Cash Back by Day Hospital Plan
In South Africa, people have a reassuring selection of health insurance plans to choose from which provide relief from having to fork up the money yourself and becoming bankrupt as a result. A cash back by day hospital plan is just one such product.
With most South Africans dropping their medical aid cover because of the high premiums, they are looking for more affordable health cover alternatives. The idea of a hospital cash back by day plan is to remove the stress from someone who is hospitalised and who wouldn’t otherwise know where the money would come from to pay the exorbitant hospital bills they are landed with.
It can certainly remove the stress from other family members who feel obliged to help in one way or the other, but who simply don’t have the financial means to offer help.
Cash Back by Day – An HIV Benefit
It is important to make provision for ill health or unexpected accidents and injuries that can land you in hospital for not 1 or 2 days, but possibly 1 to 2 months. The cash amount that you receive each day will be dependent on the policy that you opt for, but it is good to know that some plans offer as much as R5,000 per day. It goes without saying that the more expensive plans will offer more benefits. Fortunately in South Africa, all hospital cash back plans have an HIV benefit which allows you to receive a payout even if you have a pre-existing infection.
What a relief it can be to know that with a cash back by day hospital plan, while you lie in hospital out of work and out of action, there will be money to pay for whatever you need it to pay. The money from hospital cash back plans can pay for your hospital bills but for any other expenses you have as well.
Extra Cash for Costs when You’re Not Working
These hospital cash back plans aren’t medical aids and they don’t offer you the benefits of the in-hospital medical aid cover. Many people sign up for hospital cash back plans but they don’t realise that they are not the same as a medical aid hospital plan. A medical aid and a hospital cash back plan are 2 separate products.
If you have a stroke, it can cost you more than R100,000 for all medical costs including a stint in hospital. If you want treatment in a private hospital, you may well be asked for a huge deposit before being admitted. If you can’t pay the sum, you’ll be taken to a state hospital. The private hospital and doctor won’t take into account your hospital cash back plan as a means of financing your stroke medical needs. Even if your hospital cash back plan paid you R5,000 a day, it will in all likelihood be insufficient to cover your hospital bill. It is for this reason that a hospital cash back plan is a fantastic investment when bought with good medical aid cover. However, if you can’t afford medical aid cover, a hospital cash back plan is the next best thing.
Not a Medical Aid Plans
Cash Back by Day Hospital Plans are not medical aid plans. The are sold by insurance companies, providing beneficiaries with a lump sum if they are hospitalised. A good idea is to speak to your insurance broker about the terms and condition which come with your hospital cash back plan so that you know exactly what to expect.