Many medical aid members ask do I need gap cover and the answer is a definite YES. When a health crisis arises, members often find themselves beset with huge bills.
These bills do not only eat into their aid cover but also their own savings as well. This is because many experts charge far more than what aid schemes are willing to pay.
Health costs can be as much as five times more than the medical aid will cover. Which leaves a huge portion of the bill unpaid. Sadly, this bill remains the duty of the client, who now, even after faithfully paying their premiums, still has to find other resources to pay for the remaining shortfall.
Why do I need Gap Cover?
Because medical crises’ occur at unexpected times and health schemes will fail to cover all the bills, you as a South African need to get gap cover.
The process of getting gap cover is pretty much like that of taking out an insurance policy. But, you have to be a member of a medical aid scheme to qualify.
Most gap cover policies will cover certain medical bill shortfalls in full. The set of procedures and applicable pre-conditions will vary between providers. Waiting periods may also be applicable.
How should I get it?
The process of finding an insurer involves knowing what your current scheme will cover in the event of a health crisis. You should also seek quotes from short-term insurance providers while keeping in mind the benefits you will get.
Before settling on a certain insurer, you must be aware of your or your family members pre-existing medical conditions and whether the insurer will cover the shortfalls of these treatments.
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All info was correct at time of publishing