Everyone, whether young or old will pay for medical costs at some point. From coming down with the flu, being diagnosed with a chronic disease or an accidental injury, medical costs are often unexpected and expensive. This is where medical aid and hospital plan come in. Medical cover provides financial assistance in paying these unforeseen medical bills.
Medical Aid Explained
Medical aid covers for medical costs in and out of the hospital. Medical aid schemes have a fixed amount that will cover out-of-hospital events, such as medication, doctor’s visits, dentistry and optometry. The benefits will differ depending on the level of medical plan you selected. All medical aids also include minimum health benefits, such as emergency medical conditions and minimum prescribed benefits, regardless of the level of cover you selected.
Hospital Plan Explained
A hospital plan covers for medical costs occurred while hospitalised. Hospital plan schemes will pay a specific amount towards the hospital admission, stay and doctors’ bills. All out-of-hospital costs, such as medication and doctor’s visits are not covered under a hospital plan. Just like with medical aid, all hospital plan benefits depend on the level of plan you selected. Hospital plans provide medication cover for a list of 25 chronic diseases, even if you are not hospitalised.
How to choose between Medical Aid and Hospital Plan
A hospital plan offers less cover than a medical aid. Medical aids cover both in and out of hospital medical expenses, whereas hospital plans only cover for medical costs related to hospitalisation.
Your decision should be based on your level of health and affordability. Factors like your family’s health, any hereditary medical issues and medical history play an important role in deciding which medical cover will suit you best. Future pregnancy plans and the life stage of your family must also be considered.
Medical aid cover is suitable for people with young children or planning to start a family. Children tend to get sick and need more medical attention on a regular basis and pregnancy and childbirth come with a lot of medical costs. If a person, young or old, has any hereditary medical issues or bad medical history, it is advised to invest in medical aid cover. A medical aid plan financially assists those who have regular doctors’ visits or ongoing medical issues.
Hospital plans are a good option for healthier people who want access to private healthcare in the case of an accident or medical procedure. Hospital plans cost less than medical aids and provide less medical cover, but you are at least covered for emergencies and medication for 25 chronic diseases.