To many, health insurance and medical aid seem like they offer similar benefits. Therefore, it creates scepticism as to why health insurance is more affordable. But it's important to note that they are two very different products.
Why is medical aid more costly?
Medical aids generally provide in-hospital and specialist cover that pay for treatment which is guided by a specific medical scheme tariff. Also, medical aids are, by law, required to pay for very expensive procedures that fall under Prescribed Minimum Benefits (PMBs). Both these result in monthly premiums that are usually much higher than those of health insurers like GetSavvi Health who offer a more tailored benefit.
Why are health insurers more cost-effective?
Health insurers like GetSavvi Health only cover selective in-hospital treatment. This means that more complex medical issues that require advanced in-hospital or specialist treatment may not be covered. This allows for health insurers to be more affordable than medical aids.
What does health insurance cover?
Most health insurers offer in-hospital cash payments or a lump sum payout for specific health events at fixed amounts. Both of these are generally paid directly to the member as opposed to a medical service provider.
Health insurer, GetSavvi Health, focuses on offering primary healthcare as well as accidental hospital care to those in need of it. This means that benefits include cover for accidental emergencies, basic and emergency dentistry, optometry, maternity and, most importantly, consultations with a private doctor.
Who will benefit most from GetSavvi Health insurance?