Choosing the correct health care product for you or your family could mean the difference between finding yourself in a financial corner or not. So how do you make the choice?
In South Africa’s health sector, there is no regulation which governs the tariffs charged to patients by health professionals, so private practitioners can determine their own fees.
Roshan Bhana, Head of Technical and Actuarial Consulting Solutions at Alexander Forbes Health says that this often results in a significant gap, reaching as much as 300% to 500% between what is charged by private health professionals and service providers (anaesthetists, surgeons, other specialists, family practitioners, hospitals and so on) and what is reimbursed by medical schemes.
“It is this uncertainty about what medical bills may arise in the future and what shortfalls may occur for a medical scheme member that has resulted in strong public support for health insurance cover, specifically hospital cash plans and gap cover products.”
It’s important to note that there are different health insurance products which are used for different purposes.
