Frequently Asked Question about Gap Cover – Answered
March 11, 2020
Before deciding to purchase anything in life, you need to do proper research and ask the right questions. If you want to look back at your purchase and truly believe that it was money well spent. The same principles apply to medical aid schemes and gap cover options. Before you even start to do in-depth questioning about medical gap cover plans. You might have a few basic things on your mind regarding it. If you do, read on through the list below of some frequently asked questions regarding gap cover and their answers.
Why do I need Gap Cover?
This is one of the most common frequently asked questions regarding gap cover. More than often a shortfall occurs between the amount that your medical aid insurance covers and the actual costs charged by your doctor or the specialist handling your procedures. When this happens, it is good to have a backup coverage plan that can help you out. Medical gap cover is exactly this – and more!
Who Can Apply for Gap Cover?
Any and all South African residents who belong to a legitimate medical scheme can apply for gap cover.
Are Premium Increases Applicable?
Like most insurances, most gap cover providers increase their premiums annually as well. This is to ensure that all expenses initially applied for can still be covered in the future.
Will My Gap Cover Policy Cover Everything That My Medical Aid Won’t?
Unfortunately, this will not be the case. Coverage will depend on what level plan you take out. A few other treatments such as treatments for obesity? They do not cover cosmetic surgery.
How Much Money Should I Put Aside for Gap Cover?
This is also one of the more frequently asked questions. Your monthly gap cover budget can be anything from a 10% to 15% equivalent of your monthly medical aid premium. This amount will ultimately depend on the coverage plan you choose. If you have any specific or scares needs or requests, your monthly premium will most likely be higher than the average gap cover users.
Will I Not Be Over-Insured If I Have Gap Cover On Top Off My Medical Scheme?
The answer to this question might sound typical or straight from a book. But you can never have enough medical cover when it comes to your health. Accidents happen in the blink of an eye, and you never know when you or a loved one might end up needed specialised treatments or have to endure long hospital stays due to illness. Having a good medical aid scheme as well as a good gap cover plan to top it will ensure that the minimum amount of money comes out of your pocket directly to cover all expenses related to your sickness. Besides the simple act, gap cover provides coverage for some things that medical insurance plans do not include. And without gap cover, all expenses towards these could probably ruin your finances.
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All info was correct at time of publishing