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COM­PILED BY AN­GELIQUE RUZ­ICKA

CityPress - - Business -

SMALL MED­I­CAL SCHEMES OF­FER VALUE FOR MONEY

Ac­cord­ing to wealth and fi­nan­cial ad­vi­sory firm GTC’s sev­enth an­nual Med­i­cal Aid Sur­vey, smaller med­i­cal schemes do well be­cause they of­fer con­sumers value for money.

The sur­vey analy­ses and rates schemes, and pro­vides a stan­dard­ised com­par­i­son and rank­ing of the choices avail­able to con­sumers.

This year’s sur­vey re­viewed 23 open med­i­cal aid providers, with a to­tal of 144 plans, which were cat­e­gorised into 11 ar­eas ac­cord­ing to ben­e­fits of­fered.

Jill Larkan, GTC’s head of health­care con­sult­ing, says: “Fed­health is one of the schemes that has per­formed con­sis­tently well in the mi­cro rat­ings, in­di­cat­ing that it is com­pet­i­tively priced and can of­fer con­sumers good value for money.”

How­ever, she points out that if smaller schemes are un­able to at­tract more and younger new mem­bers, they will not be able to con­tinue as good-value op­tions for con­sumers, and will ul­ti­mately be­come less sus­tain­able as their de­mo­graph­ics de­te­ri­o­rate over time.

She adds that con­sumers can po­ten­tially save sig­nif­i­cantly when they do an honest and thor­ough anal­y­sis of their real med­i­cal needs.

“We have found that many con­sumers tend to be largely ig­no­rant about which med­i­cal scheme op­tion they are on and what ben­e­fits this en­ti­tles them to.”

FSB FINES SMART LIFE R150 000

If a life in­surer re­jects your claim, you have the right to ob­ject to this within 90 days and con­tact the ap­pro­pri­ate om­bud. How­ever, Smart Life In­sur­ance Com­pany was found not to have in­formed its clients of this right (from April 15 2013 un­til June 24 2016) and was slapped with a R150 000 fine by the Reg­is­trar of Long-term In­sur­ance.

The reg­is­trar re­ferred the case against Smart Life to the En­force­ment Com­mit­tee of the Fi­nan­cial Ser­vices Board.

It was high­lighted that Smart Life, in par­tic­u­lar, failed to in­form its pol­i­cy­hold­ers of:

Their right to make rep­re­sen­ta­tions to the in­surer re­gard­ing Smart Life’s de­ci­sion to re­ject the claim within a pe­riod of not less than 90 days of re­ceipt of the re­jec­tion no­tice; and

Their right to lodge a com­plaint with the ap­pro­pri­ate om­bud un­der the Fi­nan­cial Ser­vices Om­bud Schemes Act of 2004.

The penalty was im­posed by the En­force­ment Com­mit­tee on Smart Life on June 14.

HOLLARD LAUNCHES SPORTS EQUIP­MENT IN­SUR­ANCE

If you par­tic­i­pate in a sport that in­volves buy­ing ex­pen­sive equip­ment, you may want to con­sider added in­sur­ance. Hollard has just launched the sport­ing bun­dle, which is aimed at the sports en­thu­si­ast who wants to take care of all their gear, and be pre­pared for a po­ten­tial li­a­bil­ity that could arise dur­ing their sport­ing pur­suits.

Hollard’s sport­ing bun­dle is an op­tional ben­e­fit that you can bolt on to your por­ta­ble pos­ses­sions cover.

Hollard’s Deanne van Does­burgh says: “It pro­vides cover for the loss of or dam­age to your sports equip­ment while in use, and in­cludes items such as div­ing and golf­ing equip­ment, bi­cy­cles, surf­boards, pad­dle skis, kayaks, ca­noes, kite boards, wind­surf­ing boards and sail­boards, to men­tion a few.

“It also pro­vides cover for loss of or dam­age to any ad­di­tional ac­ces­sories or equip­ment that do not form part of your stan­dard sports equip­ment, such as GPS units, hel­mets, gloves and other pro­tec­tive cloth­ing and gear. Even ve­hi­cle ac­ces­sories such as a roof rack or a bi­cy­cle rack can be cov­ered.”

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