There are many different medical insurance products in the market, and each has different bells, whistles and nuances.
I am concerned that I may be paying more than I should for my medical insurance. I have a medical aid with gap cover, a sickness benefit as well as critical illness cover. Should I cancel any of these?Each of these products is designed to meet a particular need, so you will probably need all of them. However, the amount of cover that you need from each of them will be determined by your own personal circumstances.
I will go through how each product works in order to help you understand how these could fit into your personal situation. There are many different products in the market, and each has different bells, whistles and nuances. As a result, what I say may not hold true for all products.This benefit typically kicks in when you are in hospital and usually pays the difference between what your doctor and hospital charge and what the medical aid pays.
You generally need to be in hospital for the gap cover to pay out anything. Out-of-hospital expenses and follow-up visits would typically be for your own account and this could be quite costly.This benefit typically pays you a percentage of your salary if you are ill for an extended period. The sickness benefit usually has a maximum term of two years, after which there is often an income protector benefit that would pay you your salary till you reach retirement age.
There are usually waiting periods before a sickness benefit pays out. These can range from seven days to six months. The shorter the waiting period, the more expensive the premiums would be.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
WELLNESS: It’s official — there’s no weight-loss diet that’s better than anotherA balanced diet remains the best way to nourish and help our body and brain to function optimally.
Read more »
Wall Street brings its financial engineering to English footballChelsea’s new US private-equity owners are betting their know-how will make the London club more valuable than some of its biggest rivals.
Read more »
Financial mismanagement and land grabs a Johannesburg political gameFinancial mismanagement and land grabs a Johannesburg political game - Illegal land occupation and alleged corruption plague the city’s unstable administrations
Read more »
BrightRock targets greater independent financial adviser penetrationCEO and co-founder Schalk Malan says there is still ‘lots of gold in the mountain’ as the life insurer considers adding new financial services offerings
Read more »
City Power records 1,300 cable theft and vandalism cases since start of financial yearThirteen suspects were arrested over the weekend after 16 incidents of cable theft and vandalism which plunged several parts of Johannesburg into darkness.
Read more »
FINANCIAL STORM: Stormers continue to defy odds as URC heavyweights despite uncertain futureThe Stormers continue to defy the odds by pushing for a second successive United Rugby Championship title, which is made all the more remarkable because of continuing uncertainty off the field.
Read more »