It boggles the mind when you realise that after your house, healthcare and belonging to a medical aid is your next big expense. Having said that, your medical aid is likely to also be the number one threat to your financial peace.
Medical Schemes don’t play the game
Medical aids are paying less and less and leaving you to pay a lot of your medical bills yourself. The reality is that they only partially pay some medical treatments. They leave you to pay the balance and they impose co-payments on many treatments too. You have to pay a huge sum of money first before being allowed to proceed with the treatment. So why not consider the cost of gap cover to figure out if it’s worth having?
We believe that medical gap cover is very necessary if you want to avoid these shortfalls.
But what is the cost of gap cover? Does all gap cover cost the same? Certainly, it’s an essential short-term insurance product to have, but at what cost? How much of your income do you have to pay towards gap cover?
The more coverage, the higher the premium
When you shop around for gap cover, you will find different premiums charged with the different insurance companies. The more coverage you get, the higher your premium will be.
What do you pay each month for medical aid? Well, for about a tenth of what you pay for your medical aid premium, that is what you pay for gap cover.
So if you pay R10000 a month for your medical aid, your gap cover costs will be about R1000 a month. Gap cover is truly affordable and it will ensure that you aren’t left financially broke even when you are on medical aid.
This medical scheme that you belong to limits its cover to the Medical Scheme Tariff, and this falls way short of what your doctor charges you. Specialists in South Africa aren’t regulated so they charge what they like. Anything beyond this Medical Scheme Tariff isn’t going to be paid by your medical aid.
Gap cover complements your medical aid
There are some gap cover providers that will charge you R300 a month for a plan, others will charge R1000 and there are some more comprehensive plans that are much more.
Gap cover products are designed to complement your medical aid plans and the cost of the cap cover will depend on whether you are single or you have a family. Age, whether you are below- or over the age of 65 also influences your costs.
Many South Africans are under the misguided impression that having medical aid is all the cover they need.
Some massive medical bills that they had to pay put paid to that idea. Gap cover is a must-have. Without this short-term insurance product designed to give this much-need added protection, you can be financially wiped out.
For a small amount each month your gap cover will –
- pay for shortfalls for in-hospital procedures
- cover certain out of hospital treatments
- take care of co-payments
- have other benefits such as oncology, and casualty cover.
You must be a member of a registered South African medical aid to qualifying for this gap cover.
Medical gap cover is mercifully affordable. You can’t however just choose the cheapest one, as it may not cover you sufficiently. That is why you have to compare gap cover conveniently online.
Gap cover simply makes life easier
You can then choose the one that is reasonably priced and covers things that your inadequate medical aid won’t pay. Get your gap cover sorted, because having it makes your life a lot easier.
Find out the cost of gap cover today. Get a quote now! Complete and submit the form on this page.