The latest GTC Medical Aid Survey for 2017 has been released, which compares local medical aid schemes on cost to members across various levels of cover.
According to GTC, medical aids are complicated schemes, and comparing them is an almost impossible task; however it has developed a review process that compares schemes across specific categories, rather than on specific services offered.
For its 2017 review, GTC screened 23 medical aids (22 open and 1 closed scheme) offering 144 plans.
The rankings in the GTC Medical Aid Survey are based on the concept of a total cost or a risk rating for each medical aid plan.
This risk rating is derived from a risk premium, which represents the premium paid monthly minus the allocation to what is known as the ‘savings’ or out-of-hospital account.
“This approach removes any differences in personal circumstances, priorities or behaviours that may influence an individual’ eventual healthcare costs,” the group said.