Two Types of Cash Back Medical Aids in SA

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 give cash back. 

Medical Aids

Certain medical aids will reward members by offering cash back when certain requirements are met. Here are some examples of such medical aid plans:

· 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 met.

· Momentum Medical Aid has a program called HealthReturns that pays out a rand amount when you agree to a free assessment of your health.

Hospital Insurance

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 that. 

Advantages of hospital insurance:

· The costs are affordable.

· Hospital insurance lessens the financial obligations when admitted to a hospital. It doesn’t necessarily cover the medical bill, but does help with income loss while in the hospital.

· It is an additional financial aid when the medical bills are not covered by the medical aid.

· 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 healthcare. 

Basic requirements for hospital insurance are:

You have to:

· Be a South African citizen, alternatively a permanent resident,

· 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

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NOTES:

Your medical aid quote will include options to suit your pocket. Please ensure that the cover you select is exactly what you need and that you understand exactly what insurance you are buying. Do not hesitate to ask questions about the medical aid or hospital cover you choose.