Medical aid can be quite a costly cover and the monthly contributions may consume a significant amount of your income depending on your level of cover. If affordability is an issue, you may consider switching to a cheaper medical aid plan or opting for one of the low cost medical aids. However, other financial products that provide benefits for medical conditions or as a means to cover your health care costs are not able to match the flexibility and protection of a medical aid.
Medical aid is a form of health insurance cover which pays for essential medical services to registered practitioners, health facilities, clinics and hospitals. This form of private health cover varies from country to country but in South Africa, it is structured as a product referred to as a medical aid. It may provide cover for an individual, couple or family and will protect the member and dependents from the financial impact of private health care costs.
A medical aid is not like other forms of insurance. Medical aids pay for services and products on an ongoing basis and it is not a type of policy that will only mature or payout under certain circumstances. It is nevertheless an insurance product provided by financial service providers with certain policies regarding cover and the payment of services.
