Health Plans Or Alternatively Medical Aid Funds - Which Is The Better Of The Two?
Medical help of any kind is extremely pricey today and some form of financial assistance to help pay the ensuing costs is frequently necessary. This is particularly apparent in countries where the burden of health-related costs continue to rest to a large extent on the backs of its citizens. In places similar to this, either possessing health insurance like that offered by health plans or being a member of a medical aid fund is practically required. If not for help along these lines, many people might need to cover their medical-related expenditures almost entirely out of their own purses.
Thus it's clear that some people in particular regions of the world are going to have to make some kind of provision for medical-related expenditures which they might bear in the long term. The problem is: what shape should this provision take? In other words, should an individual who does not enjoy the benefits of a public welfare program belong to a medical assistance scheme or possess some kind medical plan, for instance? Before we continue, please be aware that the terms 'health plans' and 'health plan', refer here to the notion of medical insurance cover as a whole and not a particular kind of cover.
In a perfect world, an individual could belong to a medical aid fund in addition to owning health insurance coverage because the pair aren't the same yet they're able to perform together in a complementary way. Essentially, health plans are a form of individual insurance while a medical aid scheme isn't. The aforementioned also generally includes a cash component whereas the latter doesn't. By opting for both we effectively safeguard ourselves from any conceivable fiscal cost relating to medical care.
Unfortunately, many of us are ruled by financial constraints and might need to settle for one of the two based on what our individual requirements are. For certain folks, the decision is somewhat pre-specified. These are the people that are formally hired by companies that require them to become members of a medical aid scheme as part and parcel of its conditions of service. In circumstances such as this, a company might 'sweeten the pot' by subsidizing the employee's medical assistance fund contributions.
On the other hand, entreprepreneurs and people who don't work for a company that requires that they belong to a medical aid scheme can choose whether they wish to participate in a medical aid scheme or possess a health plan. The existence of the cash portion is especially significant and could be described as a determining factor in this respect. The advantage of the cash portion that health plans commonly have is that it is discretionary and isn't restricted to the payment of health-related expenses alone. In the case of a hospital stay, for instance, it may be that an individual is unable to earn an income while they're in hospital. Even so, if this particular individual is in possession of medical coverage that caters for hospitalization, and a cash portion is among the conditions of their plan, they may want to put part, or all, of the money they are given towards defraying household expenses, for instance.
Ultimately, the decision a person makes ought to hinge on their personal health requirements together with what they are able to afford.
Thus it's clear that some people in particular regions of the world are going to have to make some kind of provision for medical-related expenditures which they might bear in the long term. The problem is: what shape should this provision take? In other words, should an individual who does not enjoy the benefits of a public welfare program belong to a medical assistance scheme or possess some kind medical plan, for instance? Before we continue, please be aware that the terms 'health plans' and 'health plan', refer here to the notion of medical insurance cover as a whole and not a particular kind of cover.
In a perfect world, an individual could belong to a medical aid fund in addition to owning health insurance coverage because the pair aren't the same yet they're able to perform together in a complementary way. Essentially, health plans are a form of individual insurance while a medical aid scheme isn't. The aforementioned also generally includes a cash component whereas the latter doesn't. By opting for both we effectively safeguard ourselves from any conceivable fiscal cost relating to medical care.
Unfortunately, many of us are ruled by financial constraints and might need to settle for one of the two based on what our individual requirements are. For certain folks, the decision is somewhat pre-specified. These are the people that are formally hired by companies that require them to become members of a medical aid scheme as part and parcel of its conditions of service. In circumstances such as this, a company might 'sweeten the pot' by subsidizing the employee's medical assistance fund contributions.
On the other hand, entreprepreneurs and people who don't work for a company that requires that they belong to a medical aid scheme can choose whether they wish to participate in a medical aid scheme or possess a health plan. The existence of the cash portion is especially significant and could be described as a determining factor in this respect. The advantage of the cash portion that health plans commonly have is that it is discretionary and isn't restricted to the payment of health-related expenses alone. In the case of a hospital stay, for instance, it may be that an individual is unable to earn an income while they're in hospital. Even so, if this particular individual is in possession of medical coverage that caters for hospitalization, and a cash portion is among the conditions of their plan, they may want to put part, or all, of the money they are given towards defraying household expenses, for instance.
Ultimately, the decision a person makes ought to hinge on their personal health requirements together with what they are able to afford.
