What is Medical Aid?

Medical aid is a form of insurance that provides cover for private medical care and medical costs should you be involved in an accident, fall ill or require emergency medical treatment in hospital. Being on the right medical aid scheme with the right options for your lifestyle needs is not only convenient and useful thanks to its rewards programmes, but is also essential in case of illness or emergency. Medical aid is probably the most important insurance you will ever take out.

There are various types of medical aid cover available and most service providers will have a range of options within these depending on your needs and budget. Common medical aid options include:

• Comprehensive Medical Aid: This medical aid cover is suitable for you if you or your family require day-to-day cover such for GP and dental visits and more or if you are older with chronic conditions that require medication on a continuous basis. It also covers hospitalisation and any treatment and medication you may require during you stay. It tends to be more expensive; however it does provide peace of mind as it covers most medical conditions and services.  

• Hospital Plan: If you take out this kind of medical aid cover, you pay a monthly fee which covers you only in the event that you are hospitalised. This is suitable for you if you are young and generally healthy, as it does not provide cover for day-to-day doctors’ visits and prescribed medications or chronic medication and related expenses

• Hospital Cash Insurance: this is not medical aid or a hospital plan but rather is insurance that provides you with a daily cash amount (depending on your monthly contributions) in the event that you are hospitalised due to an accident or illness for long time period where you’re unable to work. 

• Gap Cover: With this type of medical aid, you pay a monthly fee which pays the outstanding amount between what you are charged and what your medical aid pays in the event of you being hospitalised.  This is useful as private hospitals may charge you more than what your medical aid covers you and your family for any given medical procedure.

When it comes to choosing the right medical aid for you, remember: 

1. Shop around for the best option

With more than 100 different medical aids to choose from with a variety of options and prices, you should shop around to find one that suits your lifestyle and offers you a variety of services. Compare what your monthly contributions will be and the benefits you receive at different service providers and whether you can comfortably afford the associated fees.

2. Consider waiting periods

Be aware that waiting periods are imposed when you join a medical aid scheme. Depending on the medical aid scheme, this is usually a three month period where no claims are processed for any medical procedure you may undergo or service you may use.  It is also usually a twelve month period where you are not covered for any pre-existing condition you may have - though you will be covered for everything else.  

 At ThinkMoney, we give you a variety of options that allow you to find the best medical aid product for your needs. A Start by reading our medical aid reviews written by ThinkMoney customers or write your own review about the provider you currently use.Click here to compare comprehensive medical aid plans, or to compare hospital plans. One you're ready, aplying for a Medical Aid with ThinkMoney free, simple and hassle free and could save you up to 30% on your current cover.