COMPILED BY ANGELIQUE RUZICKA
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.”