At a time when consumers are cash strapped, many South Africans search for cheap hospital plans to save on the cost of this cover. Whether it is medical aid hospital plans or a hospital cash back plan, consumers need to remember that there is no single company or plan that is cheaper than the rest yet offers the same benefits. It boils down to common sense – if any company in South Africa offered a cheap hospital plan that had the same benefits as other companies offered then most consumers would flock for the less expensive option. Instead there are around a hundred medical schemes in South Africa and scores of insurance offering hospital plans.
Affordable Hospital Plans
Affordability is an individualistic issue. What is affordable to one person may not be affordable to another. It is therefore fair to say that those who can afford more expensive hospital plans will receive higher benefits. This is reality – some consumers can buy more than others – in any industry and for any product or service. Therefore consumers should look at what they can afford in their monthly budget and search for a hospital plan that is affordable for them.
All too often people make purchases based on the impact of media and advertising or what others tell them is the “better” product. It is pointless signing up for hospital cover if you cannot afford it in the long term. Always look at the sustainable option in an affordable hospital plan that fits comfortably within your budget and does not become a burden even when you are at a in difficult financial times.
Cheapest Hospital Plan
Hospital plans can start from as little as R200 to R300 per month if you are looking for medical aid cover or from about R50 per month for hospital cash back plans. There is no single cheapest hospital plan that is better than the rest – you get what you pay for. It is therefore important that consumers understand what they are signing up for and compare the different hospital plans. When it comes to medical aid, new members can score on hospital plans by opting for cover that restricts its members to certain network hospitals and clinics. This can be a huge saving for the cheapest medical aid cover on the market. Similarly a subsidy from an employer with regards to company medical aid can mean that cover becomes more affordable.
In the search for the cheapest hospital plan, consumers tend to make rash decisions. Misleading advice from friends, family or colleagues. Vague details from telesales call center agents. Minimal details on ads. All of these factors may lead a person to believe that they are getting the cheapest hospital plan often to be surprised later – the benefits are minimal and the cover is probably no cheaper than similar products on the market. This is where the assistance of a broker can be advantageous. Brokers are required by law to divulge the full details and assist consumers with sound financial advice about these products.
Where to get cheap hospital plans?
If you already have medical aid or a hospital cash back plan, then the best place to start in searching for cheap hospital plan is with your current medical scheme or insurance provider. By discussing your affordability, you may be surprised to find that your medical aid or insurance provider actually has cheaper hospital plans to suit your budget. However, if you are not happy with your current scheme or provider or if you do not have cover then you should look around before making a decision. Fortunately the Internet is a useful tool to do this and online quotes can help you make the best decision even before you speak to a medical aid scheme or insurance company. You can also find out about the pros and cons of different plans beyond the price factor.
Understand the different types of hospital plans and what type of cover is most suited for your needs. The bottom line is that a medical aid and hospital cash back plan are two different financial products and cannot replace each other.