Medical aid gap cover is designed to protect medical aid members from additional unbudgeted costs during hospitalization, by covering the differences between medical aid tariff and private rates. In the same way that there are many different types of healthcare policies available, there are also a number of Gap Cover insurancepolicies out there. Here are a few tips to choose the right Gap Cover to suit your needs:
- Consider where the gaps in your current health insurance are: People wrongly believe that a full medical aid option will cover all of their hospital and related treatment costs, which is often not the case. Review your current policy to find out what they pay for and where the gaps are.
- Consider private medical rates and the rates of specialists and surgeons: Private healthcare providers and specialists are free to charge their own fees for their medical care. This can be 300% or even 400% more than what your health insurance allocates for similar treatments.
- Consider your budget and savings: People often save for a rainy day or a special holiday. Is your nest egg big enough to cover your medical bills in the event of a serious accident or the diagnosis of a rare illness?
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