Tips That WIll Help You to Choose the Best Medical Aid Scheme
The following are tips that will help you to choose the best medical scheme for yourself together with your family.
They are as follows:
• Hospital plan versus full cover
You should decide whether you can afford day to day medical expenses. Hospital plan is considered to be affordable as compared to medical cover. Keep in mind that hospital plan cover specific chronic conditions.
• Determine your health
If you are suffering from dental problems, you should consider choosing a medical scheme that is adequate to you and if you are suffering from chronic diseases such as arthritis and diabetes, a full medical cover will be worth compared to a hospital plan.
• Check for the best deal
You should assess your finances by checking for the best deal for you and your family.
• Check the medical scheme payment record
If you have decided to choose a scheme that is open, phone the nearest private hospital in order to find out whether there were problems with that particular pay-out.
• Check the solvency ratio
Look for a broker who will give you the latest information about the scheme solvency ratio. According to law, your medical scheme should have at least 25% in reserve of your annual contributions. An independent broker will also help you to choose the medical scheme that is beneficial to you and your family
• Check your daily limit
A scheme will definitely look good on the paper since it will appear to pay all cost of variety of things. You should consider checking your medical savings account yearly and your daily limits. This will help you avoid being given a nasty hospital bill after your stay in the hospital.
• Find out about the medical scheme exclusions
You should find out about the schemes exclusions before signing the document.
• Check the hospital limits
Many medical schemes limit the payouts to a specific amount. Determine what can happen if you are involved in an accident together with your family. Calculate the cost that you together with your family will incur in a week,
Medical aid versus hospital insurance
Medical aid is regulated by medical schemes council and the provider is paid directly. Regardless of the cost, the scheme has to cover the full cost and cannot refuse to cover to anyone irrespective of health and age. Medical scheme usually covers chronic conditions including diabetes, HIV and heart conditions. Keep in mind that the medical aid can charge you a penalty if you join the scheme with more than 35 years.
Hospital insurance is well known as short term insurance product. This is because it is an affordable medical option to choose. The insurance only pays the stated cover and can exclude certain conditions. Hospital insurance does not guarantee payment since it reimburses the policy holder. Many people join hospital prefer hospital plan since it is affordable, but when they get older they opt for medical aid where they are charged penalties if they are more than 35 years. Look for a financial planner who will advise you on the best medical plan for you together with your family.