gap cover | Medical AidE

No breadwinner wants to imagine what would happen to their family’s medical aid cover should they be unable to pay the premiums. However, it is a reality that medical aid falls away when the main member, who is usually the breadwinner, dies or becomes disabled. Without a stable income, it is difficult to pay for the ever increasing costs of having medical aid in South Africa.

Your scheme may understand your plight for a month or so but ultimately non-payment of your monthly contributions means no more cover. Fortunately there are insurance products in place that have catered for these possibilities. The medical aid premium waiver cover can protect you for up to 24 months by paying your monthly contributions for you and your family.

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Although they are two different financial products, there is still much confusion about medical aid gap cover and a hospital cash plan. Both provide financial protection in terms of medical bills but in different ways. Ideally you should have both types of cover if you can afford it, as well as medical aid, but none of these products can replace another. Here are the three ways that these different financial products protect you :

Medical aid protects you against the high costs of private healthcare in South Africa.
Gap cover protects you against the shortfalls from what your medical aid pays and what your doctor charges.
Hospital cash plans protect you against the financial loss of being hospitalised.

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