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Financial Services

Medical Aids

What is medical aid?

You buy private medical insurance for the same reason you buy other types of insurance – to protect your family. You cannot predict when you may need medical care. In good times, medical costs may be low; but if you or someone in your family becomes ill, bills can easily pile up. When dealing with an illness, cost is the last thing you want on your mind. Without medical aid, a serious injury to you or a member of your family could lead to financial ruin.

Every year medical costs increases dramatically, simple surgeries, blood tests and emergency room visits can add up to thousands of Rand for doctor and hospital bills. Having a health plan is important for both individuals and families because it relieves the burden of any unexpected medical emergencies. In exchange for private medical aid cover the medical aid company charges a monthly fee called a premium. Medical aid cover provides you with the means to look after yourself and your family, without worrying about the cost of medical care.

There are five main type of options to consider when it comes to medical aid cover, namely:

Network plans

These plans allow you to benefit from a reduction in premium in exchange for a limited freedom of choice in respect of providers. Day-to-day benefits such as doctor visits and prescribed medication is generally unlimited but basic.

Hospital plans
A hospital plan provides cover for in-hospital events and some chronic conditions, but does not cover any out of hospital costs, such as doctor visits, dentistry and optical.

Savings plans
This plan combines the hospital plan with an annual Rand value, which you fund monthly, to cover your out-of-hospital costs. You will never lose unused savings as it will carry over to the following benefit year.

Limited Comprehensive plans
Limited comprehensive options provide similar cover to that of the fully comprehensive options but with lower benefit limits. The benefit structure can either be traditional in that you have a set amount of benefits or new generation in which case your medical aid will cover your day-to-day costs once you reach a certain limit called a threshold.

Fully Comprehensive plans
Fully comprehensive plans are the top of range medical aid options which provide extensive cover for hospitalisation, as well as day-to-day benefits. These plans also generally cover a wider range of chronic conditions and oncology treatments.

Selecting the correct level of cover
It is very important to select the correct medical aid cover based on your needs and what you can afford.
For example if you are a young, fit adult, a hospital health plan may be a better option in terms of cost and your minimal medical aid requirements. Whereas an older, married person with children might upgrade their medical aid cover to include additional medical plan benefits.

Jackie Robinson will be able to assist you in identifying and selecting the correct medical aid plan to suit your needs.

The benefits of dealing with Jackie Robinson from The Art of Wealth is:

  • Comprehensive Assistance – I will analyse your medical requirements and identify the medical aid plan best suited to your needs.
  • One Application – You only need to submit your details once to get several private medical aid plan quotes.
  • Leverage – Being able to compare one medical aid plan with another offer gives you peace of mind to make a well informed choice.
  • Objectivity – Because I am not aligned with any particular medical aid provider, our neutral position means we give advice on the best suited medical aid plans.
  • Affordability – I will add value to medical cover through products, tariffs and excess structures that are unique to us and very competitive in the marketplace.

“Many folks think they aren’t good at earning money, when what they don’t know is how to use it.”

- Frank A. Clark


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