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

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Article brought to us by Old Mutual.

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