As healthcare costs increase in South Africa, so does that of medical insurance. In fact, a recent poll showed that only 16% of the population has access to private healthcare services. The design of most medical systems is one that favours the wealthy – leaving the middle class and lower class to fend for themselves.
Regardless of their level of income, every single person hopes for protection from the financial risks of being associated with ill health. Nevertheless, millions of South Africans face grave crises every year as a result of insufficient means to access adequate health services.
The dip in economic stability in the past year has added to what is now a national crisis. In fact, according to the World Health Organisation, 25 million households every year struggle to get the procedures they seek. Now, more than ever, the need for alternative health financing plans is crucial.
Health financing plans in South Africa
Personal financing companies can help you by funding your medical procedures. Finding the correct kind will allow you to have your surgery done at an affordable rate. Health financing plans in South Africa encompass:
- Dental surgery
- Cancer treatment
- Fertility programmes
- Eye laser surgery
- Hair restoration
- Reconstructive surgery
- Plastic surgery
The repayment of these plans is usually based on an individual basis – which covers credit history, the type of procedure and income bracket. This kind of customised financing lessens the burden considerably, as it allows you enough time to pay off the procedure.
Before you pay with your credit card, check that you can’t use this viable option to help finance your needs instead. There is no need to put off something that would increase your quality of life if you have options available. These companies also assist you in finding the right medical practitioner and undertake to liaise directly with your doctor or surgeon.
The reason for the popularity of this option is that there is no middle man. When it comes to bank loans, South Africa’s interest rates are generally fixed and are not based on what the money is being used for. In contrast, finance companies specialising in health funding understand the field and know exactly which numbers make sense in the grand scheme of things.
If you choose this option, make sure that you carefully examine each application, compare repayment plans and interest rates. Always cross reference this to the procedure you want to get, and ensure that you have the capacity and means to make the payments timeously.
Remember to do your research and become proactive in improving the quality of your life, or that of a loved one.