2. If you choose to self-insure, it is highly unlikely you will ever save enough to protect yourself from private hospitalisation expenses!
Private care is just so expensive and the time to save a sufficiently big fund is just too short! The costs of hospitalisation are impossible be quantify.
- How much do you need to save?
- What if you have dependents as well?
- How much should you save every month?
Diverting money to build a medical fund, that is meant for your #1 goal of savings - a pension, is not a recommended financial strategy!
Joining a affordable in-hospital only plan and savings towards a pension is the real goal you should have!
3. Hospital admission will require a considerable upfront payment.
If you need emergency treatment, without a medical aid, you will have to pay a deposit which can be substantial.
You may be denied treatment and referred to a government facility if you do not have the money.
And what if you need a hospital after hours?
4. The longer you do not join a medical aid, the higher the late joiner penalty will be.
A new medical scheme member, over the age of 35, is subject to a late joiner penalty.
The amount of the penalty is based on the number of years you have not been a medical aid member – the greater the years - the higher the penalty
It is a monthly penalty – for life and can be up to 75% per month!
5. A savings fund is your money.
You pay an added amount (as part of your monthly premium) which is added to this fund. However, you cannot use the money as you wish.
The medical scheme dictates how you use it.
They do not pay interest on your savings – like you would get in a bank account.
Yes, they do offer you a year’s worth of savings upfront and it takes time to accumulate your personal savings fund.
But, on plans with a safety net should you use your savings, there is a fee!
You don’t get your full allocation of monthly savings amounts in your fund.
Your own savings fund can be used for any other emergency expenses you may have to face.
If you can afford to pay for your own day-to-day costs (through your own savings) and accept the small risk of self-funding whilst your savings grow, then maybe avoid plans with savings and join an in-hospital only plan.
Private hospitalisation and dentistry are the two highest cost threats we face.
The Genesis Private plan is the best hospital plan to offer these benefits!
It has cover for:
- Hospital admissions, ward, theatre and other related costs like x-rays, blood tests, medicines at twice the medical aid rate.
- Major medical illnesses like cancer and kidney.
- Diagnostic scopes
- General practitioners and specialists being reimbursed at cost up to 200% of medical aid rate
- Cover for essential dentistry benefits like:
3 dental oral examinations; 6 fillings; tooth extractions; 6 plain X-rays for conservative dentistry; 2 root canal treatments; crowns, bridges or dentures: Surgical removal of impacted wisdom teeth. - All members have the luxury to choose their preferred hospital, doctor or medical specialist.
- You are never forced to use network hospitals, nor to make use of network medical practitioners.
- Emergency pre-hospital treatment, evacuation and transport through the ER24, as well as a medical helpline.
- Chronic medication.
AND:
- Rates for children are considerably lower than any other scheme.
- Genesis has in excess of 6 times the minimum level required by the Medical Schemes Act.
- Consistent financial performance of the scheme, has resulted in Genesis having a very high claims paying ability. Put your concerns at rest, knowing that claims will be paid.
- Rated as one of the best value-for-money medical scheme benefit options in South Africa in the GTC Healthcare Consulting 2018’s Medical Aid Survey.
- Lowest contribution increase of all open schemes for 8 consecutive years.
And best of all, affordable premiums from as little as R 1,765 pm!
I want a quote
