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Everything you need to know about a medical savings option

  •   by Medihelp
  •   28 June 2016
  •   739 view(s)
Medical schemes offer different benefit plans to their members, including hospital plans, hospital plans with a savings component, traditional plans, comprehensive plans and network plans.

Let’s look at hospital plans with a savings option:

How does it work?
The savings plan is designed to cover day-to-day medical expenses. Members contribute a fixed monthly amount to a savings account and the total annual amount contributed to the savings account is available in advance for medical expenses.

Who is it designed for?
Savings plans are recommended for individuals and families who require comprehensive cover if they need to go to hospital in case of an emergency or for a planned procedure, but also want to enjoy the flexibility of a savings account for day-to-day expenses.

What should I keep in mind with this option?
If your savings run out, you must pay all further day-to-day expenses out of your own pocket. Find out if there are procedures that are not covered or that require co-payments, for example gastroscopy, colonoscopy, laparoscopy, extraction of wisdom teeth, or cataract removal. Ask your scheme about the tariff at which they will cover your hospital stay and the specialists’ fees. If the doctor and anaesthetist charge more than the medical scheme’s tariff, for example, you will be liable for the cost difference.

What happens when my savings run out?
You will still be covered for hospital events and PMB treatment, but you will have to pay all day-to-day expenses yourself.

Can one person in a family use up all the savings?
Yes. The savings account funds are available to the member and all his/her dependants, and it is possible that one member of the family with high-cost medical needs can deplete the entire savings component.

What if I don’t use all the funds in my medical savings account?
The funds you contribute will accumulate and all savings not used will be rolled over to the next year. Should you resign your membership or change to another option without a savings account, the available funds will be refunded to you.

Join Medihelp’s Unify option today!
The Unify option is a highly popular new savings solution that offers comprehensive coverage for hospitalisation in private hospitals with a 25% savings account that allows you to control your day-to-day medical expenses and accumulate funds not used. Click here and a Medihelp adviser to contact you.

Related articles:

The difference between network and non-network options

Make your benefits last longer this year

Automatic hospital authorisation via the secured website for members

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