When certain medical procedures cost so much that your medical aid isn’t able to pay the whole bill, Gap Cover is amazing to have. That’s because it can protect your pocket from these unplanned expenses, by covering the shortfall.
But how do you decide which Gap Cover quotes fit your budget? With medical aid premiums rising, does it even make sense to add the additional cost of Gap Cover? These burning questions need to be answered, which is exactly what Info Hub will be doing!
What you should consider when getting medical Gap Cover quotes
Firstly, it’s important to remember that you can only get Gap Cover if you have medical aid. It acts as additional cover to your medical aid, in case you get a medical procedure that has a shortfall.
One of the main considerations will be price. Depending on the service provider, factors that may influence price include age and scope of benefits. Many service providers have different plans with different levels of benefits, so it’s easier to get a quote tailored to your needs. Benefits may have limits and exclusions, which are taken into consideration when a quote is given.
Also think about whether you want the medical Gap Cover quote to include any dependants, such as your family. Making sure they’re covered may result in an increase of your premium.
Some service providers may even have the option of including additional benefits that focus on mental wellness. Little extra benefits like those may increase the price of the quote, but they make having Gap Cover worthwhile in the time where there are no shortfalls to cover.
The importance of getting multiple quotes when searching for Gap Cover
Luckily, choosing Gap Cover isn’t like buying something based on how it looks. That makes choosing a plan that suits your needs and your budget much easier. Getting multiple Gap Cover quotes allows you to get all the necessary information, so that you can choose a service provider that meets your needs in the best way.
Getting multiple quotes also allows you to understand the product itself a bit better. When you already have medical aid, Gap Cover can look like an unnecessary expense. But the value becomes clearer, when different service providers show you how many problems it solves.
Key factors to consider when getting quotes for Gap Cover
Since we’ve already touched on some of the financial factors that can affect your Gap Cover quote, let’s dive deeper into other things you can think of when it comes to the product itself.
Identifying the type of cover you need
You’re likely to get different types of quotes from the same service provider, so it’s worth thinking about what you actually want to be covered for. Are you healthy and may only need Gap Cover for emergency medical procedures? Or are you aware of any hereditary illnesses that could require expensive treatment? Looking at your long-term medical needs will help in identifying the level of cover you need.
Understanding what your medical aid covers
Since Gap Cover is a policy that sits next to your medical aid plan, it’s important to go through what your scheme covers. Even though a standard medical aid scheme still provides comprehensive cover, it may have stricter limits. Generally speaking, medical aid plans that charge lower rates also increase the risk of a bigger shortfall. For example, a standard medical aid plan may cover 100% – 200% of the tariff cost for a hospital procedure. But sometimes, a specialist may charge up to 500%.
That sounds quite technical, but luckily the reality is clear: If you don’t have Gap Cover in a situation like that, you will be responsible for covering that shortfall.
Understanding the claims process
While this isn’t necessarily related to Gap Cover quotes, it’s important to think about how you will use the product. Consider the forms you’ll need, the time it takes for a gap cover claim to be submitted and approved, as well as any other relevant information. This will give you a better idea of what will happen, when a shortfall needs to be covered.
How to compare quotes from different Gap Cover providers
Once you receive a medical Gap Cover quote from different service providers, one of the main ways to compare them is by looking at the benefits:
Which service provider offers a wider range of benefits for the same price?
What are the differences in limits and exclusions?
Are there any additional benefits outside of what Gap Cover usually offers?
Really analysing the scope of benefits will show where you’ll be getting the most bang for your buck.
A good practice would be to make sure you’re comparing the same benefits. Technical terms like tariff shortfalls, co-payments and deductibles can make understanding benefits more challenging. Making sure you’re comparing benefits like-for-like naturally allows you to assess the Gap Cover quotes you have more fairly.
Choosing the right Gap Cover
Ultimately, choosing the right medical Gap Cover quote comes down to what suits your needs. There are different types of plans that cover shortfalls for different types of medical procedures. This allows you to think about procedures you may need to do in the future and how Gap Cover fits.
Lastly, don’t let price completely influence your decision. You want to join a service provider that you can trust. After all, the day you need to use your Gap Cover will be a day you want good, reliable service.
That’s all for this article! We hope these pro tips will help when deciding which Gap Cover quote is best for you. Check out some of our most popular reads on Gap Cover 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