Ailments and diseases are taking a new form in the modern world as new challenges are crossing the doctors’ path. We cannot be certain that nothing will happen to us or our family and this risk have given rise to health insurances and hospital plans to safeguard the patients without littering their money.
Hospital plans in South Africa may or may not be inexpensive and the consumer may not know what suits their future needs. Consumers face different problems while purchasing these plans including:
The consumers then become liable to obtain financial risk as they are unable to plan from beforehand. Hospital plans reduce these risks and make the expenditure for health issues, planned. A number of factors decide what plan is being chosen by a consumer. They can be summed up as:
There are several norms to look at before choosing a hospital plan:
Value-based insurance design (VBID) reduces cost sharing for the services covered within the plan that have relatively high clinical benefits. It might also increase the cost sharing for relatively low clinical benefits. Thus the plan providing benefits to a specific group will lower the cost for that particular consumer/s only.
Considering these criteria along with health issues or employment issues will benefit the consumer in choosing the best plan suitable for them and their family. Wasting money for acquiring high premium plans that cover fewer services are very common as the plan providers seek to profit from less knowledge of the consumers. Being aware of one’s own limits and researching the plans by various organisations before a commitment is highly recommendable.