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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