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FA News policy lapses

Tue, 14 Nov 2023 05:56:57 GMT

ASISA raises concern about policy lapses in the industry:
what you as a financial adviser can do to protect your clients

According to the Association for Savings and Investment South Africa’s (ASISA) long-term insurance statistics for the first six months of 2023, 4.3 million risk policies lapsed during that period – which means that 4.3 million policyholders and their beneficiaries now either have reduced cover, or no cover at all. Furthermore, the 2022 ASISA Life and Disability Insurance Gap Study revealed that the average South African income earner had a life insurance shortfall of at least R1 million and a disability cover gap of around R1.4 million at the end of 2021.

While this is clearly a reflection of South Africa’s poor economic situation and the resultant financial strain on consumers, it is vital that you as a financial adviser, educate your clients on the consequences of cancelling or reducing life insurance cover, and help them find ways to ensure long-term affordability.

What value does life insurance provide to policyholders?

As all financial advisers are aware, life insurance is a crucial tool that protects policyholders and their family members from bearing the financial burden in the event of critical illness, disability, or death. Essentially, the cover ensures financial security by providing much-needed funds to cover debt, medical treatment costs, and living expenses.

What are the alternatives if my clients find themselves in a pinch?

First and foremost, there are always consequences to cancelling or reducing life insurance. Our advice would

be to first cut expenses in other areas, such as luxuries or discretionary spending. There are numerous strategies that individuals facing economic pressures can explore to reduce life insurance premiums without compromising cover.

An important first step would be to determine the actual level of cover required and then find a premium pattern that is both sustainable and affordable for the client. Many different premium patterns are available, and with Momentum, clients and advisers can even select different premium patterns per benefit on the same policy, allowing a level of customisation not found elsewhere.

One of the more popular premium patterns is the LifeStage premium pattern, which represents the Myriad house view for long-term cover and provides the best combination of initial affordability, cash flow availability, and long-term sustainability.

Any other options?

Policyholders have several options to consider. For example, one of the simplest solutions is to check if they can benefit from discounts, which are typically offered through loyalty or rewards programmes. If that’s not possible, they also have the option to forego increasing their voluntary cover in a specific year, which can provide some cash-flow relief without having to reduce existing cover.

If none of the aforementioned solutions provide the financial relief required to maintain the cover, financial advisers can review their clients’ cover to determine if the full insured amount is still required. For example, they may no longer have dependants who rely on life insurance, or some of their debts may have been settled or reduced and the full cover amount isn’t required any longer. In such an instance they could consider reducing the growth or the cover amount.

If all else fails and provided that the insured person is still in good health and insurable, they can opt for term insurance that provides coverage for a fixed period, such as 15 years. The premiums on these policies are typically less expensive, as they are priced for shorter terms than the standard whole of life policies.

This approach carries certain risks, but many term policies offer the option to convert to whole of life insurance, which could be considered again when the client’s financial situation stabilises.

In summary, choosing the correct premium pattern and the appropriate level of cover and growth from the outset is the most effective way of ensuring long-term affordability and sustainability.

However, should financial challenges arise due to life’s unexpected events, there are various options to explore for maintaining affordable cover. It is worth noting that it is almost never the best solution to cancel cover as it will make an already difficult financial situation so much worse if an insured event should befall the client and they find themselves without their much needed cover.

Get the best Hospital Cover for your family.

Fri, 16 Sep 2022 14:54:56 GMT

How to choose the best Hospital Cover plan.

You don't have to be a doctor or nurse to understand why having good medical coverage is important. Read our article on what a hospital cover does. We at Care Line will help you understand the difference between a medical aid plan and a hospital cover. Medical aid plans and hospital cover can be confusing, but we're here to help you find the perfect one for your needs. Contact us today for a free consultation.

It is important to have the best hospital cover for your family so that you are prepared for any unexpected medical costs. There are a few things to consider when selecting a hospital cover plan.

First, you need to decide whether you want a comprehensive medical aid plan or a hospital plan.

The difference between a medical aid plan and hospital cover.

A hospital plan covers treatment and medical costs that arise while the insured is booked into hospital, while a comprehensive medical aid plan will cover hospital costs and other private medical needs like specialist consultations, GP visits, and additional tests or procedures. Medical schemes, therefore, help you to pay for your healthcare needs, such as medical expenses related to doctor's visits, nursing, surgery, dental work, optometry, medicine and hospital accommodation when needed.

Next, you need to consider the cover options that are available. Some hospital plans only cover public hospitals, while others will cover both public and private hospitals. It is important to choose a plan that covers the hospitals that you are likely to use.

You need to compare the costs of the different hospital cover plans. Be sure to compare the excesses, co-payments, and benefit limits of the plans before making a decision.

By following these steps, you can be sure to choose the best hospital cover plan for your family.

Making the decision to take out health insurance is a big step. It's an important safety net for you and your family, and means you're prepared for the unexpected. But with so many options on the market, it can be hard to know where to start.

Here are some things to consider when choosing the best hospital cover for your family:

What is your budget ?
What is your health history?
What is your family's health history?
What are your current and future health needs?
What is your lifestyle?
What are the excesses, co-payments, and benefit limits of the plans you're considering?
What is the customer service like for the plans you're considering?
How easy is it to make a claim?
What is the waiting period for the plans you're considering?
Is there anything else you need to know about the plans you're considering?

Take your time when making your decision, and be sure to compare the excesses, co-payments, and benefit limits of the plans before making a decision. By following these steps, you can be sure to choose the best hospital cover plan for your family.

When it comes to protecting your family, you want to make sure you have the best hospital cover possible.

Click for more info.

Sasria cover and associated processes from the Best Insurance Companies

Fri, 29 Jul 2022 07:10:10 GMT

One of the Best Insurance Companies | Care Line Group

Insurance companies are processing various claim because of the ongoing unrest and protest action. Currently underway in KwaZulu-Natal and Gauteng and spreading into other areas of the country. This has sparked an increase in queries from our intermediaries. Especially with regard to processes required when submitting claims as a result of these incidents.

As with most South African insurers, Momentum Insure excludes cover for riots, civil unrest, and protest action. As part of its personal and commercial offering. This optional cover can be purchased on our policies. It is important to note that this cover is provided and underwritten by SASRIA SOC Ltd, as they are the only licensed insurer to provide such cover to the South African market.

Based on feedback received from S ASRIA , claims stemming from the recent activities in KZN, Gauteng and other areas. This may fall within the ambit of their cover and can be submitted to the Momentum Insure Claims team. Who will in turn facilitate the submission between intermediaries, clients and SASRIA.

Process when submitting a Momentum Insure Sasria claim:

Please lodge claims directly with Momentum Insure, using miclaims@momentum.co.za or call 0860 11 15 12.
Select claims option, enter client’s ID number when prompted.
Momentum Insure captures all details and load the claims on a SASRIA portal.

We currently have a mandate to authorise all claims up to R50 000 and claim back from SASRIA.

Increasing SASRIA cover or adding SASRIA cover to policies:

Existing clients with no SASRIA cover are permitted to buy SASRIA cover if there is no current damage to their property caused by the current unrest. The client can do this at any time. However, the cover will not be provided for any pre-existing damage that exists including damage caused by the current unrest. Proof may need to be provided of this at claims stage.
Existing Momentum Insure policyholders should note that the sum insured for SASRIA cover will follow the sum insured on their underlying policy.
In the event of a SASRIA claim, intermediaries must please lodge all claims via their Agent Companies. In other words, all SASRIA claims must be registered via Momentum Insure .

We care about the safety of clients, intermediaries, communities, and the service providers within our network. Many of our service providers in affected parts of the country were forced to temporarily close due to safety concerns. This may cause delays on concluding existing or new claims .

The Momentum Insure service and claims team are ready and available to assist, as our business areas are fully operational and committed to not only keeping you and clients safe, but making you feel safe.

We also handle your claims on your behalf so contact us to help you.

Important Information Regarding the Medical Aid Comparison

Sat, 02 Jul 2022 07:48:28 GMT

Medical Aid Comparison- How To Compare Different Types of Health Care Plans?

When you're shopping for medical insurance , you have many options to choose from. But not all plans offer the same coverage. Medical insurance is an important part of any healthcare plan . It helps pay for doctor visits, prescriptions, hospital stays, and other services that keep you healthy. Medical insurance also covers things like preventive care, emergency room visits , and maternity leave. So, how do you know which plan is best for you? Read on to find out more about the various types of medical insurance available today.

Most people think that the only way to get good medical insurance is by buying any plan through whoever and hope for the best. There are actually many different types of medical insurance plans available, and each one has its own unique benefits and drawbacks. At Care Line Group, we want to help you find the best medical insurance plan for your needs. We compare all of the different types of plans available so that you can find the one that's right for you. Contact us today to find out more about the different medical insurance plans available.

There are many different types of medical insurance available today, each with its own set of benefits and coverage options. When you're shopping for a plan, it's important to do a Medical aid comparison, to compare the different options to find the one that's right for you.

One of the first things to consider is whether you want a plan that covers just you or one that covers you and your family. If you're single, you may be able to get by with a less expensive plan that covers only yourself. But if you have a family, you'll need a plan that offers more comprehensive coverage. So be sure to include this in your medical aid comparison.

Another thing to consider is the type of coverage you need. Some plans cover only basic medical expenses, while others offer more comprehensive coverage, including dental and vision. Be sure to consider your needs when shopping for a plan.

Finally, you'll also want to compare the costs of different plans. Medical insurance can be expensive, so it's important to find a plan that fits your budget . Be sure to consider both the monthly premium and the out-of-pocket costs, such as deductibles and copayments. Make sure to compare the customer service and satisfaction ratings for each plan. This can be a good indicator of the quality of the plan.

By taking the time to do a medical aid comparison to compare the different types of medical insurance available, you can be sure to find the plan that's right for you.

Most people feel that having health insurance is important. After all, who knows when you or a loved one may need medical care? But with so many types of plans and so many options available, how do you choose the best health insurance for your needs?

DHMS Contribution update and Discovery COVID-19 Vaccination Programme

Tue, 17 May 2022 12:15:37 GMT

Discovery Health Medical Assistance Scheme contributions remain unchanged until July 1 2021

The Covid-19 pandemic has highlighted the importance of access to quality medical assistance, and we would like to make the start of 2021 a little easier for you.

The contributions to all Discovery Heath Medical Scheme plans did not increase on January 1 2021, and will remain at the 2020 rate for the first six months of 2021. This means that your health plan contributions will increase only from July 1 2021.

The contribution medical assistance increase to be announced in May 2021 will not be higher than 5.9%.

A delayed contribution increase further supports all our members through the first half of 2021, after a challenging 2020.

In 2021, Discovery Health Medical Scheme will also enhance benefits for a more personalised, connected health-care experience at any stage of your health-care journey.

View your benefits and contributions for 2021:

YOUR 2021 BENEFITS AND CONTRIBUTIONS

Discovery COVID-19 Vaccination Programme

Your registration on the Discovery COVID-19 Vaccination Portal is the start to your vaccination journey and we are here to guide and support you along the way with medical assistance.

Discovery COVID-19 Vaccination Navigator:

We have created a dedicated portal to support you at every step of your vaccination journey. Your personalised vaccination navigator will help you to:

Register you and your family
Know what to expect and how to prepare for your COVID-19 vaccination
When you need your second dose of the vaccine
Access your internationally accredited vaccination certificate.

Go to our vaccination navigator

Download the informative PDF

Discovery Health 2021 contribution and vaccine update

Discovery Health Medical Scheme (DHMS) did not have an increase on their various options for the first six months of 2021. As communicated at the time, they have now announced an increase of 5.9% which will become effective from 1 July.
The scheme also shared valuable insights in terms of the roll out of Covid-19 vaccinations for DHMS members.

In this newsletter, we unpack these aspects.

Momentum Safety ALERT!

Thu, 28 Apr 2022 06:21:01 GMT

More about the Safety Alert feature.

To ensure our clients and their loved ones have peace of mind wherever they might be, our Safety Alert feature gives them unlimited, around-the-clock access to over 1800 armed responders at no extra cost.

To register and access the Momentum Safety Alert feature our clients simply need to:

Download the latest Momentum App.
Follow the on-screen app prompts.
Confirm personal details (name, surname, ID number, email address and cellphone number).
And accept the Terms and Conditions to complete setup.
Select a nominated additional user.

Below is “how to Safety Alert video” and WhatsApp nuggets that you can share with your clients.

At Momentum Insure we do more than keep clients safe on their journey to success, we protect their loved ones too.

South African Medical Aids.

Fri, 27 Aug 2021 08:38:42 GMT

The best South African Medical Aids, and how to choose the right one.

We at Care Line Group will help you with that.

South African Medical aids can be confusing and overwhelming . That's where we come in. We're here to help you choose the right medical aid for your needs and budget. We have a wide variety of medical aids to choose from, so you can find the perfect one for you.

Plus, our experts are always here to answer any questions you may have. A medical aid from Care Line Group means peace of mind knowing that you're getting the best possible care. And with our affordable rates, you can rest assured that you're getting the most value for your money. Contact us today to get started on finding the perfect medical aid for you.

Medical aid is a vital service in South Africa, where many people cannot afford healthcare . There are a number of different medical aid companies that offer a range of services. These services can include medication, vaccinations, dental care, and eye exams. This is vital for ensuring that everyone has access to basic healthcare, regardless of their financial situation.

South Africa offers a number of medical aid schemes to help its citizens pay for healthcare . These schemes cover things such as medication, vaccinations, dental care, eye exams, and other medical procedures.

They are vital for people who cannot afford to pay for healthcare themselves. This would lead to an increase in preventable illnesses and a decline in overall health. Medical aid schemes help to level the playing field by providing affordable healthcare to all.

South Africa’s medical aid schemes are some of the most comprehensive in the world. They provide essential coverage for a wide range of medical needs. This ensures that everyone has access to the care they need, regardless of their financial situation.

There are many different medical aid schemes available in South Africa, each with their own benefits and drawbacks. It is important to compare and contrast the different schemes before making a decision on which one to join.

Some of the main factors to consider when comparing medical aid schemes include:

The monthly premium: this is the amount you will need to pay every month to be a member of the medical aid scheme. The premium will usually be higher if the scheme offers more comprehensive cover.
Co-payments and exclusions: most medical aid schemes will require you to pay a co-payment (a portion of the medical bill) for certain services, and may exclude certain types of treatment from cover altogether. It is important to check what co-payments and exclusions apply to each scheme before making a decision.
The benefits: each medical aid scheme will offer different benefits. Some may cover dental and optical services, while others may offer comprehensive cover for hospitalisation and specialist treatment. It is important to compare the benefits offered by each.

Medical Aid plans and insurance cover information for your cover.

Thu, 29 Jul 2021 08:05:20 GMT

Medical Aid plans - COVID-19 vaccine rollout | Myriad extension of Retirement Booster | Don't miss the Aquilo Awards.

Medical Aid plans and much more update from Momentum. "Time keeps on slipping into the future...", excerpt from popular musician Seal's, Fly Like an Eagle, unambiguously is what time does. But it doesn't mean that dreams should be forgotten. It takes time to accomplish greatness and to make time count is not to give up. After a year-long delay, the sports of the Gods, the 2020 Olympics is finally taking place this year. This edition of our newsletter is packed with positive vibes and reminders. Let's make the most of what lies ahead. Our Aquilo Awards Ceremony taking place this Friday promises to be a magnificent event worth remembering - it is going to be epic.

Medical schemes cover in uncharted territory.

Thu, 29 Jul 2021 07:33:42 GMT

The unknown truth about medical scheme cover

Actuaries at South Africa’s large open medical schemes cover find themselves in uncharted territory. As they set about forecasting members’ benefits utilisation for 2022 and beyond. The data gathered over the decade ending 2019 has been rendered practically obsolete due to the significant shifts in medical schemes’ claims patterns coinciding with lockdown levels and successive waves of Covid-19 infection. To further complicate matters, a detailed assessment of Momentum Medical Scheme (MMS) 2020 and year-to-date 2021 statistics. This shows little evidence of the expected rebound of hospital admissions to pre-lockdown levels.

“From a purely financial perspective, the medical schemes industry has experienced 2020 quite positively,” opined Damian McHugh , Marketing Executive at Momentum Health. “The question we are asking today is what the past 18 months mean for our healthcare and medical schemes ‘picture’ in 2022 and beyond”.

McHugh, who was presenting during a Momentum Health Solutions financial update webinar, held 21 July 2021. He spent an hour unpacking the impact of pandemic on the scheme’s finances before illustrating how difficult it was for schemes to set risk-appropriate contribution levels without reliable trend data. More on the pricing challenges in a moment, first we reflect on MMS’ financial health.

Four measures of a medical scheme’s cover health

McHugh unpacked the financial health of the domestic medical schemes cover environment. By comparing four important metrics across eight leading open medical schemes. These metrics include growth in membership; the average age of a scheme’s beneficiaries; claims ratios; and solvency. We will briefly consider the industry’s ‘state of play’ under each heading.

Growth.

The membership of most medical schemes, whether open or closed, contracted between 2019 and 2020. This type of decline is expected during periods of financial crisis, which the pandemic turned into. MMS saw its total membership reduce slightly. From 156723 members to 152228, though the count was negatively impacted due to international students being unable to continue with their studies during lockdown.

McHugh said if this effect was stripped out, the scheme actually grew by about 1100 members. Bestmed was the only other ‘top eight’ open scheme to show slight membership growth from 2019 to 2020. An interesting anecdote is that the fear of pandemic caused many members to hold onto their medical insurances despite financial hardship. Analysts had expected a higher rate of scheme membership attrition, given financial constraints.

Beneficiary age.

The average age of an MMS beneficiary has increased by a mere 0.6 years over the past eight years, to 33.7 years. “We have kept our age band very flat over the entire period; but the increase in average age at other open schemes has, in some cases, been quite pronounced,” said McHugh. Medical schemes strive for a lower average age because a younger, healthier scheme delivers a better claims experience. In the current year as well as into the future, all else being equal.

Claims ratio.

Open medical schemes have experienced a sharp drop-off in their claims ratios. Which is a measure of the total claims paid against all member contributions received by the scheme. By way of example, MMS saw its claims ratio improve from 84% in 2019 to just 72% in 2020. McHugh explained that the pandemic was handled in such a way that the cost of Covid-19 admissions and treatments. This was more than offset by the change in utilisation of other in- and out-of-hospital benefits. The claims expenses incurred by most medical schemes during 2020 were thus nowhere near their 2019 levels.

Solvency.

“Medical schemes are in a stronger financial position [due to material improvements in solvency]. This may be in a position not to put through big contribution increases going into 2022,” said McHugh. The MMS solvency ratio improved from 25.9% to 39.6% while large open schemes saw an average 30% improvement in this measure. (Schemes are required by law to hold reserves totalling 25% of their total annual premium). Short-term improvements in capital reserves, although a welcome development, cannot be viewed in isolation. McHugh warned that some of this solvency may be used up as the full cost of Covid-19 filters through the system over 2021-2023. It is also likely that reserves will be depleted as schemes catch-up with medical procedures that were delayed over the last 18 months.

Swings and roundabouts

Nothing illustrates the impact of pandemic-linked lockdown on South Africa better than a month-by-month review of medical scheme expenses. McHugh did a great job explaining the difficulties facing medical scheme actuaries in deciding contribution increases… The data available for their 2021 pricing decision, which was made around September 2020, included a January and February at similar levels to 2019 and an April to August that totally broke from established benefit utilisation trends. The hard lockdown saw medical scheme claims ...

Bestmed Advisor Newsflash | COVID-19 Update

Thu, 29 Jul 2021 07:19:01 GMT

Best Medical Aid in South Africa is supplied through us to suite your needs.

Get the Best Medical aid in South Africa . The 200 000 daily vaccination benchmark was realised on Monday, 19 July. When 223 969 vaccines were administered on the day. This number might be even higher because the 24-hour report shows only vaccines recorded on the Electronic Vaccination Data System (EVDS). Vaccination records captured on paper are added retrospectively.

This milestone saw the total number of fully vaccinated adults on record increase to nearly 1.8 million. This momentum would not be possible without each and every role player doing their part.

We are proud to be part of the solution that is driving South Africa towards improved health and protection against this horrible virus. Whilst we are doing everything that we can to assist and support all of our stakeholders. Please note that the Scheme will not be offering vaccination facilities.

As a Scheme , we believe in preserving the integrity of the process. By allowing healthcare providers to operate in safe environments that are built for purpose. We will continue to play our part by focusing on providing our members with access to quality healthcare, supporting our healthcare providers and empowering all of our stakeholders by sharing important information.

Dischem and Bestmed

Dis-Che m , one of Bestmed’s designated pharmacy providers, has launched a COVID-19 vaccination booking portal. This is currently live on the Dis-Chem website. This bookings portal is only open to medical scheme members who have successfully registered on the National Department of Health’s (NDoH's) EVDS. The portal allows members to select a booking slot at a Dis-Chem vaccination site of their choice. For further information about covid-19-vaccination please click here.

Clicks, which is also part of Bestmed’s network pharmacies, also have a number of vaccination sites. Please see a list of the sites attached.

Thank you for playing your part by staying safe and following all life-saving COVID-19 precautions. For any assistance Care Line Group is here to help and guide you.

Does Life Insurance form part of the Estate Duty?

Thu, 20 May 2021 12:36:29 GMT

Check your policies, check your life insurance and Estate Duty

Care Line is the top services provider company, that provides you with an immediate and up-to-date overview and estate duty . This includes all your life insurance and investment policies by sourcing information from all the major life insurance companies. Presenting the information in a comprehensive report.

Care Line is here to assist you with your personal information. We summaries information on all your life and investment policies at a glance. From the types of policies you have, the names of the insurance companies providing the cover, the nature and extent of the insurance cover provided. Optional other vitally important information such as the details on your policies being correct.

To find out more, please contact us on info@c-line.co.za

At the time of one’s death, all assets and liabilities acquired during your lifetime are netted together in what is termed one’s ‘estate’. Once this has been assessed, an estate tax is levied at the appropriate level. It is charged at a rate of 20% on the first R30 million of the dutiable estate, and 25% on anything above R30 million.

If you have a life insurance policy, unless it falls under very limited exceptions, the proceeds will potentially attract estate duty. Usually when setting up your life assurance, you nominate people such as your spouse and children who will benefit from the payout.

However, if for various reasons the policy has not been set up in this way. Mindful of the intricacies of the law, your life policy will be most likely included in the assessment of your estate. Many people who take out life assurance are confused about whether the proceeds will be included in their estate when they die. It is important to know how the proceeds of your life insurance will affect estate duties. It could affect your estate planning and the amount of liquidity you need in your estate for taxes and fees.

Some key points about Estate Duty

The Estate Duty Act says that any policy on a person’s life is deemed an asset in their estate when they die. It makes no difference to whom the proceeds will be paid. However, there are always exceptions.
If a life assurance policy is taken out by a business partner to fund the purchase of your share in the business after you die, the buy-and-sell exemption may apply. For your deceased estate to qualify for this estate duty exemption, your partner must own the policy on your life when you die, and you must not have paid any premiums on the policy.
If a policy was taken out on your life, but not by you or at your instance, and you paid no premiums on the policy – and no proceeds from the policy will pay to your estate, or any relative of yours, or be paid to a family company defined in the estate duty act, then the policy will be exempt from estate duty. This is known as the key man exemption and can be applied when a business insures against the loss of key personnel.
Irrespective of citizenship, those individuals who have South African assets while residing in South Africa, will have estate duties levied on these assets at the time of death. Likewise, if a South African is residing in another country at the time of death, any assets held in South Africa will be included in estate duties. If these assets include life insurance policies, the inclusion rules are applicable.
Estate duty may not be levied on a life insurance payout when your spouse is a direct beneficiary and the policy falls outside of the estate in terms of an ante-nuptial contract.
If the policy is to be paid out to your spouse, and the proceeds deemed an asset in your estate and included in estate duty, this may simply mean that the amount paid to your spouse will reflect as a deduction in the estate duty.
Endowment policies owned by the deceased at the time of death, and which do not pay out on death, will be included in estate duty.
If the person whose life was insured did not own the policy, the proceeds will still be deemed an asset in the deceased’s estate. Although the policy may be owned by a third party who has paid for the policy, and who is therefore entitled to the proceeds…only the premiums paid by this third party will be exempt from duty.

The relationship between your life insurance policies and death duties is a complicated one, determined by the complexity of circumstances and the choices you make. Always consult your financial advisor, retirement planner or family lawyer on how to handle the tax implications of life insurance, policy regulations, and estate planning

Cheapest Medical Aid for the Elderly

Fri, 14 May 2021 11:32:48 GMT

The most important thing when choosing affordable medical aid for the elderly is to ensure they provide quality care.

The best way to choose an affordable medica l plan for the elderly is to look at the services offered by each plan. Some plans offer only limited coverage while others cover everything. You should also consider how much money you will save with the plan. If you need to pay for more than one doctor visit per year, then you might not be able to afford the plan.

Compare medical aids and find the best plan for the elderly! Medical aids can be very expensive, but Care Line Group offers affordable plans that cover everything. We will help you compare medical aids and find the best plan for the elderly. This way, you can be sure that your loved ones are getting the best possible coverage. Contact us today to get started!

Medical aid for the elderly can be a very costly affair. However, there are a few ways to cut down on the costs to get the cheapest medical aid. The most important thing when choosing affordable medical aid for the elderly is to ensure they provide quality care.

One way to do this is to choose a medical aid provider that offers discounts for the elderly. There are a number of ways to get discounts on medical aid, so be sure to ask your provider about any specials they may have.

Another way to reduce the cost of medical aid for the elderly is to choose a plan with a lower premium. Most medical aid providers offer a variety of plans, so be sure to compare the costs before making a decision. We at Care Line Group will help you get the cheapest medical aid that will fit you budget.

In some cases, it may be possible to get financial assistance to help pay for medical aid for the elderly. There are a number of government and private organisations that offer this type of assistance, so be sure to investigate your options.

Finally, be sure to shop around when looking for affordable medical aid for the elderly. Compare rates and benefits between different providers to ensure you are getting the best possible deal.

MEDICAL AID SCHEMES

Tue, 20 Apr 2021 08:20:36 GMT

COVID-19 vaccinations for Momentum Medical Aid Schemes

We would like to share our progress on enabling the vaccination of Momentum Medical aid Schemes Members against COVID-19 as quickly and efficiently as possible.

Given that COVID-19 is a global pandemic. All governments are required to co-ordinate and manage the response to the disease in the best way they can. As is the case in other countries, the South African Government has decided that it will source, distribute and oversee. The rollout of the vaccination programme, and will therefore be the sole purchaser and distributor. The COVID-19 vaccines to provincial governments and the private sector, including medical scheme members.

As the private sector is currently prohibited from purchasing the vaccine directly from manufacturers, required to purchase it from Government. Our aim has been to contribute to a solution which will make the greatest impact. In achieving population immunity in the best interest of our Members, South Africa's people, and our overall economy.

Therefore, Momentum Medical aid Schemes, together with our Administrator. Momentum Health Solutions, has been working closely with Government, industry bodies, business and labour sectors. To influence a successful vaccine rollout strategy. As shown below, stocks of the vaccine will be coming into the country in batches. Over the next few months, hence the need for a phased approach to the vaccine rollout.

In order to ensure that people most at risk are vaccinated first. Vaccines will be administered in phases, in line with Government's rollout plan, ie:

healthcare workers in phase 1;
people over 60 years and high-risk individuals in phase 2; and
the rest of the population over 18 years in phase 3.
This rollout plan is dependent on the supply of the vaccine, the more vaccines that become available the faster the rollout can progress.
In partnership with Momentum Health Solutions, we are gearing up to be able to deliver the vaccines in the most efficient way possible.

In partnership with Momentum Health Solutions, we are gearing up to be able to deliver the vaccines in the most efficient way possible.

To assist our Members around the country to obtain vaccines in their allocated phase, the following has been established:

We have procured the sites for our 5 large vaccination centres in Johannesburg, Pretoria, Cape Town, Gqeberha (Port Elizabeth) and Durban. These centres will provide most of the capacity for the vaccination of our Members and the communities in which they are located.
Our existing 18 health walk-in centres across the country will be adapted to facilitate the administration of vaccines.
We will also utilise 8 occupational health clinics and 5 mobile clinics to further supplement our capacity. These clinics already have all the medical requirements in place.

Therefore, we will initially have 36 vaccination centres across the country which will be used for administering the vaccine . We have already contracted with some of the additional nursing capacity required to staff these centres and 80% of these nurses have now undergone the required training. This capacity should allow us to vaccinate between 40 000 and 55 000 people daily, depending on availability of vaccines.

The Government's Electronic Vaccine Data System (EVDS) self-registration portal is now open to healthcare workers and people 60 years and older, and will move down the age groups as quickly as possible. We are proud to be a part of this journey with you and are ready to pay for your vaccine.

We will continue to engage Government to progress its existing strategy as effectively as possible, and aid in accelerating the process. We will also continue to prepare for any potential changes in the Government's procurement strategy, with the wellbeing of our Members remaining of the utmost importance.

For the most comprehensive Medical aid Schemes contact us today.

INCOME PROTECTION

Tue, 20 Apr 2021 07:29:55 GMT

Why South Africans need the lifeline of income protection

In 2020, 59% of all COVID-19 related Sanlam income protection pay-outs were to people younger than 39 years old. According to Karen Bongers, Sanlam Product Development Actuary, this statistic underlines the critical importance of income protection for young professionals, noting that the long-term loss of income due to illness or injury is the single biggest financial risk young people face throughout their working lives.

Beyond the financial impact of illness and injury, economic realities are resulting in South Africans battling to meet their monthly financial obligations, which makes income protection even more important.

C onclusions on income protection backed by research

Research by Catalyst shows that, over the last year, 41% of respondents re-looked their finances and insurance cover, highlighting the financial uncertainty felt by so many. “Difficult economic times exacerbate the inability of most people to carry themselves financially, if an illness or injury means they are unable to work, even for a short period. The peace of mind linked to income protection cannot be overstated,” according to Bongers.
In a recent study, PayCurve noted that almost 80% of South Africans are seeking unsecured loans to meet their monthly financial obligations.
Another study by DebtBusters showed that 1.6 million South Africans capitalised on payment holidays, with resulting debt repayments of R20.7 billion.
Based on a Trading Economics report, South Africans’ household savings rate was just 0.7% in the third quarter of last year. Therefore, few households are likely to have emergency funds to ‘cover’ a lost income for more than one or two months.

Bongers adds: “Of course, the impact is much worse if the inability to work is permanent. Our claim statistics show that it’s not just older individuals who need income protection. The permanent loss of an income is particularly concerning for younger people, who have many more years of earning potential ahead of them.”

Bongers outlines some key insights about income protection:

How is income protection different from disability cover? The terms can be used interchangeably, but income protection generally refers to products that pay a monthly income if you are unable to work, either temporarily or permanently, due to illness or injury. Disability cover generally refers to benefits that pay out a lump sum if an illness or injury renders you permanently unable to work. A combination of both could help you cover certain once-off lump sum expenses, with the income pay-out providing a long-term replacement for your monthly income.
Who qualifies for income protection cover? Generally, you need to be employed, have a qualifying occupation and be medically insurable to meet the requirements to take out income protection. However, certain products can expand to accommodate those not meeting the above criteria.
Does your income protection include impairment cover? Living with a permanent impairment, like a physical disability or an illness that affects your lifestyle, can result in additional monthly expenses even if you can still work. Some products have the option to select the extent of impairment cover depending on the person’s needs and budget.

Bongers concludes: “Income protection is an essential conversation to have with your financial planner in order to ensure the financial security of yourself and your loved ones, especially in the current climate of uncertainty where even short-term losses can wreak havoc. Young people often have an ‘it won’t happen to me’ mentality. That’s completely understandable, but having the right policies in place provides peace of mind should an unexpected curveball occur.”

Cheapest Medical Aid In South Africa

Mon, 16 Sep 2019 15:02:07 GMT

Get the cheapest medical aid in South Africa today!

South Africa has many different medical plans available for people who need medical care. The best plan depends on your needs and budget.

Get the Cheapest medical aid in South Africa today! South Africa has many different medical plans available for people who need medical care . The best plan depends on your needs and budget. We at Care Line will help you choose the best plan. Contact us today and we'll help you find the best medical plan for you.

There are many different medical aid plans available in South Africa, and it can be difficult to know which one is right for you. It is important to consider your needs and budget when choosing a plan. The cheapest medical aid in South Africa , may not be the best option for you if it does not cover the services that you need. For example, if you have a chronic illness, you will need a plan that covers your specific needs. It is also important to consider the fees associated with the medical aid plan

Some plans have high monthly premiums, while others have low monthly premiums but high co-payments. Another thing to consider is the cover that you need. Some plans only cover basic hospital and GP visits, while others will cover a range of extras such as dental and optical. Be sure to consider what you need from a medical aid plan before making your decision.

Consider the benefits that each plan offers. Some plans have great benefits , such as cover for alternative therapies, while others have more basic benefits. Compare the different options to see which one offers the best value for money. By considering all of these factors, you will be able to find the cheapest medical aid plan that best suits your needs. Be sure to shop around and compare the different options before making your final decision.

The cheapest Medical aid in South Africa can be expensive in the long run, but there are ways to find the cheapest option that still meets your needs. It is important to consider all of the factors that go into the cost of a medical aid plan before making your final decision. The size of your family is also a factor to consider. A family of four will usually pay more for medical aid than a single person. If you have a large family, you may want to consider a plan that has a higher monthly premium but a lower overall cost.

The type of coverage you need will also affect the cost of your medical aid. If you only need basic coverage, you can find a plan with a lower monthly premium. However, if you need more comprehensive coverage, you will likely have to pay a higher monthly premium. The amount of your deductible is another factor to consider. A higher deductible will usually mean a lower monthly premium. However, you will have to pay more out-of-pocket expenses if you have a medical emergency.

We have years of experience in matching the best medical aid cover with individual budgets. Give us a call right now on 0861 45 00 45 and take the first step towards spending less on medical costs Now.

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MEDICAL AID COVER

Mon, 16 Sep 2019 14:56:57 GMT

Medical aid cover is health insurance.

It is simply financial protection against the probable risk of incurring medical expenses during your and your family’s lifetime.

MEDICAL AID COVER

A monthly premium or contribution, calculated according to the estimated overall risk of health care expenses in South Africa, is paid to the medical aid scheme of your choice. In turn, the medical aid cover will ensure you have sufficient funds to pay for treatment by a network of service providers when required.

BENEFITS OF MEDICAL AID COVER

The primary benefit of medical aid cover is the access to excellent health care. Although South Africa has both a public and private health care system, the state institutions are overburdened with the task of providing primary health care to an estimated 41 million people who do not have the means to pay for medical aid cover. With adequate medical insurance, you and your family will have the distinct advantage of treatment in private hospitals and by the best medical professionals in the business.

WHO SHOULD APPLY FOR MEDICAL AID COVER?

All South Africans should apply for medical aid cover. It’s essential to insure your and family’s health. Accidents, illnesses and chronic diseases are part and parcel of our day-to-day lives. Although it’s impossible to predict our health over the long term, the probability of requiring hospitalisation, chronic medication or treatment by GPs, specialists and other health care professionals is high.

MEDICAL AID OPTIONS

Medical aid options available in South Africa include:

Comprehensive Plans– provide blanket cover for virtually all medical costs including benefits for day-to-day expenses and in-hospital expenditure.
Hospital Plans– are less expensive than comprehensive plans, are routinely offered by all medical aid schemes and only cover the cost of treatment while in hospital.
Hospital Plans with Medical Savings– are a combination of traditional hospital plans together with savings accounts which are topped up by fixed monthly contributions by the member. The total annual amount in the savings account is available, in advance, for day-to-day expenses in that year. Once the fund is exhausted, members pay out of their own pocket. Any credit balance is carried over to the next year.
Capitation Plans or Network Options – offer cover for day-to-day expenses at cost effective rates at specific network providers designated by each individual medical aid provider.

SHOULD YOU REQUIRE ANY ADDITIONAL INFORMATION, PLEASE CONTACT US ON 0861 45 00 45 or

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INCOME PROTECTION

Why South Africans need the lifeline of income protection

C onclusions on income protection backed by research

Bongers outlines some key insights about income protection:

Cheapest Medical Aid In South Africa

Get the cheapest medical aid in South Africa today!

MEDICAL AID COVER

Medical aid cover is health insurance. It is simply financial protection against the probable risk of incurring medical expenses during your and your family’s lifetime.

ASISA raises concern about policy lapses in the industry:
what you as a financial adviser can do to protect your clients

Medical aid cover is health insurance.

It is simply financial protection against the probable risk of incurring medical expenses during your and your family’s lifetime.