A number of South African companies are unknowingly exposing themselves to serious financial risk by contravening the Financial Advisory and Intermediary Services (FAIS) Act by providing advice to employees on their medical scheme options. According to Clayton Samsodien, Managing Director of Genesis Capital’s health care subsidiary – Genesis Healthcare Consultants – many organisations are unaware [...]
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SA companies at huge risk by advising staff on medical schemes
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ART adherence lifts significant burden on SA’s health sector
Approximately 1.3 million people are currently reported to be on antiretroviral treatment (ART) in South Africa’s state sector, according to Aid for AIDS (AfA) – the country’s largest private sector HIV disease manager. While up-take of ART was vastly increased from 27% in 2007 to 56% by the end of 2009. However, the revised and [...]
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PMB ruling in favour of CMS
The prescribed minimum benefits (PMBs) which protect members of medical schemes remain in place, say the Council for Medical Schemes in the press release below. And the law which prescribes them stands. The North Gauteng High Court handed down the ruling earlier today (7 November 2011). The ruling came as a result of the Board [...]
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Third of South Africans on the wrong medical scheme
A third of South Africans are either on the wrong medical scheme to suit their needs or do not properly understand how their scheme works, with the result that their medical savings are often depleted before the end of the year, potentially leaving them exposed to hefty medical bills. Clayton Samsodien, Managing Director of Genesis [...]
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2011 Medical Aid increases – what consumers must watch out for
The scope that medical schemes have to alter the contribution, cover, content or the qualifying criteria of their various schemes makes it difficult for the regulator, let alone the consumer, to reach an informed assessment of whether each year’s benefit and contribution increases improve or impair their overall medical cover. A solution to the [...]
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Companies urged to review medical schemes
1 October 2011 marks the beginning of the annual renewal season for medical schemes. Prior to the renewal period, medical schemes review members’ benefit utilisation and claims versus contributions, in order to decide upon any price increases and benefit changes for the following year. It is vital that all corporate medical scheme members use this [...]
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Review of South Africa’s medical schemes’ performance in 2010
Initial analysis of how well South Africa’s medical schemes are performing in the restricted and open medical scheme environment indicates that the industry has made some recovery compared to the previous year despite ongoing pressure to improve financial performance. This is “likely to see continued consolidation of medical schemes with a further reduction in [...]
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Review of Discovery’s 2012 health product changes
Discovery Health recently announced a headline increase of 8,9% across the board with minimal changes to their product offering, although a small proportion of members with special adult dependants will experience increases that are significantly higher than the average. Overall there have been minimal changes to Discovery’s product for 2012 except that “members with special [...]
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Step up and stamp out heart disease this month
Not only does September signify the start of Spring and new beginnings, but quite aptly it is also Heart Awareness Month in South Africa. Heart disease is one of the leading killers in the country so if you’re going to do any cleaning up or starting afresh this Spring, make sure it starts with your [...]
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Latest Issue - 31 January 2012
In This Issue:
- Prospects for 2012
- New Retirement Thinking?
- Reasons to be concerned about Europe
- Short-term insurance survey
Newsletters
Newsletter 16 February 2012: Investing in uncertain times
In today’s newsletter we share some strategies investors can follow when investing in uncertain times. Uncertain times require a focus on the basics By Nic Andrew, head, Nedgroup Investments Negative news headlines, enormously complex macro-economic issues, extreme market volatility and often contradictory comments from the experts… There are an almost overwhelming number of factors influencing [...]
