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15/07/2024

Tax Tips 101: Understanding Gap Cover

When dealing with medical expenses, it’s important to know that expenses recoverable from your medical scheme are not tax deductible.

⭐️ Gap cover helps cover your medical costs that your medical scheme does not fully cover. This is important for unexpected medical bills.
⚠️ It’s important to remember that gap cover is considered ‘recoverable’ so you cannot claim it for tax deductibles under the SARS guide (Income Tax Act: Section 6A/6B)

An example:

Siya’s doctor attends to him during a hospital admission and gets an R1000 bill, but his medical scheme covers R600. The remaining R400 can be considered a qualifying medical expense if Siya didn’t have gap cover. But Siya got gap cover for him and his family that reimbursed the remaining amount. Therefore, it won’t be considered a qualifying medical expense for tax purposes.

Why Siya’s Gap Cover is still needed ✅

- Helps pay for medical bills your medical scheme doesn’t fully cover.
- Includes things like short-falls on specific procedures and co-payments.
- You and your family get peace of mind knowing you’re protected against unexpected medical costs.

Gap cover may not give you a tax break, but it’s value in protecting against unexpected bills is undeniable. Stay informed and make the most of your financial planning!

13/07/2024

Life can throw you obstacles and sometimes it’s hefty medical bills. 💸 helps you with unexpected costs without breaking the bank. 🏦 At times, is not enough – often there’s a gap! Make sure you don’t have to deal with those unexpected bills. 🧾

12/07/2024

Did you know? 💡 premiums do not qualify for medical tax credit as they are not seen as ‘qualifying medical expenses’ and instead as short-term insurance. However, is an essential option to avoid paying out-of-pocket medical costs for treatments. 🏥💰

13/05/2024

Travel and work overseas worry-free! 🌟😌

Whether you’re an expat, remote worker, or frequent traveller, access to international medical insurance should be at the top of your priority list. 🔝

When you consult with Leap SA’s experts, you’ll benefit from:

✅ Our knowledge of the global healthcare landscape
✅ Tailored international health insurance that fits your lifestyle and region
✅ A comprehensive plan that protects you no matter where you are
✅ Competitive pricing without compromising on quality or reach

“But why do I really need cover?” ✈️🏥

Trying to navigate healthcare systems outside of your home country can be very stressful and confusing. Without international health insurance in place, the language divide, delayed treatment, denied treatment or out-of-pocket expenses can become your reality. ❌

Check out Leap SA’s plans that cover you for a wide range of medical eventualities with high-quality healthcare professionals – be it a check-up or emergency care.

Get in touch today and travel and work worry-free: https://www.leapsa.co.za/contacts/

10/05/2024

Imagine this: You’re travelling or working abroad and suddenly you need medical attention. Cue the panic and frustration, right? 😖

Not if you’re covered by international medical insurance! ✈️

Here’s how it works: You present your insurance details and information at the medical facility, and from there, it’s out of your hands. The provider takes charge of the nitty-gritty details and paperwork, so you can focus on treatment and getting back to your healthy self. 🩺🏥

For you, there is peace of mind and no worry about trying to navigate foreign healthcare systems and jumping through hoops when you’re away from home. ✅

Ready to leap into seamless global healthcare? Contact Leap SA today and let’s ensure your well-being knows no boundaries! 💙💪

07/05/2024

When choosing the best , look at plans with extensive coverage for hospitalisation, emergency services, and access to a global network of healthcare providers. Trust in for your wherever you go. 🌍💉🏥 🩺

29/04/2024

is a safety net for expats working abroad, offering comprehensive cover for medical treatment, hospital stays, and emergencies outside your home country. It’s the ultimate . 🌍💉 💪🛡️

15/03/2024

Your one-stop consulting practice for your peace of mind.

Leap SA is an independent brokerage firm focused on employee benefits and group insurance solutions.

We focus and prioritise your company’s unique needs, giving you innovative plans aligned with your culture.

With our products, you get accessibility and convenience, and as your trusted advisor, you are connected to top-tier providers to ensure the best for your organisation.

Our services include medical cover, gap cover, group funeral plans, retirement fund counselling, insurance broking, group life assurance and more.

Reach out to us today to experience the ease of navigating employee benefits, and let us help you unlock the full potential of your workforce while providing comprehensive coverage.

01/01/2022

10/11/2021

What a team effort