Can I reduce my medical cover? The should answer is yes. But Should you? Medical fees in South Africa are on the rise. Aid schemes have radically increased their premium fees to cover their members.
With so many health insurance brokers to choose from, members need to consider whether the benefits they are receiving is on par with the fees they pay.
Sadly, with the current economic climate, members are paying a higher premium for the same or even fewer benefits. Further, some even sign up for gap cover, so that they won’t be liable for the shortfall.
Who Qualifies for Gap Cover?
It is important to note that gap cover is not an alternative option to medical aid cover. Rather, the two operate hand in hand, with gap cover paying the extra amounts that their scheme does not cover.
To qualify for gap cover, you need to be a member of a listed health insurance broker. Gap cover pays the difference, no matter which scheme you belong to.
There are some great medical aid schemes in South African that offer competitive packages and benefits.
However, they most often than not charge high premiums and still might not cover the full medical bill.
This makes medical aid gap cover a necessity regardless of chosen medical aid scheme.
Can I reduce My Medical Cover?
Aids schemes have recently announced an increase in monthly fees. Thus, clients are asking ““can I reduce my medical cover what will happen if I?”. There are no hindrances for clients who choose to opt out of certain schemes or packages to other cheaper options.
Actually because gap cover is not a medical aid scheme but an insurance product, it is not affected by the choice to downgrade or to change service providers.
Before changing medical aid plans or service providers, the client should survey the options available to them and ensure that they will receive the benefits that they are seeking in the event of an emergency.
The client must consider whether the new scheme will cover any pre-existing conditions they or their family members may have and whether they will be covered immediately or there are applicable waiting periods.
They will have to make sure they pick a plan whose premiums they can afford to pay too.
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All info was correct at time of publishing