The average of the majority of private hospital bills could amount to less than R60000 per case (excluding associated costs for specialists etc) and schemes invariably experience a few claims each year that would ruin most people financially if they did not belong to a medical scheme.
The cost of private hospital bills for a critical car accident victim or premature baby for instance, could easily add up to R1 million in a matter of days. Medical treatment of particular illnesses, such as cancer, are expensive and as new medicines are being discovered, the costs continue to increase and are becoming increasingly impossible for many people to be able to afford out of their own savings!!!
So are you receiving value for money? As with your motor vehicle insurance, you need to decide what level of risk you can self-insure. While all medical schemes are required to cover a list of prescribed minimum benefits (PMB’s) on all plan types, there is still a range of benefits to choose from.
As waiting periods and late-joiner penalties may be applied on joining a medical scheme, it is important to belong to a medical scheme regardless of your current state of health. You or your family’s life may depend on it.