5 Best Independent Medical Aid Brokers
The 5 Best Independant Medical Aid Brokers in South Africa revealed.
We tested them side by side and verified their specialities.
This is a complete guide to the best independent medical aid brokers in South Africa.
In this in-depth guide you’ll learn:
- What is an Independant Medical Aid Broker?
- How do you become a medical aid broker in South Africa?
- What does a medical aid broker do?
- Can you trust independent medical aid brokers?
So if you’re ready to go “all in” with the best independent medical aid brokers in South Africa, this guide is for you.
Let’s dive right in…
What Is a Medical Aid Broker
Brokers of medical aid are experts who help people sign up for a medical aid scheme by giving them information and services about the process.
In South Africa, the medical help business is a very complicated one. It has confusing wording and a lot of different options for customers, which can leave them feeling confused. Because of this, you should strongly think about using the services of a reliable medical aid provider.
What to Expect from a Medical Aid Broker
Use the opportunity to get help from reliable independent medical aid dealers since they know everything there is to know about the many medical aid schemes from different service providers and how they work.
They do in-depth risk analyses and health assessments on each client to figure out which medical help options are best for that client, considering the client’s income and any special requests.
Even after a client has signed up for a certain medical help plan, the broker should still work with them, for example, to explain hard-to-understand medical aid terms; to help clients with difficult or rejected claims and talk to the medical scheme on the member’s behalf; to keep clients up-to-date on new rates and increases for the next year and answer any questions clients might have.
How to Choose a Medical Aid Broker
When thinking about independent medical aid experts, it is important to check their qualifications. A professional broker must be licenced by the Council for Medical Schemes and registered as a financial services company. On the Financial Services Board (FSB) website, you can use a search tool to find out if a certain broker is registered or not.
Once you have made sure a broker is reputable, look at the medical aid scheme products that broker offers. Always work with medical aid brokers who offer the goods and services of more than one medical insurance plan, since they can give you unbiased help.
All medical aid brokers sign contracts with each medical aid fund they serve and get paid by these companies, but the more companies a broker works with, the more likely it is that customers will get unbiased and fair advice.
Answers to the following questions can help you find out if a medical aid broker will look out for your best interests:
- How many different medical aid schemes do you present or work for?
- In the past 12 to 18 months, have you advised clients to sign up for just one plan or several?
- Do you have all the facts and numbers for the different schemes and plans, such as the number of pensioners, the amount of money in the fund, its Global Credit Rating, the amount of money added each year, and the average age of members?
- What are the steps you take in a planned way to recommend a certain scheme or plan?
If you want open-minded help, it is best to move on if you do not get clear answers or if the broker seems to only work with one or two medical aid plans.
The following 5 best independent medical aid brokers can be of assistance to you:
1. Independent Financial Consultants (IFC)
IFC’s main job is to help people in South Africa find the best medical aid plan for their health and money. They know a lot about a wide range of the most popular South African medical aids, so they can offer you a wide range of options for your medical aid needs. IFC is a licenced source of financial services that focuses on South African medical aid plans and schemes.
IFC is passionate about providing good service and being professional and try to make the process of finding a good medical aid package as quick and easy as possible. Their consulting services are free, and they take care of all the paperwork for your medical insurance and application. They also offer free expert help and service after a person has become a member of a medical aid plan.
To help clients choose the best medical aid, they give them the tools they need to quickly and easily compare medical aid plans, find out which medical aid services cover their chronic conditions, and get advice on all parts of joining a medical aid plan.
They also tell new medical aid members which life insurance and gap insurance products would be best for them to add to their medical scheme. This helps them save money, get living benefits, and avoid the problems that come with private medical care costs that are too high.
People looking for medical aid coverage, life cover, gap cover, or lifestyle benefit plans will find a lot of useful information on their website. On the medical aid comparison page, you will find fair, thorough descriptions of all the major players in the medical aid business so that you can compare the plans that these companies offer.
You can also find out which medical aid provider covers your chronic conditions on a chronic cover page, download medical aid application forms, or learn more about how medical aid products work with a helpful guide to medical aids and FAQ area.
Verimed is a company that specialises in selling medical funds. They have contracts with Medihelp, Bonitas, Bestmed, Discovery Health, Keyhealth, and Fedhealth. If there is a need, they can also help you with hospital gap cover.
Verimed’s management is led by a director who has been in the business since 1996. She is a registered broker with the SA Medical Council (BR 9826), and the Financial Services Board has given her permission to give advice and act as a middleman for Health Service Benefits.
Verimed’s services include the following:
- Helping clients choose the right Medical Scheme choice
- Comparing funds for clients
- Answer questions about Medihelp, Bonitas, Bestmed, Discovery Health, Keyhealth, Liberty Medical Scheme, and Fedhealth goods and services
- Stay up-to-date on Medical Fund options and perks
- Help with questions about claims when asked.
Other services offered by Verimed include hospital gap cover, funeral cover, short-term insurance, and retirement planning.
READ more about the 5 Best Medical Aids for Employees in South Africa compared and revealed
3. Care Line Group
The Care Line Group is an all-in-one comprehensive insurance company that can provide a client with a total insurance portfolio, including medical aid, short term and life insurance, investments and group benefits.
They help customers choose the right service for their needs and make sure they get the best premiums for the most benefits. They also offer ongoing help after a person signed up for a medical aid plan.
Care Line Group stands out from the rest because they can offer clients a wide range of financial services and great service after the sale. They are used by several SME’s, Brokers, and Corporates to help them with routine problems with Medical Aid and other Insurance Products.
Care Line Group has the means to give each client their own profile administrator for that special touch. A big part of their success is because of its management department, which is fully ready to handle any problem a client might have.
Care Line Group handles the insurance, investments, short-term insurance, and/or group benefits for thousands of medical aid clients and care about each customer and compile a unique insurance plan for them based on their needs.
They have a team of experts who make sure that all clients’ questions are answered, and problems are fixed.
4. EB Solutions
EB Solutions is a business that has been around since 1998 and is approved by the Council for Medical Schemes and licenced by the Financial Services Board. They serve about 20 000 people in 150 companies and 12 different medical aid schemes across the country.
Their way of doing things is best defined as stubbornly independent and forward-thinking, and they are not affiliated with any insurance business or medical aid plan, so the advice is always free of bias. Customers gain from their objectivity, independence, and efficiency.
They believe in old-fashioned ideas like being honest, having ethics, and treating people with respect since they make a living out of caring for people. This, along with almost 20 years of knowledge and care for clients, is at the centre of everything they do. In line with a person-centred approach, their hardworking and dedicated staff invest in, support, and lift up clients by giving them an easier, more informative, and guidance-based medical scheme counselling service.
The business started out as a broker for medical aids, but now it is a “one-stop shop” for all kinds of financial services. It is set up to give each client the best advice for all of their financial service needs, such as joining a medical plan, getting life insurance, getting short-term insurance, making investments, getting gap insurance, getting death insurance, or getting insurance for their kids’ education.
It can also offer employee benefits solutions to the corporate market. It has helped clients set up group life cover, group medical aid schemes, health insurance plans for low-income staff, key man cover, buy-and-sell deals for businesses, and group provident funds.
5. Glopin Healthcare Consultants
Glopin Healthcare Consultants is an independent company that works to give people, businesses, and government bodies access to healthcare options that are cheap and best fit their needs.
Glopin Healthcare Consultants has been around since 2000; thus have years of experience, which has given them a lot of expertise that helps them be medical aid brokers for all of the big South African medical aid schemes.
Glopin Healthcare Consultants see their clients as people, not just members, and realise that each person has a unique list of needs that must be met.
Glopin Healthcare Consultants is licenced by the Financial Sector Conduct Authority (FSCA12641) and registered with the Council for Medical Schemes (ORG726). Its mission is to provide healthcare solutions and support to current and potential members that are reliable, cost-effective, and in the best interest of the member.
FAQ’s Medical Aid Brokers
Why do one need a medical aid broker?
Your greatest health coverage and benefits for you and your dependents will be provided by the plan you choose, thanks to the competent advice and direction of an accredited medical assistance broker.
What are the advantages of using a medical aid broker?
Making use of a medical assistance broker has several benefits, such as: Expert advice and understanding in negotiating the numerous medical aid choices, help choosing a plan that fits your needs and budget specifically, saving time because the broker conducts the research and comparisons access to more medical insurance policies and possibilities, assistance with claims and resolving conflicts.
What are the disadvantages of using a medical aid broker?
The only disadvantage might be if you work with brokers who aren’t adequately trained by medical aid businesses; in that case, they might not be familiar with all the specifics of the plans.
Do you pay for a medical aid broker?
No, a medical aid broker is not paid by you, the member. The broker is paid by the scheme.
How do medical aid brokers make money?
The commission that medical aid brokers receive from medical plans is already factored into your monthly premium. According to the Medical Aid Act, a broker may only be compensated up to 3% of the premium, or R102, whichever is less.