No person in the world would wish to fall sick. No one would wish to have a surgical operation either. However, if wishes were horses, beggars would ride. Hence, it is not necessary that whatever you wish should come true. Hence, falling sick or having to undergo a surgical operation is not in our hands. If circumstances demand you to have an operation, you would not be able to avoid the same. These operations and treatment cost money. People take medical cover to meet such unforeseen circumstances. This is one aspect of medical insurance. The second aspect is the claim. You would find that there would invariably a gap between the cover available to you and the actual cost of treatment. You cannot avoid paying this difference amount from your savings. However, by taking a medical aid gap cover, you would be able to cover the gap as well without having to dig into your savings.
The Gap cover concept:
The medical costs are spiraling upwards every day. You take your insurance once a year. If you observe any insurance policy closely enough, you would find sub-limits for every illness. These sub-limits would together constitute the main policy cover. The concept of a sub-limit is that the insurance company would not incur a liability higher than the sub-limit for the particular ailment. However, your medical costs would always be higher than the sub-limit.
The medical insurance policy would not cover the pre-hospitalization expenses for many ailments. In some cases, they would cover the ailment only if the treatment necessitated a period of at least twenty-four hours of hospitalization. These are the fine prints in an insurance policy. Usually, people do not read the insurance policy document carefully.
Under such circumstances, the medical gap cover policy would be of great help. They would cover such gaps thereby ensuring that you would not have to incur a financial liability of your own. You may not have to dig into the amounts you had saved for the pleasure trip with the family.
The advantages of the gap cover policy:
The greatest advantage of the gap cover policy is that the insurance company would take care of any escalation in the cost of the treatment, or any shortfall in the payment of the claim.
The gap cover can also take care of the pre-hospitalization expenses and the post-operative case as well. You would not have to manage the same from your resources.
The gap cover policy also covers the illnesses and ailments for which the usual medical cover is not available. Thus, in short, the gap cover policy fills up all the gaps in the medical aid amount.
The normal medical insurance policies may insist on availing treatment at specified hospitals alone. However, you may not be able to reach the specified hospital in time necessitating taking treatment in an unspecified hospital. The normal insurance company is well within its rights to deny the claim. The gap insurance cover policy can come to your rescue under these circumstances.
Availing a medical gap cover is the need of the hour today to mitigate the rising costs of medical aid.