I have used up my Medical Savings Account, can I still see a doctor? I am a loyal customer of Discovery and have been a member of Discovery Health since I entered the workplace in 1996. During my start-up years from 2006 to 2009, I moved to my wife's company medical aid Sasolmed, then later changed to Medicover. In 2009, I returned to Discovery Health. My medical aid option has been Classic Delta Saver for the last few years. I think this plan is value for money, suitable for our family of five. However, towards the end of the year, I often run out of Medical Savings Account, then I have to pay out of my own pocket to see a doctor or to buy medicine. This plan provides Day-to-Day Extender Benefits: even when the savings account is used up, you can still visit a designated GP and be covered by Discovery. Discovery Health covers up to 6 network GP visits, which is helpful. The protocol to access this extender benefit has changed since the end of last year, however. Although I am a healthcare broker, I forgot to keep up with the change. I still wanted to use the same procedure as I have used in the past. I then ran into a wall and the Discovery Health refused to pay. What is going on here? There were like R30 left in my MSA. In order to use the extender benefits, I went to Dis-chem pharmacy to buy over-the-counter medicine. The intention was to reduce the savings account to zero. I asked the pharmacist to deduct from my savings account first, and I would pay the balance in cash. I also asked the pharmacist to confirm that there was no money in my savings account. After that, I made an appointment for my son with a designated family doctor, to assess his spinal injury. After the consultation, the front desk staff said that the claim had been submitted to Discovery Health, so I didn't have to pay for it. I thought that this extender benefit was really good, only to receive a claim statement from Discovery a few days later that they did not pay. I thought there was some misunderstanding. Upon further investigation, it turned out that I didn't apply the knowledge acquired. At the end of last year, Discovery announced a new process to use extender benefits. The first is to go to a network pharmacy such as Dis-chem to see a nurse. Or download the Dr Connect app on your mobile phone to consult with a doctor online. The infographic below illustrates: Below are the steps of how DrConnect works 1. Download DrConnect on the smart phone 2. Open the APP and log in 3. Log in with your Discovery Username and Password 4. You will see 4 categories: Assess your symptoms, Talk to a doctor, Ask doctors your questions, Enrol in a care guide. 5. If the GP you have visited before is also a DrConnect network doctor, he/she will appear here. Click the doctor for more options. 6. You can choose to book an appointment, send them a message about your queries, or connect for a video consultation (when they are online). 7. Or, on the main page (home), choose to ask a question. 8. Type in the question you would like to ask. 9. Answer a quick health survey or click Skip to skip it. 10. There may be other people have asked a similar question, which already has an answer to, see if you can find your answer here, if not, click to send your question.
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The December holiday season is fast approaching and a lot of us will take a well-deserved vacation.
Here are some tips to stay claims-free over the holiday season:
What is NOT COVERD
This is part 5 of our series of profiling professionals of Chinese descent in the financial services sector in South Africa. It showcases the contribution of these professionals in the South African economy. What's your name and age? Erwin Pon – 46 years old What has been your experience? I have over 20 years’ of experience working in Corporate and Investment Banking with over 12 years at Rand Merchant Bank. I have also worked at Absa Barclays, Discovery and the International Bank of Southern Africa (a JV between BNP Paribas and Dresdner Bank). What do you do? I am the Head of Asia at Rand Merchant Bank and FirstRand Bank. I am primarily based here in South Africa but I do have an office in Shanghai with a team there that helps me manage my Asian clients. Whilst being the regional Head, I have a number of different areas that I look after, ranging from project and infrastructure financing, structured trade, general corporate financing to advisory and M&A services. Your area of expertise? My areas of expertise has really been focused around financial institutions, trade, investments and project finance. What is your place of birth? Johannesburg South Africa When did you immigrate to South Africa? What brought you here? I am a fourth generation Chinese South African. My ancestors came to South Africa from Guangdong China in the late 1890’s. My great grand-father was a trader. My Grand-father was the principal of the Chinese school and my grandmother was a teacher there. Eventually they started their own business in the 1940’s called Sui Hing Hong. Where did you study, and your qualifications? I have an MBA in Strategic Management and did my undergrad Bachelor of Commerce degree at Wits University. Why did you choose your line of studies? My family has a history of being entrepreneurial so I have always been interested in business and how things work. How did you get into the financial services sector? I had always small part-time side jobs from high school, ranging from working at Woolworths to conducting surveys at the airport . But for my very first formal job, I approached a job agency immediately after finishing university and I informed them of the areas I was interested in- financial services being my main choice. What are your hobbies and interests in your spare time? I love travelling, playing golf, basketball, league of legends as well as spending as much time with my kids and family as possible. I am also the Chairman of the Chinese Association (TCA) where I try my best to assist, represent as well as promote our Chinese community and culture to the broader South African communities. With all this, most of my “spare time” is filled. How do you see the future of South Africa? No one would doubt that there are currently so many challenges facing us here in South Africa. We have a combination of socio-economic issues that if are not urgently addressed, will have the potential of causing even more harm to our economy and people in South Africa. But there are most definitely some green shoots and some positive things that are happening. And whilst we very often believe that its always the job of someone else to “fix” and that we can’t really do anything, the truth is that we can. South Africa has so much potential and I sincerely believe that we are the gateway to the rest of Southern Africa. We need to use and harness this opportunity and really work on creating something amazing for our future generations. What advice or encouragement do you have for university students who want to enter the financial services sector? The financial services sector is extremely broad but holds a plethora of opportunities for people. There are the “old school” (CA, Economics, Finance, CFA, Actuary etc..) type jobs and roles but there is also the “new world” of opportunities with new technologies such as Fintech, blockchain, new forms of currencies, data science and crypto payments etc… I am super excited about what the future holds for this industry. In a few years’ time, it may not be the same as it is now, but it is exciting! It’s definitely not an easy environment and there are many challenges and competitors out there. But at the same time, there are so many possibilities waiting for someone with the right attitude, motivation, ambition and courage to grab hold of and make a real success! It’s a fascinating time and an interesting industry for those who are looking for a challenge! What's your name and age? Russell Ho and I'm 30 years old. What has been your experience? I have been in the financial advice industry since graduating from Nelson Mandela Metropolitan University (Now Nelson Mandela University) as a Financial Planner. I did my 3 years at Old Mutual PFA and Wealth working whilst at the same time being mentored by a top senior adviser at Old Mutual. After 3 years I met the experience requirement to obtain the Certified Financial Planner Professional ® Designation. Then I left Old Mutual to join Succession Financial Planning and Advisory Services (Pty) Ltd in 2017 to become a fully independent financial planner. As of 1 November 2020, it will mark that I've been 7 years in the industry. What do you do? I provide financial coaching with a holistic lifestyle financial planning approach, so that I can empower my clients to become educated and empowered when it comes to their finances and how it connects with the lifestyle they are trying to build towards. This consists of advice and coaching that is both around financial products, services as well as big decisions involving money which no products or involved whatsoever, but purely just sound advice and guidance. Your area of expertise? Tax planning and restructuring, investments and business entity structuring for both individuals and business clients. What is your place of birth? Port Elizabeth, South Africa When did you immigrate to South Africa? What brought you here? I'm born and bred in South Africa, but my parents and grandparents emigrated from Guangzhou, China, previously known as Canton. They came here for a better life and so that I can have access to more opportunities. Where did you study, and your qualifications? I studied at Nelson Mandela Metropolitan University (Now Nelson Mandela University), and I did a Bcom in Financial Planning and thereafter a Postgraduate Diploma in Financial Planning with my majors being taxation, investments and corporate financial planning. Why did you choose your line of studies? I wanted to learn more about proper financial management and how to handle money smartly. In addition, I realized early in my career when I just started that my parents had not really receive proper financial advice and the advice they did get from their adviser was really bad, he basically just sold them policies and they didn't get the benefit or value they wanted as well as no post sale service or advice was provided. If they had proper advice, they would of made a lot more better informed money decisions. I started seeing this happen more and more often within family members and friends, and decided to enter the industry to help change it for the better. How did you get into the financial services sector? After graduating from university, I applied directly with Old Mutual Persona Financial Advice (PFA), got accepted and worked my way up into Old Mutual Wealth and fortunately got the opportunity to be mentored as well. What are your hobbies and interests in your spare time? I enjoy listening to podcasts and reading books about entrepreneurship and self development, like the Empire Podcast, Impact Theory and Gary Vee Show. In addition, I'm a big fitness enthusiast, I'm currently training to compete in the Men's Physique division next year in bodybuilding and I go indoor rock climbing on the weekends for fun. How do you see the future of South Africa? With the impact of COVID19 on our economy and going forward, we as a country have a lot of work to do in order to get our economy to where we want it. I know for many it seems all doom and gloom with corruption, low to no growth economy and rand depreciating etc, but I personally believe there is still hope and opportunities here and that the situation will improve. In my professional and personal opinion, I think it comes down to what you want in life for yourself and your family. It's a great place if you're in entrepreneurship as even though South Africa may be a 3rd world country and playing catch up with the 1st world countries, this to me can be seen as a opportunity for one to go and research great ideas and businesses doing well overseas, that might thrive here and come back with the idea, implement it and be first to SA market before everyone else catches on. Also with technology today, we're not restricted on what, who and where we work. The job market also has opportunities for those who want to earn a good salary and have a secure job, I think we just need to keep improving our skillset so that we are always in demand. Many make the mistake of stopping to upskill and improve themselves once they leave school or university which is a big mistake as the employment markets are so competitive. Going forward I believe that as long as you keep upskilling and improving your problem solving ability, there will always be someone willing to pay you for that and this applies to both the employment industry and entrepreneurship. Call me an optimist, but that's what I've learnt, seen and experienced to date. What advice or encouragement do you have for university students who want to enter the financial services sector? Never stop learning once you graduate, stay current and up to date with not only what's happening in the financial industry but also related industries. This will ensure that when you meet with potential employers, colleagues and clients, you know what's happening and can give your own take on it, in other words you're always on the ball and informed. There will be tough times ahead and experiences when you want to quit and take the easy way out as well as when your morals and ethics will be challenged. Stay true to your morals and ethics and always do what is right, don't be tempted for short term gains. As for the tough times and experiences whether good or bad, always take time to reflect and ask yourself "What can I learn from this?" and "How can I use it to develop myself to be better?" We have partnered with Fedgroup in offering their financial solutions for many years. A recent update shows that Fedgroup Participation Bond continues to attract investors interest in the volatile and uncertain markets. Its fund size has grown from R1.9 billion to R3.9 billion. It is a five-year term investment. The current fixed interest rate is 7.6%. The Growth Option, which compounds interest income, offers a very attractive 9.21% effective rate. This investment is suitable for investors and pensioners looking for steady income and a fixed return. Please contact 083-633-4671 or [email protected], if you are interested in this investment. |
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January 2025
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