Despite policy initiatives to provide affordable healthcare, the cost of private healthcare in South Africa remains very high. It continues to grow ahead of inflation, increasing by a shocking average of 300% over the last 10 years.
It’s estimated that as many as 84% of South Africans cannot afford private healthcare. Even those who do have medical aid end up with hefty bills due to gaps between what their medical aid schemes pay out and what healthcare providers actually charge.
According to an inquiry by the Competition Commission, per capita spending on hospitals increased by 40.7% and spending on medical specialists increased by 55.7% between 2003 and 2012.
This puts our healthcare fees on par with those of the United Kingdom, France, and Germany – countries with much higher GDPs and stronger currencies than South Africa (and arguably, with much better healthcare systems).
Some more depressing statistics…South Africa has a GDP that’s 26% lower than the world average, but it’s private health prices are 92% higher than those recorded for countries in the Organisation for Economic Co-operation and Development (OECD), such as Poland, Portugal and Slovenia.
Unfortunately, this trend appears likely continue unless specialist rates and private hospital fees are subject to firm regulation by the South African government.
So what are the alternative options if you need medical finance in South Africa?
Banks and other financial institutions in South Africa offer personal loans, all with different interest rates and repayment terms.
To qualify for an unsecured personal loan, you’ll need to be employed and able to show you have sufficient income to repay the loan. You’ll also need a good credit rating. If the relevant institution has doubts about whether you’ll be able to repay the loan, your application will be unsuccessful.
An unsecured loan may take many days or even a few weeks to come through, due to lengthy application processes and paperwork.
If you own a valuable asset such as a car, boat, luxury watch, gold jewellery, an antique or artwork, you can use it to secure a short-term, asset-based loan. Once you’ve repaid the loan, your asset will be returned to you.
With this type of loan, also known as a “secured” loan, your asset serves as collateral. Accordingly, there’s no need for time-consuming or intrusive investigations into your employment status, financial history or credit rating.
The process is quick, convenient and confidential. Typically, you can have the medical finance you need on the same day you apply.
Source: Funding Lamma
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