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How can Gap Insurance save you money?

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How Can Gap Insurance Save You Money

Medical Aid continues to protect South Africans from unexpected medical expenses. But it doesn’t always cover all the costs associated with serious illnesses, procedures, or emergencies. That is why Gap Cover was introduced, to fill those shortfalls.
This article will delve deep into Gap cover and how it helps Medical Aid members save money and provide peace of mind when it comes to your medical needs.


What is Gap Cover?

Gap cover is a short-term insurance product that helps you cover certain cost shortfalls between what your medical provider charges and what your medical aid pays out. This “gap” can occur when the medical specialist charges more than what your medical aid will pay, leaving you with out-of-pocket expenses that may be hard to cover on your own.
While medical aid is designed to cover the cost of medical procedures, there are often limits to what is covered. Certain treatments may not be covered, or there may be a cap on the amount that can be claimed for a particular procedure. In addition, medical aid rates are often set below the actual cost of the procedure, which can result in a significant shortfall.
Picture Zandy, a mother and wife who had battled breast cancer for years. The last return was violent and left her family hopeless. But there was a solution and as costly as it was going to be, it gave her hope. Her medical aid only covers 300% of her agreed rate. This meant that there was a shortfall of 200% and it had to come out of pocket. This would leave a financial strain on top of the emotional strain on her and her family. Luckily, she had taken gap cover and it filled the 200% gap. Zandy didn’t have to face any financial strains from out-of-pocket expenses.
This could happen to anyone and if you are on medical aid, you must be aware of the limitations of your cover. Gap cover addresses these limitations by covering the difference between what your medical aid pays and the actual cost of the procedure. This provides you with a safety net and helps to ensure that you are not left with a financial burden.


What are the benefits of Gap Cover?

Medical aid gap cover comes with a lot of benefits that will help you in times where your medical aid cannot stretch to meet your medical expenses. These benefits may include limits and exclusions depending on the plan and provider you go for. Here are some of those benefits:

1. Reduced Out-of-Pocket Expenses
The main benefit of gap cover is that it can significantly reduce your out-of-pocket expenses. Instead of worrying about these unexpected expenses, the gap cover policy will cover the difference between what your medical aid pays and the actual cost of the procedure.

2. Protection Against Medical Inflation
The cost of medical procedures continues to rise in South Africa. This is due to cost of living increasing daily.
Gap cover can provide protection against medical inflation by covering the difference between the actual cost of the procedure and what your medical aid pays. This means that even as medical costs continue to rise, you will be protected against the financial burden of high medical bills.

3. Cost-Effective Option
Gap cover is a cost-effective option for those who want to protect themselves against unexpected medical expenses. The cost of gap cover is low even for the most comprehensive covers making it a good cost-effective option because you pay less. This saves you from the high out-of-pocket expenses that may arise.

4. Peace of Mind
The most important thing is that gap cover gives you a peace of mind which is what you are looking for when it comes to private healthcare. Knowing that you have extra cover in the event of a serious illness or injury can help to reduce stress and anxiety, allowing you to focus on your recovery.
But getting this peace of mind depends on choosing the right best cover which will complement your medical aid and give you more coverage.


Choosing the Best Gap Cover

When it comes to choosing the best gap cover, there are several factors to consider.
These include:

  • Cost of the policy
  • Level of coverage provided,
  • Reputation of the insurance provider

Most gap covers usually come with the same benefits, which is why it is important to look for unique benefits when choosing one.
With some providers, you get extra coverage for your mental, financial and legal health. These are extra benefits that may cost less than R100 and will help you and your family navigate any issues outside of your physical health.
It is important to compare different gap cover options to ensure that you are getting the best possible coverage at the most affordable price. You should also seek advice from trusted sources, such as a financial advisor or insurance broker, to help you make an informed decision.


Fill the gap

Gap cover is a cost-effective option if you want to protect themselves against unexpected medical expenses. It provides extra coverage for a wide range of medical procedures and can protect you against the financial burden of high medical bills, medical inflation, and limited medical aid coverage. In this economy, filling this gap is essential.

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.

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