In South Africa membership of a Medical Aid can be expensive. And for most families, it takes a large chunk of their salary. Although you can select from many different kinds of medical gap cover price options.
In this article, we will give useful advice on which kinds of medical gap cover there is.
It’s important to do your research too, as there are any number of plans and benefits from which you can choose.
There are many Kinds of medical Gap cover – Can you Afford not to Have one?
The high increase in the cost of a hospital stay is draining the healthcare system. The cheaper options result in the member having to settle massive shortfalls from their funds.
Also the gap between the specialist fees and what healthcare payout, is getting greater every year! Co-payment required by medical aid firms for some in hospital treatment is also taking its toll on the budget.
That’s why There is a Need for Gap Insurance
To qualify for gap cover, you must be a member of a Medical Aid scheme. The design of gap cover is to bridge the “Gap” between what a medical aid plan pays out and the actual costs of the hospital, doctors and procedures. Gap Cover is affordable, and you can purchase it from any short-term insurance company.
Companies that Are active in the Gap Insurance market include:
In the past Gap cover simply covered the difference between specialist’s high rates and the medical aid rate. However, now the cover is more complex and extensive. It is worth contacting a short-term insurer who can highlight different clauses in various policies.
Keep this In mind When choosing Different kinds Of medical Gap cover
- Check with your healthcare and Gap Insurers to see if you must use a designated service provider.
- Some Hospitals may load unnecessary services onto a bill which both Medical Aid and Gap Insurance may not pay for.
- Check if the Gap Insurance has a Hospital Excess benefit which covers you once you reach the limits on hospital cover. The gap plan would then settle the difference.
- Be aware of waiting periods; some gap Insurers are now applying the law to introduce a waiting period before claims will be allowed.
- As more and more people get cancer treatment, medical aid firms are limiting costs on some options. See if your Gap insurer will cover this.
- Some of the Gap Insurance policies offer a cancer sub-limit. ( Stratum and Complimed ) which will assist with these differences if the need arises.
It is important that anyone considering taking out Gap Medical Insurance, contact the insurers and shop around for various offers.
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All info was correct at time of publishing