There are different waiting periods for hospital plans and it is important to understand how this can affect your cover. In the ideal world, a person would sign up for a hospital plan, be it a medical aid or a hospital cash back plan, when they are young and healthy and do not need the cover. These financial products are a form of protection for when you need it in unforeseen circumstances, not for capitalising at the last minute when the situation is at hand. Waiting periods mean different things for different financial products but in terms of hospital plans with regards to medical and cash back cover, a waiting period means any span of time when you cannot claim but have to keep paying your premiums.
SA Hospital Plan
South Africa