Hospital plans vs medical schemes
What is the difference between a hospital plan and a medical scheme; this is a very common question among young of people today. And there is also an uncertainty of which one to invest in. In this article I will briefly explain to you the differences between the two plans and what the all entail.
Mainly there are two main differences between the two. The first difference is that a hospital plan will not provide any cover for out-of-hospital treatments, like after check ups etc, meaning that you have to pay all of those things out of your own pocket. A hospital plan will only provide cover for the time that you are actually in the hospital. Luckily the law insists that any health care plan should also provide cover for medication. They will maybe tell you to go get the medication at a specific dealer, other wise you will have to pay for it out of your own pocket.
There are thus a few factors that you should bare in mind before making the decision. Firstly you have to establish what your medical needs are. If you are young and generally healthy person, then you can consider a hospital plan. They are a lot cheaper than a full medical scheme. Where as an older, not so healthy person should consider a full medical scheme, because their risk is much higher than a young and healthy person.
One will find that full medical scheme prices are in the rise. The reason for this is because more people are realising that a cheaper hospital plan is a better and more affordable option for them. And the less people are interested in full medical cover, the higher the prices will be.
Also an important factor to keep in mind is that you are aware of how much hospital cover you will be receiving. In the older days you were completely covered while you are in hospital, but those are terms of the past. Nowadays there are some exceptions, like cancer, HIV, artificial limbs, emergency services, dental care etc; those are just a few scenarios that won’t be covered by your average hospital plan. That’s why it is very important to make sure that you know and understand the limits of your hospital plan.
It is of utmost importance to read the fine print on your hospital plan. A lot of medical cover companies have made pre-arrangements with specific health institutions in order to get cheaper rates and services from the hospitals etc. You might sign your self into a deal where you can only receive hospital cover from a state hospital and not a good private health institution. And a lot of people don’t see that in the fine print. So make sure that you know which institutions are covered by your chosen hospital cover company to ensure that you will be happy with the services.
To conclude. We can see that there are definitely some differences between the two options. The decision is up to you. I hope I have made the search a bit easier for you. You should now be able to make the right decision depending on your personal and financial needs.