How a Medical Savings Account works

The Medical Savings Account (MSA) is an amount that we provide you at the start of the year. You can use this money to pay for day-to-day medical costs like doctor visits, X-rays and dentist visits. Any money in your MSA that you haven’t used by the end of the year is carried over to the next year.

We also provide you access to the entire amount we’ve put aside at the beginning of the year, even though you only contribute to this amount each month as part of your medical scheme contribution. In other words, you have access to the entire amount each year before you’ve paid it in.

Why money can sometimes be owed to the Scheme

• You leave the Scheme before paying in all the money you have used from your MSA or
• You change your Plan to one that has a smaller or no MSA; or
• One of your dependants leave your Plan before the year ends. If a dependant leaves the Scheme and the total MSA spent is more than the amount that will be paid into the MSA, you may owe money to the Scheme, and need to pay it back.

Keep track of your MSA

Remember to keep a record of day-to-day expenses and see how much you have in your MSA. Try to preserve funds in your MSA to fund future medical costs too. That means you won’t have to dip into your personal savings to pay for unexpected healthcare costs.

You may find out your MSA balance by using the following:

• Bankmed website: www.bankmed.co.za
• Bankmed App: Available on Google Play, App Store and Blackberry World
• IVR/self-direct telephone facility
• Your most recent claims statement.

Please note: Members on the Core Saver, Comprehensive and Plus Plans have an MSA.