{"id":514,"date":"2014-03-24T15:05:00","date_gmt":"2014-03-24T13:05:00","guid":{"rendered":"http:\/\/richideas.co.za\/mind-the-gap\/"},"modified":"2017-09-21T12:35:08","modified_gmt":"2017-09-21T10:35:08","slug":"mind-the-gap","status":"publish","type":"post","link":"https:\/\/contattolive.co.za\/north\/mind-the-gap\/","title":{"rendered":"MIND THE GAP"},"content":{"rendered":"<div style=\"text-align: justify;\">For those of you who have travelled on a tube in London, you\u2019ll know the familiar sound of the lady saying \u201cMind the gap.\u201d as you step on and off your tube. In fact, even if you haven\u2019t travelled to the <i>Big Smoke<\/i>, you\u2019ve probably heard about it.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">\n<p>However, when people buy health cover they\u2019re very seldom told to mind the gap. I always try to make it very clear to my clients that the gap in their cover exists and that <b>there will always be a shortfall in the medical plan payouts<\/b> for in-hospital costs, but this fact is so quickly lost in the multifariousness of all the other \u2018more important\u2019 considerations within a well-balanced financial portfolio. There is no one constantly reminding you to \u2018mind the gap\u2019.<\/p>\n<\/div>\n<h3 style=\"text-align: justify;\"><b>WHAT IS GAP COVER?<\/b><\/h3>\n<div style=\"text-align: justify;\"><b>Gap cover<\/b> is an insurance product that aims to cover the potential shortfall that arises from the charges of doctors and specialists for in-hospital procedures, who often charge up to 400% of <b>NHRPL<\/b> (or scale of benefits as previously known). If your medical aid only pays out at 100% then you will encounter this potential shortfall.<\/p>\n<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The <b>National Health Reference Price List (NHRPL)<\/b> is a pricing system that is maintained by the <b>Department of Health<\/b> and the <b>Council for Medical Schemes<\/b>. The NHRPL specifies the rates to which all medical aid schemes must adhere. It is the amount of money that they are legally bound to pay for a given situation.<\/p>\n<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Doctors, hospitals and other medical service providers however, are not bound to these rates, and in fact charge up to 400% above these NHRPL prices. So despite thinking you are financially covered for any medical eventuality in its entirety, for the most part you are not, and will likely be liable for a shortfall.<\/p>\n<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<h3 style=\"text-align: justify;\"><b>GAP COVER IS NOT A MEDICAL PLAN<\/b><\/h3>\n<div style=\"text-align: justify;\">Another misconception exists that GAP cover is part of your medical plan (medical aid\/hospital plan), but it\u2019s not. <b>GAP is a separate product<\/b> that will be deducted as a separate item on your monthly statement, making it easy to check if you have GAP cover. <b>GAP does not cover outpatient expenses<\/b>, so, for day-to-day medical costs and consultations with a doctor, you would need to refer to your medical plan.<\/p>\n<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<h3 style=\"text-align: justify;\"><b>NOT JUST ANOTHER SALES GIMMICK<\/b><\/h3>\n<div style=\"text-align: justify;\">Gap cover is not just another sales gimmick for financial planners to earn more money. In fact, most planners don\u2019t make any money off these products at all as we sell them purely as a value-adding service to our clients.<\/p>\n<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The value of having GAP cover far exceeds the cost and provides additional peace-of-mind. \u00a0If you\u2019d like to find out if you already have GAP, how much GAP you need or simply wish to review your portfolio, then let\u2019s chat!<\/div>\n","protected":false},"excerpt":{"rendered":"<p>For those of you who have travelled on a tube in London, you\u2019ll know the familiar sound of the lady saying \u201cMind the gap.\u201d as you step on and off your tube. In fact, even if you haven\u2019t travelled to the Big Smoke, you\u2019ve probably heard about it. However, when people buy health cover they\u2019re very seldom told to mind the gap. I always try to make it very clear to my clients that the gap [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":772,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12,13,22],"tags":[],"class_list":["post-514","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-financial-planning","category-health"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>MIND THE GAP - Contatto North<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/contattolive.co.za\/north\/mind-the-gap\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MIND THE GAP - Contatto North\" \/>\n<meta property=\"og:description\" content=\"For those of you who have travelled on a tube in London, you\u2019ll know the familiar sound of the lady saying \u201cMind the gap.\u201d as you step on and off your tube. 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