There are several reasons to get medical shortfall insurance. Namely, medical plans have set limits concerning what they will pay and what they will not pay.
You can plan for your expenditure and work around these. But at the end of the day, you will be stuck paying the shortfall. This is just one of the reasons to get medical shortfall insurance.
However, what happens in the event of a medical emergency, what if you require specialised medical care or hospitalisation, and what if your health plan will not foot the whole bill.
What is Gap Cover?
Your medical aid pre-determines cover tariffs.
If you have a better health cover, it will pay up to 300% of the set rates.
Though this might sound good, wait until you factor in that a doctor could charge you 400% above this limit.
Thus, members still pay for the extra costs despite having such a plan. This is what makes gap cover crucial.
A Gap cover is a form of short-term insurance that only takes care of expenses exceeding what your health plan will cater for.
What is it going to cost me?
The cost depends on the level of cover you choose, and who in your immediate family gets covered.
Cover for comprehensive packages will range from roughly R300 to R600 monthly.
Before getting a plan, it is a good idea to find out what the cover entails. Though members are tempted to choose the cheapest cover, it is not always the best option.
For instance, if you choose option A, you will get a 200% cover excluding dentistry benefits.
Perhaps option B goes for slightly more with dentistry covered.
Thus, when you pay that extra few rands a month, it may be worthwhile. Just think about the moment you make a claim.
What if you get into an accident, you could be facing a high cost of surgery and hospital stay among other costs. Such expenses could run to thousands of Rands.
Members should consider the benefits and terms before deciding on a certain option. Find out whether selecting a cheaper option could be costly in the long-term.
Reasons to get Medical Shortfall Insurance
Although it’s never pleasant to think of a day when you or your loved one might require emergency medical care, avoiding the issue altogether might not help you that much after all.
Many brokers offer gap cover in South Africa. Thus choosing the right cover could be somewhat confusing.
Having said that, you should conduct your research before settling down on policy.
Besides, you should take the time to understand what each provider is offering.
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