Do you know what some of the hospital plans in South Africa will cost in 2021?
Consider your private healthcare options
High-cost medial aid benefit options with a medical savings account (to cover your day-to-day out or out of hospital expenses) may not necessarily equal better benefits. Ultimately, medical scheme cover is there to provide peace of mind and access to funds for the “big ticket” private healthcare costs.
Hospitalisation costs may run into the hundreds of thousands or even millions of Rands. Always make sure that you have sufficient risk (i.e. hospital and related costs) cover in place. Day-to-day expenses can be managed separately on an as-and-when basis.
Choosing a hospital plan
Choosing the right hospital plan can be a difficult decision. There are currently 18 open medical schemes in South Africa, offering close to 40 hospital plans. Each hospital plan in turn offers its own unique benefit options. And to complicate matters even further, medical schemes in general market and position their benefit options differently, thus making it hard for the man in the street to understand the differences between the plans.
What is covered by a hospital plan?
Hospital plan benefit options always provide cover for treatment when a member is admitted to hospital. Hospital and related accounts, such as theatre costs, X-rays, medication, blood tests, blood transfusions, etc., are usually covered in full. Doctors’ and specialists’ fees will however be reimbursed at the medical scheme rate, i.e. 100% or 200%. Shortfalls relating to treatment received in private hospitals usually pertain to the charges of attending doctors / specialists if they charge than the rate which is covered on your medical aid benefit option.
Based on the results of the most recently published GTC Medical Aid Survey, the top 7 open medical scheme hospital plans in South Africa are listed below (in price order of single adult contributions in 2021). The table also lists the cost of two adults + 2 children.
Source for monthly contributions: Comparemed
Make sure your individual healthcare needs are covered
The GTC survey is described as a “definitive national survey”. Whilst it is a powerful tool in itself, it is best used as a basis for evaluating and rating different medical aid plans. Whether you select a full cover medical aid or a hospital plan benefit option, it is of utmost importance to select the benefit option that will provide the best cover considering your healthcare needs along with what they can afford.
Whilst the above hospital plans ranked top in the GTC survey, they may be better suited for younger and healthier people who want to have peace of mind knowing they will be covered for the unforeseen hospital admissions. These very affordable hospital plans may not necessarily provide sufficient cover if you require comprehensive healthcare cover or treatment.
Please note: The information provided herein is for information purposes only and is not intended to flout or in any other way compromise the conditions prescribed in the Financial Advisory and Intermediary Services Act’s General Code of Conduct insofar as comparing different financial products with each other is concerned. Nothing herein contained is intended to be advice and any uncertainty regarding anything said should be referred to an accredited financial advisor.