What is Gap Cover?
On this page we are going to talk a little bit about gap cover. I am going to talk about in the context of medical gap coverage, but it is worth noting that gap cover can be found in just about any type of insurance (in particular car insurance where it is designed to cover the gap between the cost of a new vehicle and the one that has been damaged). Do think about in the context of medical gap coverage here though.
Medical treatment, as you may know, should be covered by medical aid for the most part. This means that your treatment is covered. In some cases the medical aid will not be enough however. Nowhere near enough to cover the cost of medical treatment, and you will have to fund any excess that may be there. This is where medical gap cover comes into play. The job of medical gap cover is to cover the ‘gap’ that can’t be paid. This essentially means that you are not going to be required to pay out of your own pocket. It will instead be the responsibility of your insurance company where you will be sending the bill!
So in short; medical gap coverage is there to cover any medical treatment that medical aid can’t cover and that you do not have the funds to cover on your own. This is absolutely fantastic as it means that you will be able to continue to cover any medical treatment that you may be receiving for some of the more ‘expensive conditions’.
It is worth noting that the majority of medical gap coverage policies will have a waiting period. This means that you will not be able to grab the insurance and then make a claim within a couple of days. The majority of policies out there will have a minimum twelve month waiting period in place. This means that you can only make a claim after the twelve months have passed. This is obviously in place to stop people from abusing the system.
In addition to this; it is worth knowing that you may be required to undergo a medical before you can claim on your medical gap coverage. This is to ensure that you are of sound health. Obviously paying out on medical gap insurance is going to be expensive for the insurance company and they want to reduce the risk of them making a pay out as much as possible. After all; the insurance company is a business and I do not know any business out there that wants to lose money!
Remember; when you are shopping around for medical gap cover you do want to make sure that you are getting the best possible deal. This is why I suggest that you always do your research and compare quotes that you get for your medical gap cover. This way you can be sure that you are getting the best possible deal in terms of premiums without sacrificing anything in terms of your coverage.
We represent Essential Med. I have personally claimed from them twice. Let us give you a free medical gap cover quote. Simply complete our contact form and we will get in touch as soon as we can. Don’t wait until it is too late. Get affordable gap cover today. Click Here to Get Started