Do You Review Your Short Term Insurance Annually?
Most of us have some form of short term insurance cover. Cover to insure our motor vehicles, household contents, home (buildings), cell phones, pets, sports equipment, etc., etc. As short term insurance is annually renewable, we should be reviewing our various policies annually to ensure that we are paying the best price for the most appropriate cover. Sometimes our life circumstances change which necessitates us having to make a change to our insurance. Not making these changes or at the very least, not advising your insurer of these changes may come back to bite you when an incident occurs and your claim is rejected. You’re obliged to keep your insurer updated with any changes in your circumstances as soon as it happens, as this may affect your risk with them.
As medical expense shortfall cover or gap cover as its better known, is a short term insurance policy, doing an annual review on your policy should be no different. Gap cover policies are automatically renewed at the beginning of every year (1 January) and when the insurer assesses the past performance of their risk pool (claims versus risk premium received in that year), they will impose an increase in premium for the year ahead. Medical inflation is currently a lot higher than normal inflation and double-digit increases to gap cover premiums have become the norm.
Another question one needs to ask is whether your policy in fact offers a comprehensive list of benefits that provide cover for most in-hospital shortfalls? Gap cover policies have had to transform over the years in order to accommodate the changes medical schemes were making to their options. So if you’ve had your gap cover policy for over 10 years or more, you may want to check the benefits offered on your plan, as it may not have kept up with the changes in the industry.
CompliMed Legacy Series is a comprehensive benefit plan being offered to you at a very affordable premium, which will compare very favourably with similar plans out in the marketplace. What’s more, there is a waiting period concession period that applies to existing policy transfers at the moment, which expires at the end of April 2020. This concession will allow you to switch your current policy across to the CompliMed Legacy Series without any new waiting periods applying to those benefits that are the same on both policies.
So why not review your current gap cover policy today and make the decision to switch to the CompliMed Legacy Series plan?