A Health Policy To Suit Your Situation

There exists a distinctionbetween medical aid schemesand a health policy

. The latter is an insuranceproduct, which means that you take out an insurance policy against certain healthproblems and settlement on claiming is paidstraight to you, tax free.

Some health policy products appearto offer some overlap with medical aid schemes in terms of the solutions offered, which are not fully extensive, yet seem to offer some positive aspects usually associated with medical schemes. It will be worth your while to take some time to do thorough research into these plansprior to making a call. Some health policyproducts offer various alternatives, which are support and premium linked, so you need to be sure what it is you anticipate from such plan. Many of the major insurance providers are participants in this industry and there are also numerous perhaps lesser known players, but with useful products. Quotes very often can be obtained online, but you could also make contact with a broker to find out more. The web provides valuable info on the products and if your research isinternet based, you ought to be able to discern the differences between products and services. To tweak your research you could then phone the insurance firms or otherwise E Mail them for more information for clarification purposes. For more information on life insurance online go to https://www.instantlife.co.za.

A health policy product appears to be easily obtainable in 3 main categorizations, i.e.: A Hospital Plan, Dreaded Disease Insurance, and policies offering a mix of services. These insurance policies are most often considered by individuals who are self-employed or as second products to medical aid schemes. Hospital plans are insurance products which offer a daily budget for time spent in hospital. Payments are only paid after 3 days of stay in hospital and involve an amount of R5000 as maximum daily payment. The average stay in hospital is some 5-7 days, so the optimum payout you couldexpectin such a case is R20 000, should you have selected the maximum benefit. Payouts are tax free as it is an insurance plan payout. Dreaded disease insurance coverage can be linked with term life insurance and allows for insurance against contracting any of the classified feareddiseases. On contracting any of these diseases (heart disease, stroke, most cancers or HIV AIDS) a maximum of R5M is payable to be used for treatment or rehabilitation costs or such purpose as determined by you - once more such payment is tax free. It is advisable to examine carefully the conditions and terms of each insurance company offering this strategy as they do fluctuate, sometimes rather drastically. The last form of health policy is of a type where there definitely seems to be a variety of functions. These plans offer several choices which are premium driven and will include many services but are not as in depth as a medical aid scheme, even though they offer access to daily care, but on a limited financial aid basis.

As explained before these varieties of health policy, are often considered by independantly employed individuals who do not have the option of a subsidised medical aid scheme, so they are definitely more reasonably priced and perhaps a combination of products will suit your circumstances best.

by: Pedro Banbury

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