Discovery’s additional benefit the WELLTH fund came into effect on 01 January 2023. This benefit is a once-off benefit to all medical aid members in which it provides up to R10,000 in additional cover for a family’s healthcare needs. Fund Allocation The WELLTH Fund will be activated in 2023, once members completed their health check in 2022 or 2023 This sets the baseline for a member’s Health Status. 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 dependents 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. Where to use your WELLTH Fund The WELLTH Fund covers over and above the annual Screening and Prevention 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. How tests are covered
This benefit is available once per beneficiary, per lifetime. Discovery pays the above healthcare services from the WELLTH Fund up to the Scheme Rate and up to your WELLTH Fund limit. Some of these tests and treatments have a rand value limit depending on the number of active dependents you have on your membership. Once you have reached your allocated rand value limit for the tests, Discovery will pay any extra screening and preventive tests and treatments from your available day-to-day benefits, where applicable. The Scheme’s clinical entry criteria, treatment guidelines and protocols apply. The normal claims process applies. Discovery will automatically pay this from your WELLTH Fund. FAQ
Yes, the WELLTH Fund covers the following specific medical devices if they have a registered NAPPI code and are bought from a registered healthcare provider with a valid practice number (such as a pharmacy or doctor):
It depends on which health plan you have. Plan network rules apply for members on Smart and KeyCare plans:
Members on all other plans may use a provider of their choice and do not have to use a network provider to be covered by the WELLTH Fund. 4. The WELLTH Fund tool has recommended a list of check-ups that I should go for, am I only covered for these check-ups? No, the WELLTH Fund Tool is just a guide for which screening check-ups are most suitable for you, based on your age and gender. However, you can go for any of the screening and preventative check-ups covered by the WELLTH Fund - you don't have to go for those recommended by the tool. 5. Can I claim for medication from the WELLTH Fund? No, you cannot claim any medication from the WELLTH Fund. 6. How can I book an appointment to use my WELLTH Fund?
For more information, please contact our Health department on 011 658 1333 or email us on [email protected] Source: Discovery
1 Comment
Discovery Life gave us an update on the Evolution of Discovery Life for 2023. Discovery has pioneered the evolution of Life Insurance in three distinct phase: The separation of risk from investment, the introduction of the Shared-value Insurance model, and now, the personalization of the client experience through digitisation. Each phase embodies innovative product that meet Discovery client needs and create unmatched value, while making them healthier, and enhancing and protecting their lives. Discovery Life has introduced the revolutionary new Discovery Life Plan 3.0 – The Future of Life Insurance, Now. On 22nd February 2023 Discovery have introduced the Discovery Life Plan 3.0, which personalises life insurance through digitisation, to deliver a seamless and hassle-free experience for you and your clients. As we move towards the modern digital era, this next-generation life insurance will be accessed on the mobile phone, offering your clients convenience and ease. This plan includes:
If you would like us to prepare on a Life quote for you contact Kevin or Sandra in our Life Department email: [email protected] tel: (011)658-1333
![]() Santam has brought to our attention that fake information about Santam’s insurance cover for blackouts is circulating on social media. As you are aware blackouts are not an insurable risk under an insurance contract. However, Santam does offer cover for damage to sensitive electronic items that are caused by power surges in accordance with the terms and conditions stated in each client’s contract, provided the client opted for this cover. Below is communication clarifying Santam’s cover regarding the exclusion of a general Electricity Grid Failure on all policies and introducing new commercial cover limits for Business Interruption Public Telecommunications and Public Utilities. 2022 had seen unprecedented levels of blackouts due to unexpected breakdowns and planned maintenance to prevent the failure of the larger electricity grid. This has led to pressure from the reinsurance market to limit our exposure to business interruption claims arising from failure of Public Utilities and Public Telecommunications resulting from any cause. In the light of this, Santam is clarifying their cover regarding the explicit exclusion of a general Electricity Grid Failure on all our policies and introducing new commercial cover limits for Business Interruption Public Telecommunications and Public Utilities. Grid Failure Exclusion The grid failure exclusion will be implemented for all Personal Lines and Commercial Lines policies in South Africa and Namibia as follows:
Alignment with implementation dates for business on external systems will be contracted individually. The grid failure exclusion will be added to the General Section. For Personal Lines, the exclusion will also be added to the Contents Section: Contents of refrigerators and freezers coverage. New Commercial cover limits Cover limits for Business Interruption Public Telecommunications – insured perils, and Public Utilities – insured perils, will be limited to the lower of 50% of the Business interruption cover limit and R25 million, VAT inclusive, with a 3-month indemnity period limit. These new limits will apply as follows:
Wording exclusion details Please click here to view the wording changes. Santam acknowledge that the process of recent excess changes, renewal increases, and wording limitations has been extensive. These changes reflect the unprecedented nature of the shifts in our risk environment. While they wish the extent of their actions wasn’t necessary, the complexity of risk increasingly showcases the value of the intermediary and the benefit that can be gained from helping clients to structure the most effective risk management solutions. Should you have any questions, please contact William or Edmond in our Short-term department, email: [email protected] Source: Santam ![]() On 22nd February 2023, Discovery Health Medical Scheme (DHMS) announced the annual increase in member contributions for 2023. The Scheme used its strong reserve position to maximise affordability for members by delaying the annual contribution increases for a third year in a row, with the increases for 2023 effective from 1 April 2023. This allowed members to enjoy the enhanced 2023 benefits while paying 2022 rates for the first three months of the year. Enhanced Benefits for 2023 Wellth Fund:
Increase in Oncology Benefit
Disease Prevention
Premium Increase The contribution increases for 2023 are linked to medical inflation for Discovery Health Medical Scheme, with an adjustment for plan specific utilisation experience on extensive day-to-day plans. More and more people focus on health nowadays, it has increased by 40%. Survey shows that more people now think “Health” is more important, compared to pre-covid. For 85% of Scheme members, contributions will increase on 1 April 2023 by 7.9%, including members on the Keycare, Smart, Core and Saver Plans, and by 9.9% for members on the Priority, Comprehensive and Executive plans. The weighted average contribution increase for 2023 for the Scheme will be 8.2%, making the average annual increase 6.2%, limiting increases to CPI+1.9%. The key factors driving medical inflation for 2023 include:
New premium from 1st April 2023 It feels like we barely blinked as January faded into February. Going into the year, it almost felt as though many investors were still shaking off the PTSD of 2022. As the year rolled on, investors were given a glimmer of hope and sat up quickly to watch markets record one of the best Januarys on record. The MSCI World Index was up 7,1% (in USD) and the ALSI 8,9% (in ZAR). Just like that, the year kicked into gear. The below graph illustrates the partial reversal seen in early 2023, with positive outcomes through January. Interestingly, nothing has really changed since December and now. When markets fall fast, as seen in 2022, it catches many people off guard - just like trying to catch a falling knife. Before you know it, your global balanced portfolio is down 15% - 20% in USD. Yes, experiencing such a big loss is difficult, but in some ways, it’s easy too. Not that the loss is easy to bear but not having to make big decisions and knowing that there is not much that can be done at this current stage could aid the possible despair of decision paralysis. Any move, especially to withdraw your investment at such a time, would simply crystallise these losses. 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 Welcome to our 2023 Outlook! This document has been created to highlight the most important issues facing investors, share insights from our current research and help you make better investment decisions as we enter 2023. It has been compiled by our investment leaders, draws on the work of our global team and is informed by our investment principles. As we look back over the year that has passed, it is striking how much the economic, geopolitical and investing environment has changed over the last 12 months. A war in Europe, a cost-of-living crisis and the collapse in the price of (formally admired) technology companies have all grabbed the headlines and reinforce a comment we made this time last year: “The future holds a wide range of possible outcomes and is characterised by unyielding complexity that continually defeats those who seek to make confident forecasts. Fortunately, our role as investors is not to forecast the future, but rather to construct portfolios that empower people to reach their goals whatever the economic and market conditions”. |
AuthorKevin Yeh Archives
January 2025
Categories
All
|