You may be young and healthy now but there is no guarantee that you will not need medical care very soon. In fact it is definite as you get older. One of the major reasons for medical aid claims relates to chronic conditions and this means ongoing medical treatment which can be costly. While government facilities in South Africa does offer chronic care, many South Africans prefer private health services. But this means having the financial resources to pay for it. If a full medical aid is not an option for you then you can opt for hospital cover which includes chronic benefits.
Hospital Plan Options
Hospital Plan Products and Prices
A hospital plan means different things to different people but these types of products do not end with a medical aid or cash back insurance. In fact there are so many related financial products in the South African market that it is confusing to consumers. Of course more people are aware of the common hospital plans – the medical aid for hospitalisation only or the insurance that pays you cash for each day in hospital. But there are also many add on products such as gap cover and premium waiver, both of which are only applicable to a medical aid, even if you only have hospital cover.
Hospital Plan for the Unemployed or Lost Your Job
Not only is it difficult to find a job in South Africa these days but with the economy showing slow growth, losing your job is very much a reality that every South African worker has to consider. Sometimes you as the worker may be at fault and despite repeated warnings, you may be fired. Whatever the case, being unemployed is one of the most difficult times in your life particularly when others in the household do not have stable employment. Fortunately hospital plans either in the form of a medical aid or hospital cash back plan do not discriminate based on your employment status. In other words any person can have a hospital plan even if they are unemployed.
Student Hospital Plan (Local and Foreign University Students)
Students are usually on a tight budget but have the same medical needs as adults. Unfortunately if you are in university or college, you may not have the protection of being on your parent’s medical aid or hospital plan cover and have to go it on your own. While South African citizens are not required to have hospital cover, if you are a foreign student studying in the country then medical cover is necessary. Local or foreign, as a student you still want the best deal but before you sign up for a cheap hospital plan there are several points that you have to take into consideration.
Medical Aid Gap Cover is not Hospital Cover
There is widespread misconceptions regarding different medical aid related financial products and hospital cash back plans. The confusion largely arises from the terms hospital plan and hospital cover which have become blanket terms to relate to any and every one of these products. Gap cover for medical aid is one of the newer products on the market. It is important for medical aid members to fully understand the benefits offered by gap cover and how it differs from a hospital cash back plan.
Different Types of Hospital Plans
The range of different medical financial products can at times be confusing to the South African consumer. Medical aid. Hospital cash plan. Health insurance. The fact of the matter is that these are all different products with different benefits. There may be some overlap but each product caters for different eventualities. In order to compare hospital plans you have to realise that each product should be viewed separately. In other words, compare apples with apples.