Medical Insurance in South Africa
With the costs of traditional comprehensive medical aid schemes increasing drastically over the past couple of years and other factors such as rising interest rates more and more people are feeling the pinch and opting for medical insurance as a means of saving to pay the exorbitant medical aid rates.
Bear in mind that medical insurance is not a hospital plan and is a simple insurance policy that will normally pay out a predetermined amount per day while you are in hospital. A hospital plan will offer you cover of medical costs incurred while you are hospitalized and the medical procedures take place during your stay in hospital. All hospital plans vary considerably as do the premiums charged and it is advisable to ensure that whatever cover you opt for that you are aware of the limitations of such option.
Premiums for medical insurance will be influenced by factors such as your age and your previous medical history and each application is therefore rated individually.
Both hospital plans and medical insurance are alternatives to consider if you can not afford a comprehensive medical aid plan but bear in mind that they do not offer the full benefits of a medical aid scheme.
Medical insurance is a very wise option for self-employed individuals to consider purchasing over and above their participation in a medical aid scheme. This type of insurance assures you of a set amount of income on the days that you are incapacitated and in hospital.
If you are interested in finding out more about medical insurance please feel free to fill in the applicable request for quote form and an experienced medical insurance consultant will contact you to discuss your requirements and the various available options to meet these.