Life Cover

Gap Cover Benefits Featured Image
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Gap Cover Benefits: The Shocking Truth About Medical Aid Fees

South Africans are spending more each year on private health cover. Medical insurance has never been more prioritised than now. Yet, it might surprise you to learn that many people still do not have enough money to cover their medical expenses.

Even with the most comprehensive medical cover, you could still pay up to 400% above this tariff. This comes at a hefty cost to unsuspecting consumers. The shocking truth is that even with medical aid quite a few health expenses still need to be paid out of pocket.

As a result, medical gap cover has become a necessity. Carry on reading to find out the benefits of gap cover.

Why Do We Need Medical Gap Cover?

Essential worker wearing PPE

Gap Cover is a short-term insurance product that helps you with financial shortfalls, or “gaps”. These “gaps” can occur when doctors, specialists, and professionals charge more than your medical aid’s rates.

Gap cover helps to cushion the blow. It.carries a person’s medical costs, where that person can’t do it themselves.

While it doesn’t take the place of medical cover, it can cover a significant amount of the shortfall. Gap cover ensures you are not hindered with unexpected medical expenses when you are at your most vulnerable.

Gap Cover for Medical Aid: Benefits

Nurse and patient

Your medical aid may offer coverage of up to 100% of the medical scheme rate, but that doesn’t mean you’re fully protected.

Health care providers and practitioners do not need to comply with regulations when it comes to fees. They can charge over 100%, which can put you in a troublesome position.

Luckily, gap cover comes with several benefits. Let’s take a look at these benefits below.

Medical aid gap cover assists with cancer procedures

This type of cover has once-off benefits that can be used in the situation of:

  • A first-time cancer diagnosis
  • Accidental full disability
  • Accidental permanent disability, or
  • Accidental death.

Gap cover helps with certain casualty fees

Stromtroopers carrying injured stormtrooper in stretcher

Many people who have visited casualty have had the doubly unpleasant experience of having to pay the resulting expenses themselves. Luckily, some gap cover products include a benefit that helps you with any casualty-related expenses.

Offers coverage of certain co-payments

Some medical procedures attract co-payments or fees that are not covered by medical aid. These types of procedures include, among others, radiology scans and claims associated with oncology.

Thankfully, gap cover bridges the shortfall and can cover co-payments.

Secures peace of mind and is inexpensive

Protection against the unforeseen and unknown goes a long way in securing your family’s hopes for the future.

Obtaining gap cover means that in the instance you or a family member are hospitalised, you won’t have any sneaky costs making an already-scary situation worse.

Parent holding her baby's hand

In addition, the premiums for this type of insurance product are not expensive, especially when compared to the extensive benefits they offer you and your loved ones.

That said, you must do the research on the gap cover products available and how they work in alignment with your medical aid scheme.

At Maysure Financial Services, we use Turnberry as our Gap Cover product. More on this below.

Turnberry Gap Cover

We at Maysure use Turnberry as a gap cover short-term insurance provider. We believe it to be one of the top gap cover providers South Africa has to offer.

Their products offer benefits including, but not limited to:

  • Protection against unforeseen medical expense shortfalls
  • Provision of comprehensive cancer benefits
  • Enhancement of medical aid schemes by up to 500% of medical aid rates
  • Affordable prices
  • Coverage for Defined Procedures
  • Extended family cover
  • Emergency assistance by air, land, or sea

Please do not hesitate to get in touch for further information or to make arrangements:

+27 11 839 2302

Myths about Life Cover Featured
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Debunking Myths About Life Cover

Life happens when you least expect it. In the current world climate, the topic on everyone’s lips is planning for the future. While checking that all your affairs are in order, you might want to consider adding life cover to your financial planning.

Life cover can act as a tool to help you meet your medium and long-term goals. It provides a form of surety when you or your family need financial cover the most. This cover offers the sense of security your loved ones need long after you are gone.

Yet, despite these attractive features, some people still feel that life cover is unnecessary. This is due in part to a number of myths about it. This post will debunk a few of these theories and tell you everything you need to know about life cover.

Myth #1: Life Cover Is Not Important

Main with children in field

The primary purpose of life cover is to provide financial assistance to the family upon the death of the insured person. This makes it a crucial tool for anyone with dependents. It is particularly necessary for individuals with accumulated debt.

Most commonly, life cover is used to protect kids or spouses, but it’s also a good option for people with other financial goals. For example, if you don’t have assets to pass onto your heirs, life cover can help you create an estate plan and inheritance for those you name as beneficiaries. It can be a great way to set up a solid financial future for your family.

Some products even provide a payout if you become disabled or critically ill. This ensures you continue to pay the bills even in times of personal crisis. It could help to alleviate financial burdens while you get back on your feet.

Myth #2: You Only Need Life Cover When You Are Older

Man smiling about Life Cover

People at the beginning of their careers tend to focus on material investments, but life cover can be a good asset at any age. Anyone who is financially capable should invest in life cover. In fact, the sooner you take it out the better.

Multiple factors are taken into account when calculating how much you pay for life cover. Younger people with no pre-existing health conditions are more likely to receive lower premiums. They are also considered low risk because they are less likely to claim.

Life cover isn’t just for homeowners or parents. Anyone you choose can be added as a beneficiary, which means that other family members can benefit too.

Proceeds can be left to pay off a student loan, support a needy family member, or even donate to your favourite charity. The list is not limited to people who depend on you financially.

Life insurance can even provide a safety net to small business owners. This will help cushion the blow for any employees or partners who need to keep the business going.

Being young doesn’t exempt you from bad things happening. Road accidents or unforeseen illness can be a huge financial hindrance for someone at the start of their career. While medical aid might be able to take care of hospital expenses, it can’t ensure you an income while you recover.

Myth #3: Insurers Never Payout

Hand and wallet

For life cover, beneficiaries are nominated to receive a specific amount in the event of your death. Different policies provide cover for different structured needs. Your life cover can go towards your home or other living expenses. It can also be used to settle outstanding debt.

There are two ways life cover can pay out. Your loved ones could receive a lump sum, depending on the amount designated. Alternatively, life cover can provide regular earnings for your family.

These take the form of a series of consistent payouts, which act as an income to cover their needs. An assessment of your family’s long and short-term needs can help to choose a plan that best suits you.

Be aware that some policies contain exclusions in their terms and conditions. You need to review your life cover to know what you are being covered for. Knowing these exclusions could save your family the pain of having to debate over your policy’s conditions when you are gone.

Myth #4: Life Cover Is Expensive

South African money

Everyone has different needs. Each individual can find a policy that best accommodates him or her. Maysure is a financial advisory service that can help you find a life cover that is good for you and your pocket.

You shouldn’t be put off of life cover because of the cost. There are plenty of options out there and a number of ways to reduce your monthly premium.

Taking a lower cover amount, getting a policy when you are young, or even just quitting smoking are all ways that you can save on life cover.

Final Thoughts On Life Cover

The truth is when it comes to life cover you can’t afford to not have it. It is the ultimate form of financial protection and is sure to give you peace of mind.

Let us help you choose the right life cover. Contact us here:

+27 11 839 2302