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Updated 09 February 2016

What is a medical savings account?

This is a fixed amount of money that a medical scheme member can choose to put in a savings account on a monthly basis.

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What is a medical savings account?
This is a fixed amount of money (usually between 15 - 25% of the total contribution) that is put into a savings account of a member on an annual basis. monthly basis. It forms part of his/her contribution. Day-to-day expenses are paid out of this account. If there is any money left in the savings account at the end of the year, it will be carried over. 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 accounts after service date.)Or it will ve paid out to you if you do not join another scheme.

Susan Erasmus is a freelance writer for Health24.

 
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