In recent years, CFD has become an increasingly used tool in the design of blood-based devices. However, the estimation of red blood cells damage (hemolysis) remains a very important challenge due to the complex rheology of blood and the turbulence present in most pumping devices. The objective of this study was to identify an appropriate turbulence model suitable for predicting hemolysis in Hemodialysis cannula. Several modern turbulence models were evaluated in comparison to Direct Numerical Simulation (DNS), which was used as the gold standard. The fluid dynamics in the cannula was modeled as a coaxial jet in which Reynolds' number approached 2800. Based on comparison of velocity and stress time-averaged profiles, the Shear Stress Transport (SST) model with Gamma-Theta transition was identified as an optimal compromise between accuracy and computational cost.