Be Aware that a Typical Hospital Plan Provides Limited Cover
There is no doubt that most people do not underestimate the value of enjoying good health. In reality, however, good health is a condition that few of us can rely upon indefinitely. Consequently, making adequate provision to meet the cost of healthcare when it may prove necessary has grown to become an important prerequisite for the average man and woman in South Africa and, indeed, in most other countries too. For the average citizen, such assurance is only really possible by becoming a member one of the nation’s medical aid schemes.
However, for many, affordability remains a barrier to membership. Monthly premiums are based on the amount that a scheme anticipates paying out in claims and must allow sufficient margin to ensure the solvency of the fund. To offset the increases that are invariably required to meet the rising cost of medical care, each scheme offers several products, allowing members to choose one that is both affordable and as relevant as possible to their likely needs. In terms of premiums, hospital plan cover offers the most inexpensive option, by far.
While many South Africans have out of necessity chosen this option, it needs to be understood that this type of product was designed by medical aid schemes to meet the needs of a specific sector of the community. Aimed at young singles with good general health but needing to conserve their income to establish their independence, these products are intended to meet those unforeseen emergencies that could land them in hospital and facing a crippling bill for accommodation and treatment following a bad car accident, for example.
With few exceptions, any healthcare costs for which cover is provided under a hospital plan are restricted to those that occur during periods when a member is undergoing treatment as an in-patient. Throughout the remainder of the year, however, a member is required to meet all other medical costs from their own pocket.
With extended cover and affordable premiums, KeyHealth Essence combines a basic plan with some valuable, additional core benefits.