How much do you really know about the inner workings of your medical scheme? Here are some quick facts on open medical schemes in SA. Whereas each scheme will readily provide you with the facts on themselves, not everyone has the time or the patience to do a comparative study. Fortunately, Alexander Forbes Health has done it for you in their Diagnosis 2016/2017. Some additional information comes from the Council of Medical Schemes.
Find out here what the facts are on open medical schemes in South Africa:
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The Reserve Bank held interest rates steady, as widely expected, on Tuesday, at the monetary policy committee’s first meeting of the year.
While economists have cautioned against calling an end to the tightening cycle and the start of lower interest rates — especially after consumer inflation came in at 6.8% last week — they did not expect an increase. Tuesday’s decision left the repo rate unchanged at 7%. The Bank has raised rates by 75 basis points since the start of 2015, and by 200 basis points since January 2014. The last rate increase was 25 basis points in March 2016, and followed a 50-point rise in January 2016. Forecasts Bank governor Lesetja Kganyago said the Bank was forecasting economic growth of 0.4% for 2016. That would pick up to 1.1% in 2017, and 1.6% in 2018. Those forecasts compare with the November outlook for 0.4% growth in 2016, but downside risks remained to this number, 1.2% in 2017, and 1.6% in 2018. On inflation, the Bank is forecasting CPI to average 6.2% year on year in 2017 and 5.5% in 2018. In November, its inflation outlook was for 5.8% in 2017 and 5.5% in 2018. The Bank expects that inflation peaked at 6.6% in the fourth quarter of 2016, and should return to within the target band in the final quarter of 2017. Core inflation, which measures inflation excluding energy and food prices, is expected to average 5.5% in 2017 and 5.2% in 2018. Source: Business Live It’s always a good idea to review insurance policies at least once a year or when there’s a material change in lifestyle. The start of the new year is a good time to take stock of life, including critical illness, disability, home, motor and healthcare covers and ensure that these policies are still meeting the needs of the policyholder.
“A financial advisor has the experience and qualifications to make sure you spend wisely and get the insurance coverage that most closely matches your needs,” explains Saks Ntombela of Hollard. “Just like in any crisis, when the time comes to claim you want the confidence that all your bases are covered. When you think about it, insurance is there to protect what you value the most. Given their importance, you don’t want to make decisions that could compromise any of them,” adds Ntombela. Consider these handy tips:
Written: Risk SA To get a quote and cover that will be sufficient for you please contact Sandy in our Short – Term Department, email shortterm@daberistic.com, tel (011)658-1333 Source: Risk SA Around this time of the year, we would like to remind you to consider topping up your retirement annuity fund. According to the current legislation, you may contribute up to 27.5% of your taxable income (strictly speaking, non-retirement funding income) to a retirement annuity fund and enjoy tax deductions. As 28 February is the end of the tax year, you must calculate and pay the additional amount to your retirement annuity prior to this date, in order to qualify for tax deductions and tax refunds.
Below is an example of topping up your retirement annuity: Mr Jackson has a monthly salary of R50, 000. In December he received a bonus of R100, 000. Every month he contributes R3, 000 to a personal retirement annuity fund. His annual income is then R50, 000*12 + R100,000 = R700,000. The maximum tax-deductible contribution to retirement annuity is R700, 000 * 27.5% = R192,500. Over the year he has contributed the following to a retirement annuity fund: R3, 000 * 12 = R36,000 The additional amount he may top up in his retirement annuity (RA) is R192,500 Less R36,000 R156,500 He can expect a tax refund of R156, 500*39% = R61, 035 from his additional retirement annuity contributions. Should you require assistance to calculate the retirement annuity top-up amount, please contact your accountant or financial advisor, or speak to Koketso on tel 011-658-133, email office@daberistic.com. Source: Kevin Yeh |
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