Discovery’s additional benefit the WELLTH fund came into effect on 01 January 2023. You and your family will have access to a once-off, additional risk benefit called the WELLTH Fund, offering up to R10 000 per family to empower you and your family members to understand and address your personal healthcare needs. What does the WELLTH Fund cover? The WELLTH Fund covers a comprehensive list of healthcare services to ensure that you are empowered to take specific action according to your individual health needs. This benefit is separate from and additional to the Screening and Prevention Benefit and will be available to all existing and new members of the Scheme. This benefit can be used for appropriate healthcare services up to your WELLTH Fund limit. Cover is subject to the Scheme's clinical entry criteria; treatment guidelines and protocols and qualifying healthcare services are covered up to a maximum of the Discovery Health Rate (DHR). Fund Allocation The WELLTH Fund is a once-per-lifetime benefit available to every beneficiary on Discovery Health Medical Scheme. The value of the benefit is allocated according to size and make-up of each family on a membership. To activate the WELLTH Fund, every person on a membership certificate aged 2+ must first complete their relevant health check at a healthcare provider in Discovery’s Wellness Network. Once the member and all their Dependants have completed their Health Checks, they will have access to WELLTH Fund of up to R10,000, below is a chart of how funds are allocated. The WELLTH FUND is allocated per membership, and therefore once it is activated any person on the membership can make use of any portion of the benefit. Discovery App WELLTH fund tracking On your Discovery APP the WELLTH Fund Dashboard (shown below) will allow members to view all available health checks and recommended next best actions, book consultations and keep track of their use of the WELLTH Fund. For more information on the Wellth Fund contact Jo in our Health Fund on 011 658 1333 or email us on [email protected]
Source: Discovery
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Market volatility is one of the few certainties when it comes to markets and investing. During times of market volatility, investors might be tempted to seek out safe-haven assets in an attempt to not only protect their investments against the fall in market prices but also to protect themselves against the emotional turmoil that these periods of market volatility bring about. Cash is usually the first perceived safety net investors ask about – “should I cash out now and rather get back in when the market is better”; “should I stop investing and just keep what I have in cash for now” or “the rand is so weak, best to sell now”. The relaxation of Regulation 28 constraints over the last year has increased the ability of domestic fund managers to allocate up to a maximum of 45% offshore. While markets have been relatively volatile over that period, the rand has contributed positively to total returns on local currency portfolios. The currency has depreciated by almost 20% against an especially resilient US dollar and has become an increasingly more meaningful consideration in managing investment risk in Regulation 28 affected portfolios. The currency dilemma Given the currency gains that have accrued in local portfolios, the question confronting investors is “when to take profits from offshore positions”. Investors are not usually directly invested in the currency, with the entry point into offshore markets usually being through a dedicated allocation to equity or fixed income. Disentangling the currency from the underlying asset is an especially important consideration, as these can often move in opposite directions (as evidenced in 2022 when global assets were heavily sold off). Unwinding offshore exposure could therefore result in investors giving up potential long-term asset growth for short-term currency gains. Key Takeaways
What Happened? Silicon Valley Bank (SVB), one of the 20 largest banks in the U.S. in terms of assets, has collapsed. It was the second largest bank failure in U.S. history and had international operations that were also impacted. As well, another (slightly) smaller bank, Signature Bank folded in similar fashion. In the case of both banks, authorities have taken over these troubled financial institutions, with the intention to create the best outcome for bank depositors, including the sale of the U.K. branch to HSBC for £1. ![]() Imagine submitting a claim to your insurance company, only to have it rejected based on information you don’t understand. What should you do, when the insurer just does not understand your view? Well, meet the insurance ombudsman – it is his job to care about your dispute! An ombudsman is an official whose duty it is to represent the interests of the public, by investigating and addressing complaints of maladministration or a violation of rights; are usually appointed by the government or parliament; and is not supposed to be influenced by political parties or affiliations, but should be able to conduct an independent investigation into the complaint that was laid. In short, the ombudsman serves as a mediator. South Africa has the various ombudsman available to its citizens, but today we will focus on the short term and long term insurance ombudsman and its roles and responsibilities; both of which are recognised in terms of the provisons of the Financial Services Ombud Schemes Act. Every short-term insurer has agreed to abide by the decision of the Ombudsman and this can relate to any of the following personal lines of short-term insurance: motor; house owners (building insurance); householders (content insurance); cell phone; travel; disability; credit protection insurance; commercial insurance; claims disputes; etc. The Ombudsman for Long-Term Insurance has the main duty of resolving complaints through mediation, recommendation and then, as a last resort, determination (or rulings). These determinations or rulings are legally binding on the contributing insurer, but not on the complainant, who has the option to go to court if unsatisfied with the ruling. The essential characteristics of an ombudsman are important, as it determines its impartiality. The insurance ombudsman should be free from interference in the performance of its duties and it should be independent from influence. They must also produce decisions that are seen to be fair, by making decisions based on the information available and having pre-set criteria for reaching a decision. Accountability to the public is ensured by having its decisions published and made available to the public. Lastly, the ombudsman should work effectively by following informal and cost-effective procedures, supported by sufficient human, financial and operational resources. So, what procedure should be followed once you realise you’ll need the ombudsman? Well, firstly, you should have tried to resolve the matter with the company concerned, by following their internal grievance procedure. If this did not solve your problem, you should contact the Ombudsman; who will require that you submit a complaint (preferably in writing) and provide them with the necessary information such as the insurance company’s name, policy number, contact details and a factual summary of your complaint. You should submit all relevant supporting documents available, including proof of your attempted resolution with the company. The ombudsman will then start its investigation and guide you through the rest of the process. Isn’t it great to know that there is someone out there who can assist you when it seems you’ve run out of options?! Make sure you have the relevant contact details of the ombudsman you need to help you solve your problem as soon as possible! By clicking on the below you will be able to get the various Ombudsman contact details: Long Term Insurance Ombudsman Short Term Insurance Ombudsman Health Ombudsman Pension Fund Adjudicator (PFA) FAIS Ombudsman ( For Investments) If you have any queries for Short-term insurance please email [email protected] Source: Hollard ![]() Having a new addition to the family is an exciting time. Below we have put together a step by step guide to your Discovery Maternity benefits after birth. Post natal home care visits. To be applied just after your delivery. The service offers home visits for healthy mothers and their babies, and this will be paid from the hospital benefit if funding is approved. This service includes 3 days visits by a midwife within the 6 weeks postnatal period post early discharge from hospital (subject to availability). Eligibility criteria:
How to apply: 1. Fill in Home care application form prior to delivery. Click here. 2. Information required on the form:
4. After submission you will receive an email reference, please follow up on your application after 3 working days by calling in to Discovery on 0860 462 273. You can Activate cover for you and your baby up to two years after birth after Discharge. You have cover for healthcare services up to two years after birth, this will be paid up to Discovery scheme rate. To activate the benefits:
Benefits after Activation of Baby Program
****Keycare members needs to go to chosen GP or a referral is required.
Navigate and find your services closest to you. To find an GP, Paediatrician, ENT, Gynaecologist, Dietitian, Psychologist or Antenatal service providers:
Source Discovery 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 |
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