Have you ever noticed how so many things feel important, until you are sick? Having good health is such a key part of living a good life, but sometimes you can’t avoid falling sick. That’s why having medical aid is amazing, because it makes access to healthcare much more affordable.
But what would you do if your medical aid is unable to cover all of your bills? Unfortunately, this does happen. For serious hospital procedures like surgery and cancer treatments, the bills tend to pile up – Quickly. What’s worse is that specialists who do these procedures may charge up to 5 times more than what your medical aid is willing to cover. Guess who’s responsible for paying that shortfall? You.
This is why having Gap Cover can be a game-changer. It protects your pocket from unexpected bills, by covering the shortfall between the specialist and your medical aid.
But how do you go about finding the best Gap Cover in South Africa? This quick guide will give you some great tips that you can use immediately. In the next 5 minutes, you will know:
Why Gap Cover is Important
The cost of medical care can be jaw-dropping. For example, the Independent Clinical Oncology (Cancer) Network in South Africa estimates that you could be paying anywhere between R10 000 and R1 million per year for cancer treatment. Let’s not forget about procedures like surgeries, implants and childbirths which also have rising costs. Even though medical aid plays an extremely important role in covering those expenses, sometimes it’s just not enough. Gap Cover is important because it helps in covering those shortfalls, instead of you having to pay out-of-pocket.
That’s why finding the best Gap Cover in South Africa is worth it, because you’ll have access to a range of benefits that cover different shortfalls for different types of procedures. There are other great benefits when it comes to certain plans, but we’ll go into more detail on that later in this article.
The Difference between Gap Cover and Medical Insurance
There are many differences between Gap Cover and Medical Insurance, mainly because they are not the same product! Medical Insurance is a low-cost option that helps in covering day-to-day medical needs like private doctor visits and medicine. With Gap Cover, you need to have medical aid if you would like to access the service. A plan is added to your medical aid, which is then used to cover certain costs that your medical aid is unable to. Medical Insurance and Gap Cover plans have their own range of benefits as well as their own set of limitations and exclusions, which is important to remember. To learn more about medical insurance, visit the Medical Insurance category of Info Hub.
How to Find the Best Gap Cover Option in South Africa
There are many ways to find a Gap Cover plan that’s best for you, but we will be focusing on the most important things to consider:
Find a plan that suits your needs
When thinking about which plan you would like to have, the first thing on your checklist should be to look at the range of benefits. Companies tend to offer different ranges of benefits like cover for tariff shortfalls and sub-limits. Some service providers offer more comprehensive plans with benefits like cover for co-payments and deductibles, cover for cancer-related treatment and much more.
It’s also worth thinking about which life stage you’re in and how it affects your needs. Do you only need Gap Cover for emergency medical procedures because you’re young and healthy? Or are you aware of any hereditary illnesses that could require expensive treatment as you get older? Looking at your long-term medical needs will help in identifying the level of cover you need. Once you have a good idea of which benefits you want access to, finding the best Gap Cover option in South Africa becomes much easier.
Explore different Gap Cover quotes
Exploring different prices is crucial, because most Gap Cover plans have different monthly premiums. For example, one of the main things that will determine your monthly premium is your age. As you get older, premiums tend to rise. The number of dependents will also influence how much you are paying per month. If you want any loved ones to be covered the cost will rise. Luckily, adding dependents isn’t extremely expensive, with some plans only charging between R15 and R30 per month to add children. Finally, the range of benefits will also determine the sort of quote you will get. As we mentioned earlier, finding the best Gap Cover in South Africa involves deciding on whether you prefer a standard or more comprehensive plan. Once you’ve thought about these factors, a quote will make much more sense and you will be able to tell if it’s a good deal or not.
Use a Gap Cover calculator
Even with all the tips on finding the best gap cover in South Africa, it can still be difficult to figure things out if you’re still learning about the product. That’s why some companies give you the opportunity to check your price online. Whether it’s through a website or an app, all you have to do is enter a few details and the calculator will give you a monthly price based only on the information you gave. This is why using a calculator like this can be really helpful, because you will know what your specific monthly premium could be before you even speak to a company rep. Gap Cover calculators are also easy to use, since they mostly consist of answering simple questions or filling out forms. An easy process, resulting in very useful information.
That wraps up our quick guide on what you can do to find the best gap cover! Having a better understanding of how to get a plan that suits your needs will help in making sure you’re getting the most bang for your buck. If you would like to learn more about Gap Cover, check out our most popular articles below.
Not all Gap Cover plans are the same and benefits as well as limitations may vary. Descriptions of benefits given are meant to be for general educational purposes only and you must ensure that you seek the advice of a broker to ensure any product choice you make suits your individual needs