How to get the best from a medical Gap cover plan.
There are many Gap cover plans on the market today. However, how to compare them all to find what you want takes a bit of research.
One way is to speak to a medical scheme adviser who can guide you on the various plans. Insurers selling gap cover also allow you to compare one gap cover against another.
Compare what the monthly fees are from each company and look at waiting periods, exclusions and benefits.
How do they fit in with your lifestyle? Is it within your budget and does it meet your needs? You have to research and compare your gap cover requirements to get what you want.
People get frustrated and angry because of high medical costs they believed their medical aid would pay. Gap cover is the only plan that can help you with this expense problem.
Mind the Gap and Know how to Compare
South Africa has many medical Gap cover providers, but even so, you’ll find significant price differences between them.
To invest in gap cover, you must be a member of a registered medical aid scheme in South Africa. Whether you buy from Zestlife, Old Mutual, Sanlam, Ambledown, Turnberry, Stratum or Complimed, you know that medical bills aren’t going to sink you financially.
The purpose of Gap cover is to pay for the excess that exists after your medical aid has paid its percentage. Without this cover, you will have to pay for the shortfall amount.
In and Out of Hospital cover
While gap cover is mostly to cover the shortfalls linked to high specialist bills, there are gap plans that offer cover for out of hospital treatments too. For instance, Stratum has gap cover for CAT scans.
Medical gap cover does not replace your health care scheme, it is short-term insurance which covers mainly in-hospital shortfalls. However, there are specific out-of-hospital benefits which are also funded such as chemotherapy as well as co-payments on MRI or CT scans.
How Low can You go?
Once you have compared the different gap cover quotes, you’ll notice that the monthly premiums can vary between vendors. Some are very reasonable, being R90, R110 or R120 a month while others, which come with more benefits, are slightly more expensive and can cost between R250 and R350 a month.
The new laws for gap cover state that with hospital cash-back plans, clients can only claim R3000 a day, or a maximum sum each year of R20 000. Gap cover policies will also be limited to a payout of R150 000 per annum for each person.
How to Compare is Conveniently done Online
Many gap cover providers offer a free quote, you simply complete the online form found on the page and submit it. Some gap plans only cover in-hospital treatments while others cover in-hospital as well as out of hospital treatments too. It’s important to read your gap cover quote carefully and choose the one that suits you best.