You’ve probably heard of gap insurance more than once but don’t know exactly what it is. Here are some important things about gap cover.
Gap or shortfall cover supplements your medical aid insurance and adds value to it in the form of extended coverage.
Brokers designed this product for instances where medical aid schemes do not cover all the costs of health treatment.
What you should know
Before you make an informed decision about medical insurance options, you need to understand why additional shortfall insurance is important in South Africa, and how having it can benefit you!
Most brokers and medical aid providers recommend that clients have gap cover. Having this insurance is critical financially.
Especially when you get a hefty hospital bill after your stay and find out that your medical aid scheme does not cover all the costs!
Some specialist in South Africa might even refuse to perform certain surgeries on people who do not have gap cover.
The reason for this is that they experience partial payments from medical aid schemes and consider gap cover as a form of insurance that prevents this from happening again.
Medical experts often charge way more than aid schemes can pay out. Members must then pay for this shortfall, which adds up to a lot of money.
A single hospital admission can add up to thousands of Rands. Without the necessary available funds, a family could easily be led into a financial crisis.
Having this type of insurance on top of your medical aid scheme could enable you to get the best hospital services and make use of top surgeons and specialists without needing to worry about extremely high costs. You can’t put a price tag on your peace of mind.
How gap cover supports you
Gap cover is vital for everyone. Whether you’re young and healthy or ageing and have concerns about your health, gap cover is crucial!
Ending up in the hospital can occur any day and without warning. It can be due to bad health, an accident or as a result of violent crime. The unexpected possibilities are endless.
Getting gap cover for yourself as well as your loved ones shouldn’t even be something to consider. It should just be done!
Planning ahead has never been a bad idea and having shortfall insurance will help you avoid possible financial troubles in the case of sudden health emergencies.
The options are also flexible, and there are enough to choose from so that you can find one that fits your lifestyle and budget perfectly!
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All info was correct at time of publishing