Are unsure whether to incorporate this type of cover into your portfolio?
Gap cover can play an important role in your overall healthcare portfolio as it provides an additional layer of protection against high-cost, unforeseeable medical expenses that would otherwise be difficult to afford. If you have questions about gap cover and are unsure whether to incorporate this type of cover into your portfolio, you may find the answers to these frequently asked questions insightful.
What is gap cover? ADVERTISEMENT CONTINUE READING BELOW In its simplest form, gap cover is supplementary insurance that helps medical aid members bridge the financial gap between what is charged by medical professionals in hospital and the amount reimbursed by the medical aid. Service providers can charge way in excess of the medical aid tariff and the difference – i.e. the gap – can be unaffordable for the average person.
Are there any waiting periods when joining? ADVERTISEMENT CONTINUE READING BELOW Yes, most gap cover providers apply a general waiting period of three months before a member can claim benefits, plus a 12-month waiting period for pre-existing conditions, which includes pregnancy. Therefore, if you are contemplating falling pregnant it is always a good idea to take out a gap cover policy in advance to ensure that your pregnancy and subsequent childbirth are not excluded from benefits.
As a top-up healthcare benefit, your gap cover should not be viewed in isolation but rather as part of your overall medical risk portfolio. Your medical aid, disability and dread disease cover all play a role in protecting you financially against unforeseeable healthcare costs, so it’s important to consider all benefits and policies before making your decision.
Because of the varying number and types of gap cover policies available, it is often difficult to do a comparative benefit and premium analysis and it may be worth your while seeking advice from an independent healthcare advisor who can guide you through the process.
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