Should You Consider A Hospital Cash Plan

Are you worried about not being on a medical aid scheme? Or maybe about not being able to afford a medical aid scheme once you retire?

Problem is, nowadays it’s not only the medical aid scheme you need to worry about…you’ve also got to worry about all the expenses your scheme won’t pick up.

What does it cost to be on a top of the range medical aid scheme nowadays? R7000 plus? And an entry level plan on a medical aid is going to cost at least R1000 per month (for a main member alone).

The real problem we all face as South Africans is a failing public healthcare system, ridiculous private healthcare rates, very few can afford, and no option in between.

But that is where a Hospital Cash Plan might be the answer to our problems.

Let’s face it, if you can’t afford to join a medical aid scheme, you have one of two options: Take a chance, and hope you never get ill or get involved in an accident (but you are taking a massive risk) or consider a cheaper alternative to super-duper expensive medical aid options out there.

A Hospital Cash Plan might be that alternative you are looking for, but this is what you need to know before making a purchasing decision:
  • It’s an insurance policy, not a medical aid scheme
  • In order to get paid out, all you need to do is get booked into hospital
  • You are covered up to a specific Rand amount for every day you are in hospital
  • Your cover lasts for a pre-determined amount of days (set out in your policy)
  • You can use the money for anything you want
  • You can add more than one person to the policy
So what does a Hospital Cash Plan actually cost?

Well, it depends on a couple of factors
  • How many people you decide to add to the policy
  • How much cover you decide to take up (could range from R100 – R1300 per day)
  • How old you are
Look, we are not saying that a Hospital Cash Plan is an alternative to medical aid, don’t get us wrong. After all, there are some procedures which can cost hundreds of thousands of Rands and which might involve a two week stay in hospital, and you can’t expect your Hospital Cash Plan pay-out to cover all of that.

But, it really is a sensible product choice if you can’t afford a medical aid and you want to make sure that if you land up in hospital, at the very least you will get a pay-out that will allow you to cover whatever expenses might arise.

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The iHound