Medical Fund

Medical emergencies befall us all, often at a time when cash is not available to deal with such emergencies. Unfortunately in today's world, not having cash on hand at the point when a medical emergency occurs can often mean the difference between life and death.

The medical fund is a savings account into which you deposit money on a monthly basis, and in the event of a medical emergency you can then get a payout to meet the emergency. The fund can be run on an individual basis, for an organization or for a group.

The medical fund pays out only to the extent to which you have put in funds, and to the extent to which you may be eligible for a loan. The funds deposited into the account remain yours and can be withdrawn subject to appropriate notice being given.

A business can opt to create a medical fund for staff and staff's immediate family members. In this instance you will need to agree on whether or not it is a contributory scheme where staff also make payments into the fund, and how staff would redeem their contributions in the event of termination of service.

The Medical Fund can also be a Group Medical Fund where several organisations or individuals come together and set up a fund with defined contributions and benefits.

Please note that this is not a medical aid scheme, neither can it replace a medical aid scheme.

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