There is a distinctionbetween medical aid plansand a health policy. The latter is an insurance policyproduct, meaning youadopt out insurance coverage against certain health concerns and settlement on claiming is paiddirectly to you, tax free.
Some health policy products and solutions often offer some overlap with medical aid systems with regards to the solutions offered, which are not fully detailed, yet seem to offer some positive aspects usually linked to medical schemes. It could be worth while to take some time to do comprehensive research into these plansbefore making a choice. Some health policyproducts and solutions offer various alternatives, which are support and premium related, so you need to be sure what it is you expect from such insurance policy. Almost all of the major insurance providers are participants in this marketplace and there are also numerous perhaps lesser known players, but with interesting products. Estimates often can be acquired online, but you could also speak to a broker to learn more. The web provides valuable information about these products and if your research isweb based, you ought to be able to discern the differences between solutions. To optimize your research you could then phone the insurance firms or otherwise E Mail them for more information for clarification purposes. For more information on death benefit go to https://www.instantlife.co.za.
A health policy product seems to be easily obtainable in three main classes, i.e.: A Hospital Plan, Dreaded Disease Insurance, and policies offering a mix of services. These policies are generally considered by individuals that are independantly employed or as second products to medical aid schemes. Hospital plans are insurance products that offer a daily allowance for time spent in hospital. Payments are only paid after 72 hours of stay in hospital and entail an amount of R5000 as maximum daily payment. The average stay in hospital is some 5-7 days, so the highest payout you couldexpectin such a case is R20 000, should you have chosen the maximum benefit. Payouts are tax free as it is insurance coverage payout. Dreaded disease insurance coverage can be linked to life insurance coverage and provides for insurance against contracting any of the classified feareddiseases. On contracting any one of these diseases (heart conditions, stroke, cancer or HIV AIDS) a maximum of R5M is payable to be used for treatment or rehabilitation costs or such purpose as determined by you – once again such payment is tax free. You have to look carefully at the stipulations of each insurer offering the product as they do fluctuate, sometimes rather considerably. The last type of health policy is of a type where there seems to be a variety of functions. These policies offer many choices which are premium driven and can include many services but are not as comprehensive as a medical aid scheme, although they offer having access to daily care, but on a limited financial assistance basis.
As stated before these varieties of health policy, are often considered by independantly employed people who do not have the option of a subsidised medical aid scheme, so they are definitely more cost-effective and perhaps a combination of products will match your circumstances best.