![]() Are you recently diagnosed with High Blood Pressure? Or Diabetes? Did you know that your Medical aid actually covers your monthly medication? Different medical aid schemes may cover different chronic conditions, but the general 27 conditions are covered by most of the medical aid across all plans. Below we list them:
How to apply for Chronic illness benefit? Discovery:
Once the form has been received and reviewed you will get a confirmation via email whether or not the request has been approved, and/or what medications are approved/declined. The letter of benefit will have details on how you will be covered under the condition. If your script has an end date (such as 3 months or 6 months), to continue with treatment, you must visit the doctor again to get the new script, and send it to Discovery to assess and update the approved medication. If you have any updated new prescription (medication or dosage), you must email the new prescription to Discovery as well so they can update it on their system. Medications that are covered Discovery has its medication formulary. If you are on the Essential Smart plan or Keycare plan, then your medication MUST be from the formulary; if you are on other plans, then medications from the formulary will be paid fully, and medications outside of the formulary will be paid partially. Approved medicine on the Chronic Illness Benefit medicine list (formulary) Bonitas: There are two ways to activate your Chronic Illness Benefits with Bonitas
Follow-up consultation and nominated doctor online Doctors normally advise you to follow up online to save time, normally this is perfect for members who need blood test review. They would send you to the nearest pathology for a blood test. Momentum
For further queries regarding your Chronic Illness Benefit contact Namhla in our Health department tel(011)658-1333, email [email protected]
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A record amount of R1.6 trillion is currently held in South African bank accounts as retail savings deposits. This is a staggering amount of money which is currently conservatively invested. In many ways, this movement of funds reflects the significant uncertainties faced by investors, both in South Africa and globally. Many investors are sitting in cash with the hope that an attractive entry point into markets may be on the horizon. Unfortunately, as history has taught us, trying to time markets can mostly be regarded as a fool’s errand. Investors are often better off being guided by their willingness and ability to take risk when making investment decisions, rather than the current news flow or the latest geopolitical event. Morningstar Investment Management has informed us of managed portfolio changes. Please click below to view the letter. ![]()
![]() “South Africans are not saving enough for retirement!” screech the headlines at least once a year, followed by industry pundits such as myself citing shocking statistics such as “90% of retirees are unable to maintain their standard of living after retirement”. Hair-raising stats like this, taken from a January 2022 study by Genesis Analytics and the Financial Sector Conduct Authority (FSCA), are published year after year but have done little to scare under-saving South Africans to change their ways. This is evidenced by the same study’s finding that two-thirds of retirement fund members have less than R50,000 saved. If the definition of insanity, according to the wisdom of Albert Einstein, is doing the same thing over and over and expecting different results, we need to try something new to incentivise 90% of South Africans to save adequately for retirement. This is why I welcome the government’s new “two-pot” retirement system, which is now set to be introduced on March 1 2024 as opposed to the initial and somewhat unrealistic date of March 1 2023. It is a long-overdue revamp of a system that is clearly not effective, a fact that was reiterated in November when SA slipped even further down in the Mercer CFA Institute Global Pension Index. SA dropped three places this year: down to 34 out of the 44 pensions systems the index benchmarks. There are still many details that need to be finalised before the new two-pot system is promulgated along with the annual budget in March 2023, but the broad aims already agreed on will put structures in place to entice South Africans not only to save for retirement, but preserve these savings until retirement age. And it will provide South Africans with another accessible tax-free savings vehicle once they’ve maxed out their annual or lifetime tax-free savings allowance. Enforced preservation with more flexibility The two-pot system will apply to all members of pension and provident funds, umbrella funds and retirement annuity funds who were under the age of 55 as of March 1 2021. It is designed to address the achilles heel of the current retirement system: members are able to cash in their entire savings if they change or lose jobs. This all-or-nothing preretirement withdrawal rule radically reduces members’ chances of achieving their retirement goals. And since early withdrawals count towards each member’s one-off R500,000 tax-free lump sum withdrawal allowance, large preretirement withdrawals sabotage a member’s retirement outcome. The two-pot system will change this by splitting retirement savings: two-thirds of contributions will go into a retirement pot and one-third into a savings pot. The retirement pot cannot be touched until retirement, even if you lose or change your job, and must be annuitised at retirement. “The new 'two-pot' retirement system is designed to address the Achilles' heel of the current retirement system, which allows large preretirement withdrawals that sabotage a member’s retirement outcome.” Kyle Hulett, head of investments at Sygnia Asset Management If you would like to set up an appointment with our Financial Advisor contact Sandra, email: [email protected] tel (011)658-1333 Written by: Kyle Hulett Source: Timeslive During January we saw a healthy rebound in asset prices as inflation numbers globally started to ease, China began reopening and Europe seemed to be more resilient than what the market initially expected. Fast forward to March when the world was faced with a wave of headlines about the biggest US bank failure since the global financial crisis, a takeover of Switzerland’s second-largest bank and the possible contagion to the rest of the markets. Volatility is once again on the rise, with markets suffering a few large down days in the latter part of March. The S&P 500 has faced a daily decline greater than 1% for 16 days year-to-date and the All-Share Index (ALSI) has seen 15 days - both on track to exceed more than the average year. Coupled with this, the Volatility Index ($VIX) rose above 30 on 13 March for the first time since October 2022, signalling increased fear and uncertainty. For our investors investing in Morningstar Managed Portfolios, click below to access the latest performance snapshot, market commentary and market performance summary:
Morningstar SA Managed Portfolios Morningstar Global Managed Portfolios (USD) Market Commentary - SA and Global Market Performance Summary - SA and Global ![]() Santam has informed us of the latest changes in their policy endorsements regarding Power Surge & Electricity Grid Failure. The last couple of months has been a period of immense challenges for our country. We have seen high levels of load shedding, which impacts our daily lives. The country’s power utility has reassured all of us that it is working hard to protect our electricity grid by balancing supply and demand in a controlled, risk-managed manner. Within this environment, Santam wants to provide you with clarity on your cover, cover changes, and tips on how to reduce your risk. Power Surge cover Load shedding, the temporary switching off of power supply in a scheduled and controlled manner, in itself, is not explicitly covered by insurance policies. However, it does result in the frequent switching on of electricity supply to your premises and, depending on the quality of the network and the components thereof, it could cause power surge that damages your electronic items. Subject to the electricity grid failure or interruption exclusion noted below, Santam continues to provide cover for power surge damage, including after load shedding, if selected on your policy. During the last 12 months, our power surge claims have however increased by around 50%, and more than 200% over the last 3 years. To ensure the sustainability of this power surge cover, with effect from 1 June 2023, the following comes into effect: 1. You will have a compulsory excess amount of minimum 10% of claim , subject to a minimum of R5 000 when claiming for any pow surge damage. This minimum excess amount will also apply to any lightning strike damage under the business all risk, personal all rand electronic equipment sections of cover. 2. The following will be excluded from our power surge cover: - Power surge damage that occurs as a result of switching on electricity, following load shedding in excess of 12 consecutive hours. - Power surge damage that occurs as a result of switching on electricity, following electricity grid failure or interruption. 3. The Accidental Damage section of cover no longer provides cover for damage caused by power surge, as this can be specifically insured under its own specific section of cover. SOME TIPS TO HELP YOU REDUCE OR EVEN ELIMINATE YOUR RISK OF LOSS DUE TO POWER SURGE: It is best to unplug your devices when the power has been switched off. After power has been restored to your premises, it should be safe to plug them back in again. In an electricity grid failure or interruption scenario, this is especially important. Surge arrestors or surge protection devices may provide protection, depending on the type of surge experienced. The following should be considered: - Any device should come with a warranty of at least 5 years, for which you should receive an installation certificate. - Any device should protect against over voltage, under voltage, multiple strikes and lightning surge. Remember to check your policy to confirm your power supply covers, including their insured amounts. You can select, reduce or increase your power surge cover options at any time, with the resultant impact on your premium. Electricity grid failure or interruption Electricity grid failure or interruption means a total or partial interruption; interference; suspension; blackout; failure; of electricity supply in connection with any national; regional; municipal; local; private; grid, in connection with any premises or business of the Insured. With effect from 1 June 2023, Santam’s electricity grid failure or interruption exclusion applies and where already enforced, is extended to incorporate the following: 1. Any damage caused directly or indirectly by electricity grid failure or interruption, except as specifically provided for under the Business Interruption section in respect of elective extensions to other premises, namely: – Public telecommunications – insured perils – Public utilities – insured perils and then further subject to the Electricity grid failure or interruption being to an area not greater than any one single municipal area. Power surge damage as noted by point 2 under Power Surge cover above2. Click here for link on FAQ on these changes Should you have any questions regarding your policy please contact Koketso email:[email protected] tel:(011)658-1333 |
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January 2025
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