Two Types of Cash Back Medical Aids in
What is a cash back medical aid,
and why is it a benefit? Cash back medical aids do not pay for treatments. It pays cash back when certain requirements are
fulfilled. Probably its greatest advantage is the flexibility it offers.
There are two cash back categories, hospital
insurance and certain medical aids gives cash back.
Certain medical aids will reward members by
offering cash back when certain requirements are met. Here are some examples of such medical aid
Discovery Medical Aid’s MedSaver plan allows you to save up to 25% on costs when
purchasing non-prescription medicines, in other words medicines bought over the counter. This is applicable when
buying at certain pharmacies suggested by Discovery Health.
Hollard Insurance rewards you with 20% deducted off your monthly premiums if you
don’t claim for a continuous period of 5 years. Hollard Insurance also pays up to R5,000.00 cash for each day you
are in the hospital. It does this for a total of 180 days provided the requirements are
Momentum Medical Aid has a program called HealthReturns that pays out a rand amount
when you agree to a free assessment of your health.
Many hospitals and other healthcare professionals
charge more than the approved medical aid tariffs. Sometimes it is as high as 300% more. Hospital insurance doesn’t
pay the hospital bills; it pays the member a daily rate for every day spent in the hospital. The medical bills are
therefore your responsibility. You settle your medical bills with the amount of cash you received back from the
hospital insurance, but there is no obligation for you to use the money for
Advantages of hospital
The costs are affordable.
Hospital insurance lessens the financial obligations when admitted to a hospital. It
doesn’t necessary cover the medical bill, but does help with income loss while in the
It is an additional financial aid when the medical bills are not covered by the
It covers expenses that are not normally covered in a hospital plan or a specific
medical aid plan.
It complements the medical hospital plan, because some medical plans don’t cover the
day-to-day stay in the hospital.
It is the perfect solution to healthy individuals that don’t need a lot of
Basic requirements for hospital insurance
You have to:
Be a South African citizen, alternatively a permanent
Earn a specified salary,
Be older than 18 years, and
Be younger than 59-65 years
Hospital insurance is not the same as medical
hospital plans. The latter is part of a medical aid plan that covers the hospital and medical expenses, depending
on the specific plan. A disadvantage of hospital insurance is, that it could be discounted by the hospital or a
doctor as a medical cover, thus requiring you to pay a deposit before you are admitted to the hospital for the
specific operation or procedure
Cash back medical aids offer the assurance
that you are covered in case of an emergency. It is therefore a great supplement to medical aid schemes. ©
Medical Aid Plan