In South Africa, Medical Aid normally means private Medical Aid. The following are the general process for hospitalisation in South Africa: 1. Purchase Medical Aid: First, you need to purchase an appropriate Medical Aid plan, which is usually a contract with a private Medical Aid company such as Discovery, Momentum, Bonitas, etc. Different plans offer different cover and benefits. 2. Hospital Admission: If you require hospitalization, you need to register at the hospital's front desk or reception desk. You will need to provide your Medical Aid information, such as your Medical aid membership number, as well as personally identifiable information. 3. Authorization and Approval: In all cases, the Medical Aid company needs to approve your hospitalization before the procedure or treatment begins to ensure that it is covered. The contact number for Discovery Medical Aid is 0860-99-88-77 Momentum Medical Aid is 0860 117 859 Bonitas Medical Aid is 0860 002 108 Insurance companies also provide WhatsApp customer service You should obtain an authorization number, known as an authorization number in English, and provide it to the hospital and doctor. In the case of emergency, hospitals would contact your Medical Aid provider and request authorization, but if it is a planned procedure, most doctors would ask you to contact Medical aid to request it. Information you need to get from the doctor before procedure are:
4. Payment and Claims: Once you are discharged, medical expenses will be paid directly to the hospital by the Medical Aid company, provided they are in compliance with your insurance plan. You might be required to pay a fee yourself, which is called a co-payment/deductible. For the doctor's fee, if you pay the doctor directly, you can later submit a claim to your Medical Aid provider to get a partial or full refund of the fee you paid, depending on your plan type. 5. Communication during the hospitalization: During the hospitalization, the Medical Aid provider may need to maintain communication with the hospital and your doctor to ensure that the treatment provided complies with the insurance plan's regulations. Please note that different Medical Aid plans may have different policies and procedures, so it is best to learn more about the benefits of the plan you choose before purchasing Medical Aid. In addition, depending on your Medical Aid plan, you may be required to pay certain co-payments and follow specific claims procedures. Therefore, it is recommended to contact your Medical Aid company or Medical Aid consultant for detailed information. If you would like to know more about what you are covered under your medical aid, please contact us. You may also read our article: What Is Covered In Your Medical Aid? for more information.
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For our investors investing in Morningstar Managed Portfolios, click below to access the latest performance snapshot, market commentary and market performance summary:
Morningstar SA Managed Portfolios Morningstar Global Managed Portfolios (USD) Market Commentary - SA and Global Market Performance Summary - SA and Global South African investors have a love-hate relationship with listed property, with significant shifts in sentiment and demand evident over the last 10 years. Before 2017, it was quite common for multi-asset funds to have healthy allocations to the S.A. listed opportunity set mostly due to the appeal of property companies offering relatively stable dividends. The S.A. property market demonstrated strong performance between 2013 and 2017, attracting significant investment flows into the sector, as depicted in the chart below. Source: Morningstar
Why fees are not the only determinant to financial success Managing funds and investments requires time, money and expertise. As with any service provider, you are expected to pay a reasonable fee for the use of a company’s products and/or services. The same rule applies in the world of investments and fund management. Warren Buffet’s wise words “Price is what you pay, value is what you get” speak to the actual price that you pay for an asset, stock or investment, versus the intrinsic worth and added value of that investment. The same train of thought can be applied when it comes to the fees paid for investing. Fees are most certainly an important aspect to consider, however, it’s not the only factor that should be considered, but rather be seen as one piece of a larger puzzle. Source: Morningstar
In the fourth episode of Morningstar South Africa’s Adviser 2.0 webinar series, we tackled the topic of succession planning. After spending decades building a financial advisory practice, it’s often difficult to think about handing it over to new owners. But planning for a day when you are no longer an integral part of a business that you built, nurtured, and grew can prepare your practice for a successful future after you have stepped away from the helm. Making succession planning a priority Whether an adviser steps away from their advice practice due to retirement, ill health, by choice, changing career paths, or as we’ve seen in Australia, due to regulatory changes, it is of paramount importance to have a succession plan in place from day one. Source: Morningstar
Storytelling is a powerful way of engaging with people and connecting ideas. One of the most captivating stories in financial markets today is based on the transformative potential of artificial intelligence (AI) and the companies that are best positioned to benefit from the technology. The real challenge for investors, given the current levels of market exuberance, is separating fact from fiction in that story and establishing what a fair price is to pay for uncertainty. Source: Morningstar
The FIA Intermediary Experience Awards is the most prestigious and well-known annual recognition event in the South Africa financial services industry for more than 20 years. The Awards recognises product providers (insurers) for the products, solutions and services they offer to the end-consumer through our member intermediaries or financial advisers.
This year's winners are: Sanlam won long-term insurer of the year (risk). The non-life insurance awards were split by sector. Santam won for personal lines; Western National for commercial; and Hollard for corporate. Allan Gray won two awards for investment products: lump sum and savings. Discovery Health won for healthcare Momentum Corporate for employee benefits. We congratulate these product providers for winning this prestigious award. We as Daberistic have had long-term relationship with these product providers, and we will continue to offer the best insurance and investment solutions to our clients. |
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January 2025
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