Malcor Keeps It In House
January 14, 2015
Malcor protects 11 500 members and their dependents and prides itself of boasting cost-effective care with a quality stamp of approval. And this medical aid is a restricted fund is registered with the Council for Medical Schemes.
How Does Medical Aid Work?
Each month, consumers pay funds to a medical aid, like Malcor or Momentum Health, but have you ever wondered how all medical aids actually work? Many people take out medical insurance as an individual or medical aids can be provided through an employer.
However, in the case where an employer offers an employee the chance to be part of a medical aid through work, the employee only pays a certain amount for medical aid and the employer the rest. Importantly, this allows the employee to afford a better medical aid plan with better coverage.
When we pay a medical aid, the bulk of the premium covers hospitalisation, for this is the major risk area and the most expensive part of medical coverage. Most medical aids such as Malcor, split the contribution into in-hospital costs and out-of-hospital costs. In-hospital costs are treatments or procedures received while admitted.
This covers elective procedures that include emergency treatments. In addition, out-of-hospital treatment refers to any treatment outside the hospital like GP consultations,optometry and dentistry. Normally the Medical Savings Account (MSA) pay for items that fall under the day-today category.
Medical Aids in South Africa
In South Africa, you get open and restricted medical schemes. Open medical schemes are open to all the members of the public, but with a restricted scheme; only selected parties may become members. The people who qualities belong to a certain trade pool or profession. GEMS medical aid is the largest medical scheme that supplies services to specific companies.
Bonitas medical aid and Liberty medical aid are both well-known medical schemes in South Africa. But these medical aid providers, as well others, including Discovery medical aid, Malcor medical aid and Sizwe medical aid, must be registered.
The Medical Schemes Act (1998), regulates all medical aids, insuring that they follow certain regulations and to protect the public against elements like discrimination against age or race. In addition, no one can be denied the chance of being part of a medical aid in terms of the Act.
The Council of Medical Schemes (CMS) oversees medical schemes, like Discovery medical aid, who provide health financing.
What Malcor Medical Scheme Offers
Malcor is an in-house medical scheme that caters for a couple of associated groups. Employees who work for Unitrans Motor Holdings, Defy Appliances, Foodcorp, Aspen Pharmacare, Total Medical Care, and Omnia, qualify to become members of Malcor.
Just like in the case of LA health medical scheme, Discovery Health administrates Malcor. Malcor medical aid scheme offers its clients different packages that are affordable and cost-effective. Significantly, Malcor medical has 11500 members and has proven that the products are of a high quality and standard.
So here are the options Malcor has to offer:
• A full comprehensive medical plan where hospital costs are all covered at 100%. This Malcor plan boasts good annual limits.
• A comprehensive medical scheme that also covers 100% of hospital costs but has an average annual limit.
• This cover by Malcor is a basic healthcare cover and has a few limitations regarding dependants.
All info was correct at time of publishing