The country has experienced some financial setbacks in recent years. Many who once had jobs and medical aid cover are now without work, and the self-employed are often faring no better. Nevertheless, caring for our health is essential and, to save money, many people in South Africa find that affordable hospital plans are their only option, given their limited incomes.
While the cost of medical cover has now become a serious consideration for many people, it is equally essential to ensure that you receive value for money. Few people would purchase a second-hand car without having a glance under the bonnet. That is an equally good philosophy for anyone who is considering private healthcare plans. You should be sure to check exactly what you will be getting before you choose affordable hospital plans in South Africa or anywhere else.
Many of those whose sole concern was the pricetag have discovered, to their dismay, that only rarely are you likely to get more than you pay for. Based on price alone, you might well be tempted to deal with the same insurance company that insures your life. However, you would be making a grave mistake. Insurance companies don’t undertake to cover your private hospitalisation expenses. In practice, what they offer are affordable hospital CASH plans. In South Africa, this will pay you a sum of cash, based on your premium payments, for each day spent as an in-patient. Although this may be enough to cover some lost income or meet incidental expenses, it won’t come close to settling your hospital bill.
This post is sponsored by our partners WigsOnly a medical aid fund will undertake to cover most or all of the cost of diagnostic tests, treatment, medication and accommodation during your stay in a private clinic. While the most affordable private healthcare cover in South Africa is the Hospital Plan, not all plans are equal. They were initially aimed at young, single people with good general health but only a modest income. However, times have changed. Today more and more people face the choice between cheaper cover or no cover at all, and the nation’s medical aid funds have responded to their dilemma in a variety of ways.
There are essentially only two ways in which it is possible to deliver a service more cheaply without crippling a business. To ensure that hospital plans in South Africa are affordable to as many people as possible, one can either limit the extent of the cover provided, or find a more economical way to continue without compromising on cover. In most cases, fund managers have adopted the former solution, reducing the percentage of each medical expense they agree to pay. Often they will attempt to sweeten the deal by offering some form of incentive. At Medshield, the approach has been different, focusing on reducing costs by appointing a network of preferred suppliers. While enjoying some of the most affordable and comprehensive hospital plans in South Africa, Medshield’s hospital plan members can also qualify for some valuable, year-round, out-of-hospital benefits.
