How much gap cover costs
How much does gap cover cost in South Africa?
Gap cover is relatively affordable compared with medical aid, and the premium depends on your age, the plan you choose and whether it covers a family or one person. A single policy often costs a modest amount each month, and a family policy usually covers the whole household under one premium. Because prices and benefits differ, comparing quotes is the way to find value.
Key takeaways
- Gap cover is usually far cheaper than a medical aid plan.
- Premiums depend on age, the plan and whether it covers a family.
- A family policy often covers the whole household under one premium.
- Richer benefits and higher limits cost more.
- Comparing quotes is the way to match cover to price.
What drives the price of gap cover
Gap cover is priced on the risk of paying a shortfall claim, so the main factors are:
- Age, since older members claim more often.
- The plan, with richer benefits and higher limits costing more.
- Who is covered, a single person or a family.
Even so, gap cover is typically a small fraction of what a medical aid costs.
Single versus family cover
Many gap cover policies are sold as a family policy that covers the main member, a partner and dependants under one premium, which is usually better value than separate policies. A single policy costs less in absolute terms but covers only one person. Match the policy to who is on your medical aid, since gap cover works alongside the scheme.
Why the cheapest is not always best
A lower premium can mean a lower annual limit or fewer benefits, so a cheap policy may leave a gap of its own. Look at the overall annual limit, whether co-payments and cancer treatment are covered, and any waiting periods, not just the monthly cost. What the policy covers matters as much as the price.
How to get good value
Choose a plan whose benefits match your medical aid and your family, avoid paying for cover you will not use, and compare several policies on both price and benefits. Because gap cover is regulated and benefits are broadly similar, comparing on limits and inclusions is the fairest test. Compare quotes for cover that fits. This is general information, not financial advice.