Mind the GAP
*This article was originally published on January 2020 and has been kept in its original form
It was recently noted that most bankruptcies in the US are caused by health problems. Thus, in the process of getting healthy you sicken your financial situation. Read that again. Although most would think that a medical aid is very expensive in exchange for what you “get“ – the “get“ happens when something goes wrong and over and above with having to focus on getting better, you have to worry about keeping the lights on.
A medical aid buys care in the event that you need it most. It is however imperative to combine a medical aid with GAP cover – most products will top up your cover to 500% (and some provides additional oncology benefits).
Most also cover co-payments levied by medical aid for certain procedures.
If you do not have this you will be liable for the difference of what your medical aid covers and what the hospital levies for their services – which can be substantial. Most Gap covers also cover the entire family for one (reasonable) premium.
Also be aware that they provide cover if you are planning on starting a family, there is normally a 10 month waiting period for pregnancies.
