by J_Th4ng » Tue Feb 11, 2014 8:51 am
Paul wrote:Careful with this, when I was on discovery I had this and each year they took 20% handling fee and then the rest was carried over, so if you didn't use it, it still cost you. Also you didn't earn interest.
Open a Capitec account and you get like 6% interest and minimal fees plus you will have access to all your money. Nedbank has an investment accounts JustInvest with 8% interest but the catch is you can only have access your money in 24hr unlike a savings which is immediate
This is true of Discovery, they take off the top of your medical savings. I've recently moved to Momentum, their savings is truly savings, you can cash the money out if you don't use it.
Having said that, as a single man with no dependents, I'd just get a hospital plan and put cash aside for doctors bills. Make sure you get a decent hospital plan though, possibly with top up insurance to cover multiples of the medical aid rate. Especially as you are a biker (not saying that anything is gonna happen, but you know...)
When you have a family, a more comprehensive scheme is more important. You need to cover maternity, and later pediatrics. Then you want a comprehensive scheme.
Make sure you have dread disease cover too, those things are massively expensive to treat, and you never know when something like that could strike.
[quote="Paul"]Careful with this, when I was on discovery I had this and each year they took 20% handling fee and then the rest was carried over, so if you didn't use it, it still cost you. Also you didn't earn interest.
Open a Capitec account and you get like 6% interest and minimal fees plus you will have access to all your money. Nedbank has an investment accounts JustInvest with 8% interest but the catch is you can only have access your money in 24hr unlike a savings which is immediate[/quote]
This is true of Discovery, they take off the top of your medical savings. I've recently moved to Momentum, their savings is truly savings, you can cash the money out if you don't use it.
Having said that, as a single man with no dependents, I'd just get a hospital plan and put cash aside for doctors bills. Make sure you get a decent hospital plan though, possibly with top up insurance to cover multiples of the medical aid rate. Especially as you are a biker (not saying that anything is gonna happen, but you know...)
When you have a family, a more comprehensive scheme is more important. You need to cover maternity, and later pediatrics. Then you want a comprehensive scheme.
Make sure you have dread disease cover too, those things are massively expensive to treat, and you never know when something like that could strike.