance, and annual reviews may charge more than those who provide basic sign-up services.
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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
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