Medical aids are a type of insurance that is quite important in life. Many people think that they can get by without having medical aid and opt to rather save on the installments that they would otherwise have to make on a monthly basis. The fact of the matter is that if you do not have medical insurance, you are at the mercy of the public health care system, which at best is stretched for resources as it is. This leaves you in a position where you will be financially responsible for your health needs whatever they might be.
A medical aid works to save you money where health problems are concerned. Depending on the type of plan you choose, you can get cover for things like visits to a general practitioner, medication, surgical procedures and emergency care at trauma units.
How It Works
When you sign up with one you will be responsible for paying a monthly installment. This is determined by the type of cover you choose. Some medical aids offer exclusive hospital plans to clients. These provide cover for hospitalization in keeping with certain conditions. In this way, if you ever end up in hospital, your stay there and all procedures and medication will be paid for by the medical aid.
Other plans vary in types of cover ranging from basic cover that provides the most fundamental services and are commonly the cheapest type of plan to premium packages that covers every health related need but for a high price. Packages are graded and priced according to how much the medical aid is willing to pay for. The cheaper packages will offer very basic cover, while the more expensive packages will offer more elite cover. This could mean covering hospitalization at high end private hospitals and even elective surgeries in some cases along with over the counter medicine.
Medical aid benefits are used up as you call on funds to pay for visits to the doctor, surgeries or medication. Every year, these benefits are renewed and topped up and the cycle starts all over again. Savings plans are common in many medical aid packages these days. A savings plan works as a kind of safety net clients who might run out of benefits. They can then use the funds saved up in their Savings plan to cover unexpected costs that arise.
Important Things To Consider
Decide what your requirements are before taking out cover
Speak to a professional medical aid broker to assist you in choosing a plan that will work best for your needs and expectations
Know what your budget will allow and only consider plans that fall within it. If you take a plan you can't afford, lapses in payment will cause the medical cover to fall away and no cover is worse than basic cover.
Always check on your benefits before making use of them to ensure you don't end up with expenses that your benefits didn't cover.
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