When you are young, it is easy to take your health for granted, and as a result, it is also easy to overlook the importance of having the right medical and gap cover in place. However, accidents can and do happen to everyone, and having the correct cover in place ensures you can more affordably access quality private healthcare when you need it and safeguard your financial future against unanticipated medical expenses. As you age and your life stage changes, this becomes even more important. It is essential to work with your financial advisor to futureproof your cover and your financial and physical wellbeing.
Change is inevitable
As you age and you move through various stages of life, your financial and medical needs change, including starting a family and experiencing the onset of age-related illnesses and chronic conditions. In addition, the market and the medical and gap cover products that are available also change. The way medical schemes provide cover in particular is always evolving, and doctors and specialists are frequently charging many times the scheme rate for their services.
In today’s world, there are more medical expense shortfalls, co-payments, and sub-limits than ever before. Many medical aid schemes and plans also have networks of Designated Service Providers (DSPs) and impose financial penalties if you make use of specialists or facilities outside of the network. No matter how young or healthy you are, medical issues can arise, and they can disrupt your current and future plans, including your financial ones, if you have not carefully considered your cover.
Seek the help of experts
Unanticipated medical expenses and shortfalls can have a significant impact on your financial wellbeing, especially if you have just had a baby or you need to tap into your retirement savings to pay for them. However, when it comes to choosing the right cover, the decision can be complex. There are numerous medical aid schemes and plan types available, each offering different levels of cover for varying premiums.
There is also a growing number of gap cover products on the market, and it can be difficult to sift through the options and choose the most appropriate one for you. To ensure adequate cover and financial protection, you need to have the right medical aid aligned to your requirements of both affordability and health needs. Then, you need to select a gap cover product that aligns with this medical aid, with the understanding that your needs and budget will change over time. It is also important to consider waiting periods and restrictions in cover, additional cover like casualty benefits, and the reputation and ease of claims processing of your gap provider.
Brokers and financial advisors are available to assist in navigating this complexity. Working with an expert who takes the time to understand you, your family, your life stage, and your financial situation is important to ensure your financial and health planning meet both your current and future needs. Additionally, because the market and your life are always changing, reviewing your cover on an annual basis is an essential step. Your broker is an invaluable asset in helping you make an informed decision not only for your current needs but for your future as well.
About Turnberry Management Risk Solutions
Founded in 2001, Turnberry is a registered financial services provider (FSP no. 36571) that specialises in Accident and Health Insurance, Travel Insurance, and Funeral Cover.
With extensive experience across healthcare and insurance industries in South Africa, Turnberry offers unsurpassed service to Brokers and clients. Turnberry’s gap cover products are available to clients on all medical aid schemes, as they are independently provided and are therefore transferable in the event of a change in the client’s medical aid scheme.
Turnberry is well represented nationally, with its Head Office based in Bedfordview, Johannesburg with Business Development Managers in Cape Town and Durban. The Turnberry Team’s focus on outstanding client service comes from having extensive knowledge and experience in the financial services sector and is underwritten by Lombard Insurance Company Limited. Lombard Insurance Company Limited is an Authorised Financial Services Provider (FSP 1596) and Insurer conducting non-life insurance business.