We are frequently reminded by financial experts and news items that South Africans are cash strapped and that a lot of households are financially struggling to make ends meet. Add to this the fact that a lot of jobs are lost to retrenchments due to a World Wide financial crisis, and an European financial crisis, shrinking our exports. Therefore cash in South African homes are a scarce commodity and we should do what we can to retain cash, or obviate the necessity to needlessly spend it. A hospi cash back plan may aid you in such endeavour.
Approximately only 15% of the South African population are protected by medical aid, the rest are left prone to ever increasing medical costs, with the majority of such people unable to afford medical treatment. In addition so many households are reliant on earnings that is self generated, and therefore if you don't work there isn't any pay. In case you are hospitalised in such situation, you and your family is left vulnerable to financial trouble. There is an inexpensive means of somewhat alleviating this situation - it is called a hospi cash back plan.
A hospi cash back plan, will on the payment of a monthly premium compensate you R1000 daily spent in the hospital, taking effect on day four. The average stay in hospital is 7-8 days, which means you could expect a pay out of R3000- R4000, for such stay. The highest allowable amount - at an amplified premium - is R50000 every day, resulting in a payout of R15 000 to R20 000 during your stay. Now, if you were to be a state patient such amount will go a long way in softening the financial setback should you have suffered a loss of income within your hospital stay. There may of course be a variety of reasons why such a plan could prove to be beneficial to you, other than pure loss of income. You may think that it is a good way of supplementing your medical aid in the event of being hospitalised, or you could argue that a hospi cash back plan could pay money for any travelling and accommodation costs should you be hospitalised and your loved ones needs to travel. The payout amount, being insurance coverage, is not taxable and you may use the money in in whatever way that you think fit.
The rise in medical expenses is so high that it has grown to be impossible for most people, who most need it, to pay for any treatment. At the same time medical aid payments for people who no longer work is an enormous monthly expense to be able to uphold premiums with the general rise in the cost of living. Although a hospi cash back plan will not pay for any out of hospital happenings, at least you could provide some cover for hospital stay, by taking out such insurance. The premiums are affordable when compared with any medical aid contributions, although clearly it doesn't provide for the same advantages, but nor is it intended to.
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