Points You Need to Compare When Considering a Hospital Plan
Financial pressures have forced many to seek more affordable medical aid. A hospital plan could be the answer, but it’s wise to compare a few before choosing. The Covid-19 pandemic was a wake-up call for many South Africans who had previously had few concerns about their health and the high cost of private healthcare. At the same time, the effects of the lockdown and the subsequent invasion of Ukraine have led to supply shortages and unprecedented inflation levels, leaving many of the nation’s citizens desperate to find ways to economise.
Unfortunately, these events have also increased healthcare costs, putting medical schemes under pressure to keep premiums affordable and the public struggling to find cheap cover. Some companies have responded by reducing the value of the benefits they offer. However, more innovative fund managers have focused on developing upgrades to the basic hospital plan.
Enter More Comprehensive Hospital Plans
In their original “bare-bones” form, these plans confined all financial support for healthcare costs to those periods while a member was undergoing treatment as an in-patient. Upon discharge, the member was required to settle all other medical bills that might arise during the membership year. In 1998, the Medical Schemes Act introduced a list of prescribed minimum benefits (PMBs). It mandated that every scheme in South Africa must include these in each of its products, providing a welcome boost for those with chronic illnesses like asthma, epilepsy, diabetes or hypertension who could only afford this limited form of cover.
Today, further extensions to the benefits included in these plans have made them a more viable option for individuals and families with limited incomes. The following are some of the added benefits you need to look for when comparing these products:
- Unlimited Hospital Cover: This should be the norm for any hospital plan. However, in addition to covering major medical emergencies, look for a product that pays a higher rate for some specified in-hospital procedures, and includes some out-of-hospital benefits. You might want to look at Medshield’s MediCore Plan.
- Partial Day-to-Day Cover: If you or one of your dependents is more prone to minor illnesses, it will pay to seek a plan that includes at least some assistance with your out-of-hospital costs. MediValue is a Medshield plan offered in Prime and Compact versions. Their benefits are identical, but while Compact’s premiums are lower, you must use Medshield’s provider networks.
- A Personal Savings Account: For a modest addition to the monthly premiums, Medshield MediSaver gives members a cash reserve to manage their chosen day-to-day healthcare expenses.
Hospital Plans for Peace-of-Mind from Medshield
Why not view our complete product range and consider joining the thousands of South Africans who trust Medshield to support their personal healthcare needs?
