Medical Aid and Gap Cover, with Almo Lubowski

Take Charge Of Your Money podcast with Brendan Dale
Season 2, Episode 4 - 4 April 2022

Sponsored by Naked - The new way to insure your stuff

Almo Lubowski (find him on Twitter @almolubowski) is a qualified lawyer, certified financial planner, and very good at simplifying some complex products. He talks to me about Medical Aid and Gap Cover. What they are and how the two products work together.

Main topics discussed:
0:00 Podcast into and thanks to my sponsor
1:00 My guest, Almo Lubowski
2:48 What is Medical Aid?
5:05 So many options!
6:37 Prescribed minimum benefits
7:47 Advantages of a savings account
12:35 Specialists charge more than what medical aids pay
18:21 What Gap Cover will pay
20:21 Is it easy to change providers or options?
22:28 Closing thoughts

Top tips from Almo Lubowski

• Negotiate the costs upfront with specialists to ensure that you will not be out of pocket.
• Discuss your medical cover needs with a professional medical aid broker who can advise on a few providers and products.
• Almo ended off by explaining the difference between a broker, a financial advisor, and a financial planner. If you want a financial planner, I'd recommend these chaps.

Articles on Gap Cover
A simplified explanation of Gap Cover
How Gap Cover works
How to choose the best gap cover

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PS - this episode was recorder using Riverside - check it out

Chapters

• 0:00 Podcast intro and thanks to my sponsor
• 1:00 My guest, Almo Lubowski
• 2:48 What is Medical Aid?
• 5:05 So many options!
• 6:37 Prescribed minimum benefits
• 7:47 Advantages of a savings account
• 12:35 Specialists charge more than what medical aids pay
• 18:21 What Gap Cover will pay
• 20:21 Is it easy to change providers or options?
• 22:28 Closing thoughts