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Over 85 000 cases of cancer are diagnosed in South Africa each year. Around 15% of these diagnoses occur in people aged between 20 and 45. The cost of treating a disease like cancer can run into hundreds of thousands of rands. Medical aid and/or dread disease cover are essential if you want to ensure you and your young family can cover treatment and other costs, such as surgery, medication and replacing lost income. We’ve explained the differences between medical aid and dread disease cover below so can you choose the most appropriate option for you and your loved ones.
What is dread disease cover?
Dread disease cover is insurance that pays a lump sum amount for a valid claim on diagnosis of a serious illness that is listed in the policy documents. Dread diseases are life changing and/or life threatening, such as cancer, heart disease and stroke, as well as multiple sclerosis, kidney failure, Parkinson’s disease and motor neuron disease. Dread disease cover is also known as critical illness cover.
The pay-out for a valid claim on a dread disease policy is tax free and can be used for any purpose, such as paying medical costs, replacing any lost income if you cannot work while undergoing treatment, or taking a recuperative holiday after treatment. Dread disease cover can be taken as a stand-alone policy or added to a life cover policy.
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What is medical aid?
Medical aid is a form of medical insurance that pays only healthcare costs such as the cost of a hospital visit, surgery and medication.
Medical aids may pay the total costs for medical care received, a portion of the costs, or none of the costs, depending on the plan you are on and what treatment and medical care is covered on that plan. Comprehensive plans will pay benefits for hospital care and day-to-day treatment, such as visits to a GP, whereas medical aid hospital plans will only pay for treatment in hospital. All medical aids have to cover Prescribed Minimum Benefits, which you can find on the Council for Medical Schemes website.
Medical aid can be purchased from medical schemes and their administrators registered with the Council for Medical Schemes.
Medical aid is extremely useful in covering day to day medical expenses and big hospital bills. But it won’t pay everything and some services, such as rehabilitation, may be limited to a certain number of visits or rand amounts. It will also not cover any lost income or home adaptation such as if you need to install ramps in your home.
Dread disease cover versus medical aid: the key difference
The main difference between medical aid and a dread disease policy is:
- Medical aid: pays for healthcare costs only.
- Dread disease cover: pays a lump sum amount to the life assured on diagnosis of an illness.
Should you take out medical aid or dread disease cover, or both?
You can choose to take out medical aid and/or dread disease cover. Your decision should depend on your needs and budget. It is best to consult a financial adviser who can explain the different plans and conduct a financial needs analysis to ensure your dread disease insurance policy and/or medical aid meets your needs and budget.
1Life Insurance for all your insurance and dread disease cover needs
1Life Insurance is a licensed life insurance provider offering a range of flexible life cover and dread disease policies that you can tailor to your needs and budget. You can take life cover for a sum assured of between R300 000 and R10 million at a competitive premium, and save on premiums if you buy online. 1Life Insurance dread disease policies pay up to R4 million on diagnosis of a critical illness with no medical exams, apart from an HIV test, and no waiting periods. You can manage your policies on the online policyholder portal or WhatsApp service centre. Claims can be submitted online and valid claims are assessed and paid quickly. 1Life Insurance was awarded the Life Insurance Category winner in the 2023/2024 Ask Afrika Icon Brands Benchmark survey. You can follow 1Life Insurance on Instagram, Facebook, X and Youtube.
Don’t let medical costs bankrupt you
When you have medical aid and/or a dread disease cover you can take care of your health and get the treatment you need without having to worry about how you will pay the bills! Talk to a skilled 1Life Insurance consultant today about a dread disease policy that meets your family’s needs.