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What is an above-threshold benefit on my medical scheme

WEBKey takeaways. Above-threshold benefits on comprehensive medical scheme options offer you a safety net from high medical expenses when your medical savings account is …

Actived: 7 days ago

URL: https://www.smartaboutmoney.co.za/insurance/healthcare-cover/what-is-an-above-threshold-benefit-on-my-medical-scheme/

What is a primary healthcare plan

WEBA primary healthcare plan is an insurance policy that can offer you cover for a basic package of day-to-day medical expenses. These plans typically offer: Unlimited general …

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What is a prescribed minimum benefit

WEBThe prescribed minimum benefits (PMBs) are benefits that all schemes must provide for the diagnosis, treatment and care of certain conditions. PMBs cover all medical …

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What is a hospital cash plan

WEBA hospital cash plan is an insurance policy that pays out a pre-defined benefit if you, or anyone else named in the policy, are hospitalised. It does not matter what you are …

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What is a medical scheme

WEBA medical scheme is a not-for-profit entity that collects contribution s from its members and pays benefits that cover certain medical costs in line with the rules of the scheme. …

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What does it cost to insure your life against death, disability or

WEBThe cost of life, disability and severe illness cover depends on the risk you pose to the insurer ; Life insurance company’s underwriters assess the risk you pose by considering …

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How can I get advice on my healthcare cover

WEBAdvice your broker gives you about joining a medical scheme is generally paid for by your scheme. The amount your broker can be paid by the scheme is set at 3% of your contributions up to a maximum monthly rand amount that is prescribed each year – currently just over R100 a month. A broker can also be paid an additional agreed …

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How can I avoid co-payments for healthcare services

WEBThe aim of co-payments is to influence your decisions on healthcare services to contain medical costs. You can avoid co-payments by using generic medicines, specified …

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What waiting periods can my medical scheme apply

WEBMedical schemes are allowed to impose waiting periods during which time you cannot claim. Waiting periods prevent members from anti-selecting or only joining a scheme …

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What is a medical savings account

WEBMedical savings accounts help you to set aside savings for your day-to-day healthcare expenses. It is up to you to manage the money to meet your expenses by using the …

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Healthcare Cover

WEBIf you want to use private hospitals and doctors for your health care, it is best to provide for the costs. Joining a medical scheme will offer you the strongest safety net against …

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What is a medical tax credit

WEBTAX TIP. If you are not a member of a medical scheme, but you have taken out medical insurance – such as a hospital cash plan - you cannot claim the medical scheme fees …

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How much should I draw as a pension from a living annuity

WEBThe 4% rule. You may hear about the 4% rule for drawing an income from a living annuity. In terms of this rule, you can start drawing out R40 000 a year for every R1 million you have invested in a living annuity and increase it by inflation each year. The rule originates from research United States adviser and author William Bengen conducted on

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What is severe illness cover

WEBSevere illness cover can be a policy or benefit on a policy that pays you a lump sum on diagnosis of a serious illness, such as cancer or a heart attack. The benefit is designed …

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What should a financial plan include

WEBKey takeaways. Your financial plan should cover where you are and where you need to be on a number of key areas including: Your budget, cash flow, debt repayments and …

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Will I pay a late-joiner penalty if I join a medical scheme

WEBA late-joiner penalty can be added to your contributions if you join a medical scheme after the age of 35 and you haven’t been a member before, or you have had a break in your …

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What is gap cover

WEBGap cover is a health insurance policy that is available only to medical scheme members, and provides cover for certain gaps in the benefits offered by a scheme. A key gap in the …

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How can I find out if I am owed any unpaid benefits from a …

WEBThe FSCA can provide you with the contact details of the pension or provident fund to enable you to claim unclaimed retirement fund benefits. Visit the FSCA's Unclaimed …

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Will my policy benefits keep up with inflation

WEBDepending on the purpose for which you have bought life, disability or severe illness cover, y ou should choose to increase your benefits each year to keep up with inflation, but …

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