Medical savings for seniors (part 2)

In the first installment of this article (eBounce June 2016) we discussed how seniors could save on medical expenses, by choosing their plan carefully and claiming for chronic conditions. In this installment Bankmed’s Clinical Executive, Dr. Niri Naidoo, provides additional tips for increased savings.

Avoid co-payments

Dr. Naidoo says most co-payments on medication can be avoided by understanding the reason for the co-payment. Here are the two most common reasons:

• Exceeding the Maximum Medical Aid Price (MMAP). MMAP co-payments are incurred when less costly alternatives to your prescribed medication are available, such as generic medications. Generics have the same ingredients and strength as the original product, but they are produced or marketed by a different manufacturer and sometimes even by the same manufacturer that manufactures the original product. ‘The price is lower mostly due to market dynamics and competition, which brings the price down without compromising on the quality,’ explains Dr. Naidoo. Ask your pharmacist to dispense a generic alternative within the MMAP limit. Visit www.medikredit.net to view medications without co-payments for your Bankmed plan.
• Not using a Designated Service Provider (DSP). Your Medical Scheme negotiates certain fixed rates or dispensing fees with a network of pharmacies, doctors, dentists, specialists, optometrists and hospitals. Using a service provider outside this network may lead to significant co-payments. (Visit www.bankmed.co.za and click on ‘Find a provider’ to locate the DSPs in your area).

Be proactive

Prevention is key! Take responsibility for your health by eating a balanced diet, staying physically active and managing your stress levels. You also have the power to reduce your risk of future disease by going for regular check-ups at your doctor or pharmacy.

‘Regular health screenings are very important, especially for the elderly. If you neglect early warning signs you may land up in hospital, resulting in high medical expenses,’ cautions Dr. Naidoo. She encourages all members to utilise Bankmed’s Wellness and Preventative Care benefits and tests, such as cholesterol tests, blood sugar screenings, blood pressure measurements, HIV Counselling and Testing, Pap smears and Personal Health Assessments. These tests are provided at Bankmed Network Providers and are covered from the Insured Benefit. Flu and pneumococcal vaccinations are also paid from the Insured Benefit.

Take stock

‘You should always ask your doctor or pharmacist to explain why a specific product has been prescribed,’ says Dr. Naidoo, ‘and don’t allow the pharmacist to dispense the medication on the prescription if you still have stock of it at home.’

Be tax-savvy

Keep medical records and slips of all your dispensed medications and health practitioners’ visits throughout the year to tally up when the tax year ends.

Depending on your age (over 65 or over 75), the number of dependants you have and your taxable income, you may benefit from additional tax rebates from SARS on your medical scheme contributions. In addition to this, the SARS website states that certain out-of-pocket medical expenses such as home nursing, prescribed medicines, hospitalisation and services rendered by a registered medical practitioner, dentist, optometrist, homeopath, naturopath, osteopath, herbalist, physiotherapist, chiropractor or orthopaedist may also be deducted as part of out-of-pocket expenses, if it was paid and not recovered during the year of assessment. If you’re not tax savvy, find a tax practitioner that can assist you. Alternatively call the SARS contact centre on 0800-00-SARS (7277) or visit a SARS branch for assistance.