Most people believe that they have no need of gap cover if they have a comprehensive medical aid plan. That could not be further from the truth. Gap cover is no longer something that is “nice to have” but is now essential. Continue reading to find out why Gap Cover is critical.
Gap cover will pay out any shortfall between what your medical aid pays out and what you are supposed to pay. This is for both surgery and procedures in the hospital.
What Gap Cover is Not and Why Gap Cover is Critical
You should not view gap cover as a replacement for medical aid. In fact, if you do not have a medical aid, you do not qualify for gap cover.
It is, however, completely independent of your medical aid. That means that you can choose whichever gap cover you like – you are not bound to one company.
Like most short term insurance, the costs can range quite a lot. Most policies are around the R274 a month mark. There are some, however, that are double that.
It just depends on what level of cover you want.
Why gap cover is critical is obvious, and well worth it if you consider the benefits compare to the costs.
But do I Need Gap Cover?
I would like you to do something quickly, check the terms and conditions of your medical aid. Look at the section about the rate that they will pay. Is it 100%, or even 200% of medical aid tariffs?
It is, isn’t it? I’ll bet you are feeling pretty smug right now – after all, you have it in black and white that you have full cover.
And you do, as long as the hospital, etc. charges the medical aid rates referred to.
Now it’s my turn to look a little smug. Hospitals and specialists, surgeons, etc. seldom charge medical aid rates. They are entitled to charge what they want to, and this is often much higher than medical aid rates.
Your medical aid might pay out, but this might amount to just a portion of the bill. You are liable for any unpaid portion.
Well, How Much More Could They Possibly Charge?
There is a misconception that the medical aid rate is determined by the average actual cost of procedures. The truth is that the medical forecast also contributes to the medical aid price.
And that figure can be completely different to what the specialists charge. They might charge three or four times this rate. So you might end up being liable for three-quarters of the bill or more.
Even a simple procedure such as the removal of wisdom teeth could cost you as much as R5000 out of pocket.
When it comes to ongoing treatments for dread diseases like cancer, the figure sky-rockets.
Do you want to have to compromise your care because you cannot afford the shortfall?
For as little as R274 per month, you can ensure you have complete medical cover. And all that for less than the cost of a night out.
Now that you know gap cover is critical, you can get your one free gap cover quote by filling in and submitting the form on this page.
All info was correct at time of publishing