You Probably Need Medical Insurance
Why Medical Insurance?
The difference between medical aid and medical insurance is often misunderstood. Even though people in the industry use it casually, most people are unsure about the differences and we would like to clear that up for you.
Technically medical insurance is governed by the Financial Services Act and insures individuals against the risk of possibly incurring medical expenses.
It is regulated by the long-term Insurance act and is most often used for the following reasons:
– As gap cover, used in conjunction with medical aid cover where the medical aid might fall short
– Promotion of wellness and health as well as protecting your financial assets
– Cover for accidental injuries like disability
– Cover your salary if you are unable to work as a result of accidental injury
– Gives options like death or funeral cover
– Covers specific health events with money paid to the member instead of the medical service provider
On the other side of the coin medical aid is governed by The Council for Medical Schemes. It allows medical care without financial burden should something unexpected happen or if you need to be hospitalized.
Medical aids often do cover most of the expenses, but it often results in a gap, which the member then needs to pay. These amounts can sometimes be big and difficult to cover at once.
Having a combination of the two is the best way to cover yourself. Making sure that you and your family are looked after medically and that accidents don’t impact you financially is crucial.
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