Hospital cash back or medical aid

(Shutterstock)
(Shutterstock)
A Fin24 user wants a comparison between hospital cash back policies and medical aid schemes. He writes:

What is best between hospital cash back and medical aid?

Damian McHugh, head of marketing and sales at Momentum Health responds.

The answer to this question will really depend on what a health care consumer's needs are.

It is always recommended that a financial advisor be consulted to find the best fit for the particular family.

In terms of comparing medical schemes with hosptial cash back policies, comparisons can be drawn on the basis of the type of product, its price, value for money and risk covered.

It is important to note that these comparisons (provided below) are generalised and may not be applicable to each and every case scenario.

However, in our view hospital cash back policies alone will not offer you enough to make use of private hospitals when you need it, but can work for the following cases:

- You cannot afford a medical scheme and intend to use the state facilities if you are hospitalised. This policy is then used to cover incidental costs related to the hospital stay;

- You are on a medical scheme and want to make additional provision for co-payments or unknown costs not covered by the medical scheme option.



 - Fin24

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