Comparison Shopping For Gap Cover
- you need to know about cancer cover as some medical schemes are limiting cancer benefits
- you need to understand cancer sub-limit benefit.
- some gap cover providers have an exclusion on previously diagnosed cancer
- some gap cover providers offer 2 plans, others 4
- costs of gap cover varies a lot – you need to know the costs and what benefits are included
- Check tariff gap cover for out-of-hospital procedures, if indeed there is cover for this
- do groups get discounted premiums?
It’s a sad state of affairs that most medical aids don’t offer the cover you’d expect after paying a huge monthly premium each month.
When your medical aid doesn’t pay the amount in full, you’ll be expected to pay the difference between what some specialists charge and what the medical aid is prepared to pay. Of course, this amount can run into thousands of Rands.
First Understand How your Medical Aid works – Comparison Shopping
The choice you make with gap cover will be determined on what your medical aid pays out. Some medical aids pay out at 100% of their rates, while others pay out up to 300%. It goes without saying that the lower your medical aid scheme’s pay out rates, the more gap cover you will need.
If you don’t have gap cover how will you be able to make these payments? There are various types of gap cover. And you will need to do some comparison shopping to find the best gap cover. Because if you research, you may even find that there is some gap cover that will offer between 600% and 700% cover.
A Small Payment Can Spare You Plenty of Worries
Affordable gap cover can cost you anything from about R130-R430 per month. You may think that the gap cover that costs R130 a month is the way to go. But it has to be emphasized that an affordable product like this may well only afford you a 200% shortfall payment.
A medical disaster can happen anytime, whether you’re young or old. If you have to suddenly shell out your lifelong savings for emergency hospitalization as well as rehabilitation treatment, you may find your funds are quickly used up.
Waiting Periods – Make Sure You Understand Them
You’ll need to be looking at waiting periods too, and most gap cover has them. Each gap cover provider implements waiting periods for all joiners, relating specifically to pre-existing conditions, with pregnancy being included.
Numerous medical gap cover companies exist in South Africa and they offer different medical gap cover policies with different premiums. Selecting good gap cover to protect everyone in your family requires choosing good cover – and not necessarily because it has the lowest monthly premium.
Comparison shopping allows you to check out the gap cover marketplace and compare and contrast premium prices and plan benefits.
Cover all your Bases – Comparison shopping
There are important criteria against which medical gap cover should be considered. Things such as dental care, oncology, and emergency treatments should all be considered if they are of particular importance for you.
To get the cheapest gap cover may well be a good policy. But you still have to make sure to cover your bases. Compare the benefits and you should be able to find gap cover that is both affordable and that protects you from your medical aid’s lack of payment.
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