MyMoney Online, Make Money Mondays

Save money by downgrading your medical aid. But first consider this…

The Money Show’s Bruce Whitfield interviewed Dr Ryan Noach, Deputy CEO of Discovery Health, for the weekly "Make Money Mondays" feature.

Noach discussed what to consider before you downgrade your medical aid.

Scroll down for quotes from the audio below.

Medical inflation is driven by the demand for medical services.

Dr Ryan Noach, Deputy CEO of Discovery Health

Medical aid is expensive but absolutely critical.

Dr Ryan Noach, Deputy CEO of Discovery Health

Only about 3% of our members choose to downgrade per year.

Dr Ryan Noach, Deputy CEO of Discovery Health

The decision to downgrade should not be taken without taking advice.

Dr Ryan Noach, Deputy CEO of Discovery Health

About 20% of members each year suffer a catastrophic medical expense.

Dr Ryan Noach, Deputy CEO of Discovery Health

You need to plan well in advance for retirement, because that’s when you need healthcare the most.

Dr Ryan Noach, Deputy CEO of Discovery Health

The health needs of your family should determine your choice.

Dr Ryan Noach, Deputy CEO of Discovery Health

Consumers tend to be passive and only choose to understand their benefits in time of need.

Dr Ryan Noach, Deputy CEO of Discovery Health

We have 22 plans in our range, because we try to match every health need with every financial one.

Dr Ryan Noach, Deputy CEO of Discovery Health

Enter your email address in the form below to receive a newsletter containing the seven most-read articles of the week from Bruce Whitfield’s The Money Show every Friday morning in your inbox.

Subscribe to our Business Wrap Newsletter

Article brought to us by Old Mutual.

702 welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

  • Racism (including offensive comments based on ethnicity and nationality)
  • Sexism
  • Homophobia
  • Religious intolerance
  • Cyber bullying
  • Hate speech
  • Derogatory language
  • Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the 702 community a safe and welcoming space for all.

702 reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

702 is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

Read More
Starbucks – try as they might – just can’t get this Afrikaans guy’s name right

Starbucks – try as they might – just can’t get this Afrikaans guy’s name right

Eben du Toit is “trending” on the US version of Huffington Post. Why? Because Starbucks can’t get his name right.

Why the SA Reserve Bank cut rates (against the expectation of 92% of economists)

Why the SA Reserve Bank cut rates (against the expectation of 92% of economists)

The Money Show’s Bruce Whitfield interviews Nedbank Economist Busisiwe Radebe about Governor Lesetja Kganyago’s surprise move.

Already submitted your tax return? Sorry, you may have to do it again…

Already submitted your tax return? Sorry, you may have to do it again…

Sars is experiencing technical issues. Have a medical aid, retirement fund or travel allowance? You may want to check this out…

Location! Location! Location! What makes a business's space work (or fail)...

Location! Location! Location! What makes a business's space work (or fail)...

Bruce Whitfield interviews Aurik Business Accelerator founder Pavlo Phitidis for his weekly small business feature.

Super-saver Julia is human after all! She's struggling to keep it up...

Super-saver Julia is human after all! She's struggling to keep it up...

Bruce Whitfield interviews super-saver Julia and her advisor Warren Ingram. Is she keeping it up? Because life (and kids!) happen…

Why medical aid is woefully inadequate (and how affordable gap cover helps)

Why medical aid is woefully inadequate (and how affordable gap cover helps)

It may come as a shock (but it’s all there in the small print); medical schemes do not fully cover you when you’re hospitalised.

Popular articles
Home Affairs to follow up on special dispensation permit for Zimbabweans in SA

Home Affairs to follow up on special dispensation permit for Zimbabweans in SA

Home Affairs Minister Hlengiwe Mkhize says her department will respond to all Zimbabweans under special dispensation.

702 opens Walk the Talk entries, welcomes new sponsor MTN SA

702 opens Walk the Talk entries, welcomes new sponsor MTN SA

702 has officially launched The MTN Walk the Talk with 702 for 2017, and the 15-year event is getting better and bigger.

Getting to know MP, Dr Makhosi Khoza

Getting to know MP, Dr Makhosi Khoza

Dr Khoza is admired by South Africans for her role in the SABC inquiry as a ANC member of parliament.

Earn peanuts? How to best invest very small amounts...

Earn peanuts? How to best invest very small amounts...

Got a spare R200 or R300 a month? Here’s how to make that money work hard and grow…

Meet the founder of Capitec Bank, named ‘Best Bank on Earth and Cheapest in SA’

Meet the founder of Capitec Bank, named ‘Best Bank on Earth and Cheapest in SA’

Michiel le Roux speaks about the fascinating story behind the little bank that has the Big 4 shaking in their boots.

3 easy questions could bag you R2000!

3 easy questions could bag you R2000!

WIN R2000! But only if you can prove you're a whiz of the MTN Biz Quiz by answering the following three questions...

Blesserfinder: Matching you with a sugar daddy near you

Blesserfinder: Matching you with a sugar daddy near you

Is social trend Blesserfinder, where girls are allegedly matching up with rich 'benefactors' in exchange for sex, a real thing?