Everyone is buying gap cover these days as more and more South Africans are recognising that it has become an integral part of their planning to ensure financial and physical wellbeing.
While these figures vary slightly depending on which data is used, the trend is clear: we are living for longer but at the same time it is important to recognise that longevity must be accompanied by good health or it becomes a burden.Crackdown on codeine: SA authorities launch digital tracking to combat abuse and illicit trade
“For example, most medical scheme options typically cover 100% of the scheme’s rate, with the higher end schemes rising to 200% or even 300%. This looks sufficient, but the trouble is that doctors and hospitals can and do charge much more with claims in excess of 300%.” “Healthcare costs are said to be running at 3%-5% above consumer inflation, resulting in corresponding increases in medical scheme contributions. Medical inflation is the basic driver of increasing medical costs.
“These measures are helpful, but they are only partial solutions. The basic trend is that even those on high-tier medical plans face the prospect of significant shortfalls for certain procedures which need to be paid for out their own pockets. These expenses can be financially crippling.” Depending on your gap cover provider, gap cover can be purchased for the family plus its dependants for a single amount per month. However, dependants who are over the age of 21 have to get their own gap cover.
Source: Healthcare Press (healthcarepress.net)
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