Medical Insurance is not a Medical Aid and can be seen as a type of insurance coverage that covers the cost of an insured individual's medical and surgical expenses. Medical Insurance is covered by the Financial Services Act and regulated by the Long-Term Insurance Act. Most Medical Insurance plans offer day-to-day benefits such as visits to the doctor, optometrist and dentist, blood tests, X-rays, and prescribed medication.
Medical Insurance plans generally also include Hospital Cover, which covers in-hospital procedures and emergency room visits. Depending on the plan, the Medical Insurance provider will either pay the medical provider (such as a doctor or hospital) directly, or will pay the person who is insured, who will then be responsible for paying the provider.
An often overlooked benefit of Medical Insurance is that it can be used in addition to Medical Aid cover. If your Medical Aid savings run out before the end of the year, you can take out Medical Insurance to help pay for your day-to-day expenses, such as doctor visits and medication.
There are numerous Medical Insurance plans available to consumers, depending on how much they can afford to pay each month, what benefits they need, and how many dependants they have. It is therefore important to compare different plans and providers to ensure that you are taking the best cover for your (and your family’s) needs.
Hippo.co.za will soon be comparing Medical Insurance quotes from a range of providers, so that you can choose the plan that best suits your needs. Our real-time results engine, sources quotes directly from providers for your convenience.