Taking cover before tying the knot

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A Fin24 user about to be married wants to make sure she's covered for medical issues. She writes:

I am getting married next year, and I would like to know what options are available to me in terms of gap cover, cancer cover and medical loans.

I want financial security when the time arises.

Elmarie Jensen, marketing manager of Genesis Medical Scheme, responds:

A good starting point is always to join a medical scheme as it will provide cover for medical and related expenses during hospitalisation. For example, this cover is able to extend to events such as the birth of a baby, injuries related to a motor car accident, etc.

Medical aid benefit options include hospital plans or plans that offer out-of-hospital benefits as well. Some options only provide cover through a network of service providers, while others offer their members freedom to choose their own doctors or preferred hospitals.

All medical aid benefit options provide some form of cancer cover. However, the type of cover and benefits available vary among the different medical aid benefit options. 

While some options provide comprehensive cancer cover, others may limit their treatment to the prescribed minimum benefits (PMBs) only. It may be good to enquire if your policy covers PMBs and what these are. Should it not, additional cancer cover can be taken out from a life insurer in the form of dread disease cover.

Gap cover is not, and cannot be sold by medical schemes. It is a short-term insurance product which falls outside the ambit of the Medical Schemes Act. Gap cover is a separate insurance product and can be purchased in addition to medical aid cover.

There is a wide variety of gap cover products available in the market and these should be explored.

- Fin24

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