waiting periods
In its simplest form, gap cover is designed to cover the difference between what your medical specialist charges for in-hospital treatment and your medical aid tariff, up to a certain limit, with top-end gap cover providers offering up to 600%
When you take out your cover, you can choose a premium pattern that suits your needs. Most insurers offer level premiums, compulsory premiums, and age-rated premiums, all of which serve a different purpose depending on your specific needs.
Understanding exactly how your benefit is structured is important as it generally impacts on your other long-term insurance benefits. At the outset, it is essential to know whether your benefit is a standalone or supplementary benefit, or whether it is
Medical expenses such as doctor, specialist and hospital costs are not regulated, and service providers are entitled to charge fairly for their services. However, the Department of Health has issued a price guideline (known as the Reference Price List (RPL))
From a tax perspective, while the contributions paid towards your income protection policy are no longer a tax-deductible expense, the income paid from your policy should you qualify for a claim are free from tax.
If you applied and were granted life cover as a smoker and have subsequently quit smoking for a period of 12 months or more, it is definitely worthwhile approaching your insurer to have your premiums reviewed.
Whether or not you can draw from your investments depends on the type of investment you have in place. Legislation prohibits you from accessing funds held in provident and pension funds until the official retirement age of the fund.
