Medical aid brokers are individuals who specialise in providing consumers with advice and services about joining a medical aid scheme.
The South African medical aid industry is an inherently complex one, characterised by tricky jargon and a potentially bewildering range of different options for consumers. For this reason, it makes a lot of sense to use the services of a trustworthy medical aid broker.
What to expect from a medical aid broker
The services of good independent medical aid brokers are invaluable. They are well versed in the intricate details of multiple medical aid plans from different providers. They conduct in-depth risk analyses and health assessments for each client in order to weigh up the most appropriate medical aid options based on the client's budget and specific requirements.
Once a client has signed up with a particular medical aid scheme, the relationship with the broker should continue. For example, it's ideal if the broker remains available to:
- explain difficult medical aid terms
- Assist clients with very difficult claims when rejected and liaise with the medical scheme on the member's behalf
- Update clients on new rates and increases for the following year and advise on any questions clients might have.
How to choose a medical aid broker?
When considering independent medical aid advisors, it's important to check their credentials. A professional broker must be a registered as a financial services provider and accredited by the Council for Medical Schemes. You can use a search facility on the Financial Services Board (FSB) website to determine whether or not a particular provider is authorised.
Once you've confirmed a broker's legitimacy, consider the broker's medical aid scheme product portfolio. It might be best to consider medical aid brokers who offer the products and services of multiple medical aid schemes as open minded advice will be provided.
All medical aid brokers conclude agreements with each medical aid scheme they represent, and are paid by these schemes. However, the more schemes a broker represents, the more likely consumers are to receive objective, balanced advice.
Questions to ask a medical aid broker
To help verify that a particular medical aid broker will act in your best interests, it's a good idea to pose the following questions:
- How many different medical aid schemes do you represent?
- Have you placed clients in just one, or several, schemes over the past 12 to 18 months?
- Do you have all the facts and figures for multiple schemes and plans available, such as pensioner ratios, solvency ratios, Global Credit Ratings, annualised increases in contributions and average age of members?
- What systematic processes do you follow to recommend a particular scheme or plan?
If there are no clear answers or the broker appears to represent just one or two medical aid schemes, it's best to move on if you want open minded advice.
Why consider IFC
IFC is an authorised financial services provider specialising in South African medical aid schemes and plans. We represent a few schemes in SA. Contact us today for the best independent advice, based on your family's medical aid needs and budget.
