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Choosing a Medical Aid in South Africa


 

  

  

Cash Back Medical Aids

All of us can benefit from a little extra cash in our back pockets, with cash back medical aids available this option might just be viable.

Cash Back Medical Aids As with everything else in life you do need to do your homework though. Cash back medical aids are not always viable as a primary medical aid option but should rather be considered as an additional option to cover your medical expenses.

There are a few options available when you look at cash back plans. Some medical aid schemes pays back a certain percentage of over the counter medication purchased at certain pharmacies, while others pay out a lump sum after a certain amount of years. These both are an addition to a comprehensive medical aid. The other option is a cash back hospital plan.

The hospital cash back plan:

•This plan is not an alternative to medical aid; it is in fact insurance that pays you a certain amount per day you spend in hospital. This does not cover any of your day to day medical expenses.

• Most medical aids in South Africa suggest that you use this plan in addition to your standard medical aid; you can then use this pay out to cover any co-payments or for procedures that your medical aid options does not cover.

• This money is paid in cash to you and not the hospital; it can be used to cover your additional medical expenses, accommodation for your family, or any other expenses you might accumulate over your hospital stay.

• This is a very viable option for self employed businessmen; the cash back will partially cover your loss of income while you are in hospital.

• Most of the schemes offering this option require a minimum income level.

• This option would benefit a very healthy person that nearly ever needs hospitalization or doctor’s visits.

The other options available:

• Discovery Medsaver offers a plan where you can register on their website and receive up to 25% cash back on over the counter medication purchased at certain pharmacies.

• Old Mutual offers a 15% cash back after 5 years of membership to the fund.

• Acquire a gap cover policy, this is also a form of insurance, used to cover the gap between what the hospitals charges and what your medical aid pays, this is rather inexpensive, and you will have peace of mind that any additional costs will be covered.

Should you be looking for more affordable medical aid, a basic medical plan with an additional hospital cash back plan might just be the way to go. It is however important to make sure you have the benefits and cover to suit your specific needs.

All the best medical aids states the importance to realise that a hospital cash back plan is not a medical aid, and should not be recognised or treated as such.

Cash back medical aids should be used to boost your current medical aid and not as a medical aid alternative. © Medical Aid Plan

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