The difference between medical aid and hospital plan

Have your medical aid costs gone up again? Is it worth it or are you thinking of moving to a hospital plan?

This is something many young people are asking themselves, especially those with other expenses.

It’s important to know the difference between a medical aid and a hospital plan.

This will determine the level of medical cover you’ll receive when admitted to hospital. With this, you’ll also be able to check your expenditure on your medical or hospital plan.

What is the difference between a medical aid and hospital plan? A hospital plan is not regulated by medical councils and they offer limited cover. Bear in mind that this cover may be cancelled at any time. This plan will cover accounts submitted by a hospital while you’re hospitalised. You’re responsible for your own day to day doctors expenses. Where as a medical aid, on the other hand, will be required to offer plans with prescribed minimum benefits. This is going to cover, at the very minimum, chronic medical conditions.

To see which one will work best for you, here are a few advantages of both.

Benefits of a hospital plan

You’ll get money out when hospitalised

While you’re in the hospital for a serious injury or a health condition, the hospital cover will pay you a set amount of money each day. You won’t be able to work, so it ensures your family is covered during that time. Staying overnight or for a few days in hospital while recovering or waiting to go for an operation can be quite expensive. Not only will you have to cover your time in the hospital but also the doctor and surgeon doing the operation. When you receive a set amount each day, you don’t have to worry about extra expenses. Your hospital plan has you covered.

Your family is covered

You can include your spouse and children on this plan and ensure your whole family is covered. By taking out a plan, you can ensure your family doesn’t have to stress about financial income while you’re hospitalised. This is a great benefit as your financial responsibilities can be looked after even while you’re unable to attend them.

There are approved hospitals

Hospital plans help to decrease the financial burden when you’re hospitalised in the case of an emergency. It’s important to know the finer details of what exactly the hospital plan covers. Most hospital plans will only pay if you’re admitted to a hospital that forms part of their specific network of service providers. Therefore it’s your job to find out which hospitals in your area are covered and which aren’t. If you’re getting treatment from a hospital not in their approved network, you simply won’t be covered by your hospital plan.

It’s affordable

The monthly fee of a hospital plan isn’t that expensive. It’s much more affordable compared to a medical aid and pays a fixed rate for each day in hospital. You can also receive cash back for expenses you may incur while in the hospital.

Advantages of medical aid

Prevent paying large amounts of money

Having a medical aid protects you if you suddenly have to pay unexpected medical costs. Perhaps you had an accident or another kind of emergency, your medical aid will be able to cover that. You’ll also be able to pay for your medical treatment immediately. This will cover all the medical bills, therefore general practitioners and hospitals will accept this policy as surety.

Private medical care

Are you tired of waiting long hours in a public hospital? Well, having a medical aid means you have access to private medical care. You’ll be able to go to a private doctor without having to worry about costs. You can include your family on a medical scheme. Also, you’ll have a more easy access to private health care facilities.

Chronic medication

If you have any chronic conditions then joining a medical scheme might be for you. A medical aid usually pays for all your essential chronic medication. Depending on what medical aid you’re taking out, they’ll ensure you have access to the appropriate medical service to treat and manage your chronic illness.

Life is unpredictable and you never know what might happen tomorrow. An emergency might occur or you could get ill. That’s why you need to be protected at all times. Whether you take out a medical scheme or take an Essential Med hospital plan, either way, you’ll be covered. Take out a plan that works for you and fits your pocket.