The Blog Squad

Do you have your GAP Cover in place? The London underground railway system is always telling it’s commuters to ‘mind the gap’ which means the gap between the end of the platform and the railway car itself, so they don’t fall through and injure themselves.

This analogy is applicable in some strange way to medical schemes as well in that the policy owner must be confident of the level of cover applicable when the member is hospitalised. The member has to be certain that any shortfall in benefit is made up by investing in a gap cover insurance scheme (policy) which will cover this shortfall.

There are a number of GAP Insurance Providers in the market financially backed by large Insurance Underwriters (Insurance Companies). It is extremely important to be sure of the ‘fine print’ of the actual policies and for this you will require the help of knowledgeable professionals to be sure you know the exact extent of your cover. You need also to be certain that in the event of a claim this will be impartially and appropriately dealt with by the administrators of the scheme.

It is imperative to realise that to enjoy the benefits of gap insurance cover, you need to be a member of a registered medical scheme. Please be aware that there are certain types of policies which do not qualify to have gap cover attached to them, so it is important to ensure you do not pay towards the cost of a policy which in the end will give you no benefit whatsoever.

GAP Cover is a Short Term Insurance product, therefore you should have GAP cover for yourself irrespective of whichever medical aid you are on and irrespective of whether you are on a corporate scheme or have medical aid in your personal capacity.

Consult the professionals to make sure you have GAP Cover in place.