Financial anxiety in medical situations is a common experience for many people in South Africa. Medical treatment and procedures can be costly, and even with medical aid, there can still be significant out-of-pocket costs. This can create a great deal of stress and anxiety, especially for people who are already dealing with health issues or other challenges.
Some people may avoid seeking medical treatment altogether, even when they need it, because they are worried about the cost. Others may worry constantly about how they will pay for their medical bills in cases where their medical aid plans have limits, co-payments or network restrictions.
Fortunately for those on medical aid, an effective way to manage extra medical costs or shortfalls is by taking out gap cover. Teshlin Akaloo, managing director of NetcarePlus explains “Gap cover is a form of insurance that helps make more of your medical aid by closing the "gap" between the cost of the medical treatment and what your medical aid pays”.
“In many cases, medical aid will only cover a portion of the cost of the medical treatment, leaving you to pay the rest out of your own pocket. This can be particularly challenging if you need expensive or specialized treatment, as the costs can quickly add up”.
Depending on the gap cover policy you choose, cover typically includes shortfall cover for in-hospital specialist costs, co-payments and deductibles and additional cancer cover. Some providers even extend benefits to cover out-of-hospital specialist shortfalls, maternity costs, emergency medical treatment as well as day-to-day costs when medical aid limits have been reached.
“By having gap cover in place, you can have greater peace of mind knowing that you won't be left with a large medical bill that you can't afford to pay. This can be especially important if you or a family member has a chronic medical condition or requires ongoing medical treatment”.
“Before choosing a policy, it's important to carefully review the terms and conditions to ensure that it meets your specific needs and budget,” concluded Akaloo.