The world as we know it has changed. For the most part, we’re all doing our best to adapt to the “new normal”. At Compendium, we understand that in times like these, you need policies that bring you true peace of mind. With many of us encountering financial and emotional worries during the COVID-19 pandemic, why should your level of cover be something else to stress about? Gap cover is incredibly important if you’re going to ensure you’re not out of pocket. Here’s why.
Medical Aid alone isn’t enough…
Now, more than ever, gap cover is helping the consumer save on the hospital bills that medical aid just won’t cover. With claim rejections adding up at an alarming rate, it’s no surprise that many choose to supplement their level of cover with a gap policy. As the name implies, it bridges the gap between what your chosen medical professional charges and what your medical aid is prepared to pay. As a gap cover insurance policies can cover between 200% and 600% of the medical aid rates, depending on the policy you choose.
Healthcare costs are ever-increasing
Unfortunately, private healthcare costs a pretty penny. This is something that probably won’t be changing. With specialists and other private practitioners upping their rates with inflation, the cost of procedures, in-hospital stays and specialist consultations will only rise with time. This means that your medical aid policy alone will never be enough to accommodate what you might need in the future.
Gap offers value for your monthly premium
Unlike the much higher medical aid premiums, a gap policy doesn’t have to cost a small fortune each month. At Compendium, our brokers are ready and waiting to sit down and chat to you about your options. This will allow them to suggest the product that best suits your needs and budget. Whether you are looking for individual cover or protection that extends to the whole family, there are many options out there that we can help you with.
The economy is uncertain too
In the wake of the pandemic, who knows what our economy is set to do. On a global scale, many countries are facing challenges and it’s only a matter of time before South Africa faces additional ones too. We’re not trying to be negative here, we’re just trying to paint a picture of why it makes sense to have a gap policy in place in case the unforeseen happens. When things are fairly uncertain, it helps to have a few measures in place that you can be sure of, gap cover for medical aid is definitely one of them.
It’s there if your circumstances change
Life can be pretty unpredictable at the best of times. With many of us potentially facing salary cuts as a result of the pandemic, we might need to make some changes. For some households, this might mean cutting back on expenses wherever possible. As an example, some might choose to downgrade their medical aid policy to give themselves some financial breathing room as things recover post lockdown. In this event, a gap policy will help you manage this downgrade without any devastating implications should any hospital stays or procedures be required.
Beware of the waiting period
If you don’t have a gap policy in place as yet, there’s no better time than right now to get things going. Be warned, each policy and provider has a different waiting period before you can claim benefits from your policy. This is normally three calendar months for most conditions but if you have anything that’s a pre-existing condition, you’ll have to wait around 12 months. Again, this depends on each gap policy as well as the conditions in question. It’s best to speak to a broker who can give you the ins and outs.
In good times and bad, we’re here for you
Times might feel uncertain at the moment but that doesn’t mean you need to deal with worry alone. At Compendium, our team of passionate brokers are always on your side. This means advice and support when you need it most to help you make the best decisions for you. For more on our gap options or to find out about our full range of products, call us today on 087 285 4040 or send a “please call me”/WhatsApp to 064 753 8910 or email email@example.com.