5 Best Hospital Plans with Savings Accounts
The 5 Best Hospital Plans with Savings Accounts in South Africa revealed.
We tested them side by side and verified their hospital plans.
This is a complete guide to the best hospital plans with savings accounts in South Africa.
In this in-depth guide you’ll learn:
- What is a Hospital Plan?
- How do savings accounts work?
- Why do you need a savings plan when you are on a hospital plan?
- How to compare hospital plans against each other?
- How do savings accounts work?
- How do you choose the best hospital plan for your family?
So if you’re ready to go “all in” with the best hospital plans with savings accounts in South Africa, this guide is for you.
Let’s dive right in…
Best Hospital Plans with Savings Accounts (2023)
|🩺 Medical Aid||✔️ Offers Hospital Plans with Savings Accounts?||⚕️ Plan Offered||👉 Sign Up|
|1. Discovery Health||Yes||Discovery KeyCare Plan||👉 Apply Now|
|2. Bonitas||Yes||Boncap Student||👉 Apply Now|
|3. BestMed||Yes||Network Plans||👉 Apply Now|
|4. Momentum Medical Aid||Yes||Ingwe Student Option||👉 Apply Now|
|5. FedHealth||Yes||flexiFED Savvy||👉 Apply Now|
5 Best Hospital Plans with Savings Accounts Summary
- Discovery Medical Aid – Overall, Best Hospital Plan with Savings Accounts
- Bonitas Medical Aid – Top Customer Service Medical Aid
- BestMed Medical Aid – Best Pay-as-You-Go Hospital Plan Options
- Momentum Health – Best Family Options for Hospital Plan Savings Accounts
- Fedhealth Medical Scheme – Best Variety of Affordable Hospital Plan Options
Introduction to Hospital Plans with Savings Accounts
👉 Medical aid savings are a part of a number of South African medical aid plans, but a lot of people do not really know much about medical savings accounts or how they work.
👉 A first-time buyer might find medical help schemes and the plans they offer to be hard to understand, even scary. When picking the best option for you and your family, it is important to know what all the terms mean and what choices are available.
👉 Medical savings accounts can be a big help, so it is important to know what they are and how they work before you start shopping around and comparing the different medical plans and choices.
👉 It is a portion of the money you pay into the plan every year. This portion is kept in a separate account and used to pay for everyday medical costs.
What Is a Medical Aid Savings Plan
👉 A medical savings account is a place where a portion of the money that pay a medical aid plan is kept separately so that you can pay for or add to your everyday medical costs.
👉 Any money put into a medical help savings account can be deducted from your taxes. These funds can then be used to pay for most medical costs, such as visits to the doctor, regular payments for medical insurance, and the cost of prescription drugs.
👉 If a member does not use all of their money in a given year, they can carry them over to the next year. If there are any savings left in the member’s medical aid savings account when the member leaves the medical aid, the member would get a cash payment for these savings.
👉 But there are some costs that this account would not cover, and these costs would be different from one provider of a medical help savings account to another. Before you decide which source of a medical aid savings account is best for you, you should always find out what the restrictions and exceptions are.
👉 Look for a medical aid savings account from a company that has been in the business for a long time and has a good name. Pay close attention to a company’s name when you are looking for the best medical insurance plan for you. Most of the time, you should not sign up for a medical aid savings account with a company that has a bad name. Pay close attention to how well the company has treated other workers in the past. Companies with a bad image for customer service or efficiency will only cause you stress, money, and time that you do not need to spend.
👉 By doing all the necessary research and learning the terms and jargon used in the industry, you can make an informed choice about which medical aid scheme and medical aid savings account option is best for you and your family. This small amount of time and work would be more than worth it in the end.
Funds Are Fixed for Day to Day Expenses
👉 From the start of each calendar year, you can use the money in your medical savings account (MSA) to pay for non-hospital costs that you, the main member, and your dependents might have.
👉 You cannot use the money you saved for medical costs to pay for anything else, even co-payments. Also, you cannot add to your savings account once it is empty. If you use the savings without thinking, you could run out of money before the fixed amount is reset the next year.
👉 If you have money left in your medical savings account at the end of the year, it will be carried over to the next year.
What Is Covered When Savings Run Out?
👉 Most medical aid plans with savings are either all-inclusive or hospital plans with savings. This means that any costs related to care or procedures done in a hospital are always covered, whether or not your savings account has money in it.
👉 The plan also pays for any day-to-day benefits with set sub-limits that are not based on how much money you have in your medical savings account. No matter how much money you have saved, you will be covered up to the set limit.
What About PMBs & Chronic Medication
👉 Prescribed Minimum Benefit (PMB) conditions, as outlined in the Medical Schemes Act, are always covered in full on all options. Chronic medication is paid from a chronic benefit of a fund and is not affected by the balance of your savings account.
Read more about GAP COVER
What Happens When Savings Are Depleted?
👉 When your savings run out, you will be in what is called a “self-payment gap,” a situation where you will have to pay for day-to-day costs by yourself.
👉 Some plans give extra protection to people who buy more expensive plans, called the Above Threshold Benefit (ATB). An Above Threshold Benefit could be a lifesaver if you have a top-tier medical insurance plan.
👉 The benefit starts when the sum of all your day-to-day claims in a calendar year is more than a certain amount set by the plan. This amount is called the Annual Threshold. After that, claims are made from the ATB, regardless of whether your savings account is in the black or in the red.
Benefits That Are Not Paid from Savings
👉 There are also day-to-day benefits that aren’t paid from your MSA. Although these benefits vary from scheme to scheme and option to option, benefits that are classified under the option’s total annual limit, are not deducted from savings.
👉 These can include the following:
➡️ MRI and CT scans
➡️ Mammograms, cholesterol tests and other screening tests
➡️ Treatment for drug and alcohol dependency
➡️ Psychiatric consultations and evaluations.
👉 Most of the reputable medical aids in South Africa offer option plans with savings accounts, as discussed here:
1. Discovery Medical Aid Saver Series
👉 The Discovery Health Medical Scheme (DHMS) is most likely South Africa’s largest open medical aid. Anyone, including young adults, may participate in this scheme as long as they follow the Programme’s rules.
👉 The Discovery Health Medical Scheme provides over 20 different health plan options, with unlimited private hospital coverage and a variety of incentives to meet everyone’s needs and financial circumstances.
👉 You can also enlist in Vitality, the company’s wellness programme, which rewards you for living a healthy lifestyle with gym memberships and other perks.
👉 The management of the Scheme, which is owned by its members, is overseen by an independent Board of Trustees. It is handled by a different business, Discovery Health (Pty) Ltd, an authorised financial services provider. Discovery Health Medical Scheme is governed by the Medical Schemes Act and the Council for Medical Schemes.
👉 Discovery Medical Aid Option Plans with Savings Accounts are called the Saver Series. These plans are economical, provides in-hospital cover, essential chronic medicine cover and day-to-day benefits through a Medical Savings Account. Its premiums are reasonable; therefore, many people find them a convenient option.
👉 The Discovery Health Saver Series offers the following medical aid plans to choose from:
2. Bonitas Medical Aid Savings Plans
👉 Bonitas has been around for long enough to have built up a deep understanding of the South African private healthcare field and managing your care so that lifestyle diseases detected early, rates are negotiated, and quality healthcare is offered in an affordable way.
👉 Bonitas has a wide range of plans, so you and your family are sure to find one that meets your specific needs. The plans are made to be easy to use and to give you the most benefits possible.
👉 Connecting with customers is a key part of Bonitas’ plan because it helps them focus on their members and do what is best for them. Bonitas Medical Fund has been ranked as having a high level of customer satisfaction and good service by several different polls for customer satisfaction and loyalty.
👉 Bonitas Medical Aid Option Plans include several Savings Plans that give a set amount that you can use however you want for out-of-hospital costs like doctor visits, optometry, and dentistry. They also cover you while you’re in the hospital and give you extra benefits for maternity, wellness, and preventative care.
👉 These options are called BonFit Select, BonSave, BonComplete, BonClassic and BonComprehensive
👉 The savings options on these plans offer sufficient savings to use for medical expenses and extensive hospital cover, with BonComprehensive being a first-class savings plan that offers ample savings, an above-threshold benefit and the best hospital cover.
3. BestMed Medical Aid Savings Plans
👉 BestMed is the fourth largest open medical plan in South Africa with a track record of giving members access to a network of healthcare specialists, wellness benefits, and cost-effective healthcare coverage choices, often through the benefit of a savings portion.
👉 With this medical aid, members can get help and support from more than 4,300 primary care doctors and networks of hospitals and specialists.
👉 BestMed Medical Aid Option Plans with savings accounts include extensive hospital cover at private hospitals and a savings portion out of which general day-to-day expenses are paid.
👉 The following options are available:
4. Momentum Health’s Incentive & Extender Options
👉 Momentum is one of the best open medical plans in South Africa, and it is run by one of the country’s largest and most well-known companies that provides healthcare options. Momentum Health Solutions is owned by Momentum Metropolitan Life Limited, and is a non-profit, open medical plan.
👉 Momentum Health Option Plans include a wide range of medical insurance plans and benefits, including 6 medical aid plans of which the following have savings accounts:
👉 The Incentive option is suitable for anyone who can afford a reasonably monthly premium. With this option you get extensive hospital and chronic cover from any or associated providers. Your day-to-day expenses will be covered by a medical savings pocket that is being funded by 10% of your monthly contributions.
👉 The Extender option is more expensive option, gives extensive hospital cover and additional chronic cover from any or associated providers, to anybody who just need an extra bit of coverage. 25% of their contributions go to a dedicated medical savings account from which any day-to-day expenses are paid. They will get the Extended Cover benefit once they have reached their set Threshold.
5. Fedhealth Medical Scheme’s flexiFED & Maxima Savings Options
👉 Since 1936, Fedhealth has worked hard to make sure that their health care is both good and cheap.
👉 FedHealth is known for its special benefits based on risk, which help users get more out of their regular benefits, as well as for its great programme that gives you a hospital-only plan and a savings fund for day-to-day costs that you only have to pay back when you use the money. This is a great choice for a medical plan for people who want to have access to money for unexpected costs outside of the hospital that they can still pay for.
👉 Fedhealth Medical Scheme Option Plans with savings accounts are:
👉 The flexiFED 4 option provides solid cover with a comprehensive in-hospital cover and a Fedhealth Savings for unplanned medical bills and a Threshold benefit once claims have accumulated to a certain level.
👉 Although expensive, the maxima EXEC offers comprehensive all-round cover. Apart from in-hospital, chronic medicine, screening and additional benefits, it has a day-to-day savings portion and Threshold benefit.
👉 The maxima PLUS option offers extensive medical cover for every aspect of your healthcare, like generous in-hospital cover, chronic medicine, screening and additional benefits, a day-to-day savings portion, a Threshold benefit, and an optional hospital expense benefit.
👉 This option is quite expensive though and can only be considered by those with a considerable income to spend on medical aid.
Frequently Asked Questions
Why Does A Savings Account Form Part of some Medical Aid Plans?
When a savings account forms part of a medical aid plan, monthly contributions can be kept low, because less incidents are covered by the aid itself while excess costs are covered from the savings account.
Is a Medical Aid Plan with a Savings Account Worthwhile?
Yes a medical aid plan with a savings option is worthwhile, since it lowers the amounts you have to pay out of your pocket for medical treatments.
Can you cash out your medical aid savings?
No, you cannot withdraw from your MSA in cash if there is a credit balance. You can only get the balance in cash if you terminate your membership and do not join another scheme option with an MSA.
How are medical aid savings used?
Your medical aid savings are used to pay parts of treatment not covered by your fund itself. Any unused funds are carried over to a following year.
What can you buy with my medical savings account?
The money in your medical savings account can be used on day-to-day healthcare expenses, including visits to doctors, the medicines they prescribe and x-rays and blood tests they suggest you have.
READ more about Profmed Medical Aid Plans