There is no need to explain to much as to why having a medical aid is so important, however, finding the correct medical aid to suit your needs are very important. We have a huge number of medical aids to choose from, with each of them their own set of rules, cover limits, co-payments, exclusions etc. Understanding exactly how your medical aid works is imperative, to avoid surprise bills and lack of cover.
Tax on Medical Aids
A medical aid has a tax benefit called a medical credit. Each member on a medical plan qualifies for this credit and the value of the credit is pronounced each year at the budget speech for the following tax year. This tax credit lowers taxable income and therefore reduces tax payable by the individual.
Plan for what it is difficult while it is easy, do what is great while it is small.Sun Tzu
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