Medical Aid vs Hospital Plan

[Tman*]

You know, this could work for me. I need to know more about the custom option first but thanks! Curious though, you managed to get an 80% discount at VA???

As per the graph that Dubes posted. You can get 80% discount on your gym premium, but you have to go to gym at leave 12 times a month, and also complete a fitness test every 6 months.

I go to gym anyway, so its no biggy for me, and I end up saving R690pm, or 58% of my total premium.

I had a broker explain the benefits of the Custom option, and I know it is pretty customisable (hence the name). IIRC you can also choose to pay your cashback into a saving type account instead of your bank account, and then Momentum boosts it from R300 to R450 (they try to encourage it)

 

[Dubes]

Please let's make sure we are all on the same page here.

A few people seem to be referring to "hospital plans" in the industry sense of a proper medical aid that only covers you for in-hospital costs with no savings and no included cover for day to day expenses like GP, dentist and optometrist visits.

Others, including the OP, are referring to "cash back hospital plans". These are not medical aids but short term insurance products. They have no regard for what any medical procedures actually cost you but pay you an amount based on an event trigger (eg number of days in hospital). Yes, you will get some cash out in certain instances but it is very likely you will still have major financial shortfalls in the event of a major medical event.