What Exactly is a Cash Back Hospital Plan?
February 16, 2016
There are many different schemes, plans, terms, premiums and claim methods in the insurance industry, and when it comes to medical aids, a cash back hospital plan needs explaining. This is because with medical plans becoming out of reach to many ordinary South Africans, a cash back hospital plan is the next lifeline thrown to them.
A cash back hospital plan is as follows: if you have to be in hospital, you’ll be paid out a certain fixed amount while you are in hospital. A cash back hospital plan is normally paid for every day you are in hospital. For instance if your hospital plan guarantees you R2000 per day, then every day in hospital you would get this amount paid. The money will go towards things like transport or the cost of your room if you don’t have a medical aid. The money you receive could also go towards out-of-hospital costs. These could be outpatient appointments or nursing care.
A Cash Back Hospital Plan That Operates a Little Differently
- There are some hospital cash back plans that take care of needs that aren’t linked to hospital bills. The Edgars Hospital Cash Back Plan for instance will provide a payout which will help to take care of other needs such as groceries and possible even college fees. They reiterate that this is not a medical aid and it doesn’t cover your hospital bills. It’s a cash payout for each day spent in hospital. It pays out in such a way that you’ll receive it after you or your family member has been discharged, to use during your recovery time.
- Sanlam is a renowned insurance provider in South Africa offering a hospital cash back plan. This helps pay for hospital fees and medical expenses that you incur in hospital. Their cash back plan also contributes towards loss if income while you are in hospital. If you become physically or mentally disabled, they provide a cash payout to help you and your family while you get better. Call them on 0861 235 433 or visit their website to find out more.
You will never be able to recuperate in hospital stressing about how you are going to pay your hospital bills. Cash back plans give you the cash that you need in order to recuperate. There are different ways to buy cheap hospital plans and the monthly premiums which are far less than a regular medical aid premium, also contribute o less stress.
Difference between Hospital plan and Medical Aid Scheme
A lot of people just don’t understand what the difference is between the different plans that you can get. A hospital plan is more like the entry level medical aid scheme with premiums being much less to pay than a full-on medical aid. With a hospital plan, you basically take care of your own daily medical bills such as dentists or optometrists.
When you have to go to hospital, you will be covered for your hospital bills, or you might get a lump sum or cash back paid out to you.
There are some hospital plans that will cover you for your maternity benefits whereas others do not cover maternity benefits at all. Always understand exactly what you are covered for when looking at medical aids or hospital plans. Check them out because some will only start covering you from 3rd day in hospital and not the 1st.
Not all Cash Back Hospital Plans offer Cash Pay Outs
Get to know the different cash back hospital plans because they don’t all offer cash pay outs – some offer full cover during your hospital stay, and for the sake of your illness or emergency, these differences require research.
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All info was correct at time of publishing