What is a medical savings account?
This is a fixed amount of money that a medical scheme member puts in a savings account on a monthly basis. It forms part of his/her contribution. On some options, this money is used to pay for out-of-hospital services and on some options, this will be an additional benefit. Any positive balance in your savings account at the end of the year can be carried over from year to year. You will therefore never lose the money in your savings account that you have not spent. Should you leave that particular scheme the savings will be transferred to the new scheme after four months. (According to legislation you have four months to submit

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accounts after service date.)

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