As the year 2018 drew to a close, Daberisticians celebrated with a range of activities at the Soweto Cooling Towers. For many staff members, it was their first time visiting Soweto.
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Medical aid is a necessary yet expensive purchase in South Africa. Due to the public healthcare system unable to cope with the public demand, people who can afford it or who work for larger employers will choose private healthcare. They buy medical scheme products to cover such healthcare expenses.
Since medical aid is expensive, it is important for a member to understand its benefits, in order to make the best use of it when needed. As each new year begins medical aid members start with a clean slate, with new benefits and replenished savings available. If you manage your medical expenses correctly you can avoid out-of-pocket expenses and limit the possibility of running out of benefits. 1. Read up on your medical aid plan Take the responsibility of understanding your medical aid plan. Visit the medical scheme's website, find your specific medical aid plan information and read through it. Check out the FAQs. If your medical scheme creates YouTube videos on your specific plan and benefits, watch these videos. The more you understand your medical aid plan, the better you are in a position of making use of benefits provided for by the plan. 2. Speak to your Healthcare Advisor Medical aid plans are complex. A medical aid plan has many details, terms and conditions. Many members will struggle to make sense of it. A Healthcare Advisor with suitable qualification, training and years of experience can simplify matters for you and answer your specific questions. 3. Find a GP on your medical aid's network Using network doctors is an invaluable tool to make your medical aid last longer as it means you won’t be charged more than a specific amount. 4. Always use partner networks Medical schemes negotiate preferential rates with providers who have partnered with them. This means if you use a network hospital, doctor or pharmacy you will not be charged more than the rate agreed with the scheme. This will also help you to avoid co-payments, deductibles and additional out-of-pocket expenses. 5. Ask your pharmacist Buy over-the-counter medicine to treat less serious ailments and consider using generic medicine which is cheaper but effective. Pharmacists are able to provide sound medical advice on problems such as rashes, colds or illnesses that are not severe, simply ask! 6. Going to hospital - get the facts Talk to your doctor or specialist before being admitted to hospital. Check what they are going to be charging and what your scheme will cover. If there is a large difference, don’t be afraid to approach your doctor to see if they are prepared to adjust their fee. Alternatively, you can also check if there are other healthcare providers who are on your scheme’s network that will charge you a better rate. 7. Remember to pre-authorise Pre-authorisation is required for all hospital admissions to ensure your stay will be covered. Always ask if there are any co-payments or sub-limits that will apply and what you can do to avoid these. For planned procedures, it’s also worth checking with your scheme if you will obtain better cover by using contracted providers or having the procedure performed in the doctor’s rooms or a day clinic. 8. ICD-10 codes If you need to undergo an operation, ask your surgeon for the codes that will be charged. This will include the procedure codes and those for any other products that will be needed, this all helps with pre-authorisation and ensuring the costs will be covered. 9. Chronic health conditions Some schemes offer programmes to help you manage severe chronic conditions such as cancer, diabetes and HIV/AIDS. These programmes are usually covered from the risk portion of your medical contribution and are not funded from your savings account. They help you use your benefits to maximum advantage while ensuring you receive quality care by using specific providers. With thanks to: www.w24.co.za By Edmond Lee, Insurance Advisor
In South Africa, having a car is a necessity which at the same time brings the risk of a motor accident. And let’s face it – motor accident is the last thing on our mind, hence when we encounter it, we often do not know what to do. The purpose of this article is to share some info on the topic, so that you are better prepared in the event of a motor accident. First and foremost, it is imperative that you remain calm and put safety first. Many people often get out of the car immediately in order to check for damages (or in some cases, argue with the other party), without first checking surroundings. This is very dangerous, particularly on a highway or major roads, hence this must be remembered. If you feel unwell after the incident, limit your movement and wait for paramedics to arrive on the scene. Secondly, you should not admit any liability. This is an accident which no one wanted to happen, so leave the liability matter to the insurer who will represent you in the case. Furthermore, record as much evidence as possible. Fortunately, these days we all have a cell phone, so you can take pictures and record key information such as: - Date, time and location of the incident - Accident scene - Damages to cars and properties - Police name and case number - Other parties’ driver license, license disc and contact details - Name and contact details of witnesses, towing trucks and other relevant parties So when should you call the police? If there are no injuries or major blockage of the road, then you don’t have to call the police – you can register the case at the nearest police station within 24 hours. If there are injuries, then the cars can only be moved after police arrives on the scene and takes proper record. In terms of towing, if the car remains derivable, then no towing service is needed. However, if you are worried that driving it may cause further damage (or the car is not derivable at all), then we suggest that you contact your insurer to arrange towing and storage by their appointed service provider to avoid any potential issues. If needed, the police has the right to tow the car for further investigation. Last but not least, remember to inform your insurance advisor after the incident and provide true and accurate information, so that the claim can be processed without delay. If you have any short-term insurance needs, you can contact us on the following channels: - WeChat: daberistic - Email: ShortTerm@Daberistic.com - Phone: Working hours 011 658 1333. After hours 076 200 5488 Allan Gray, a leading investment platform in South Africa, is leading the way in technological innovation by introducing digital transaction authorisation. For years, clients have been able to give instructions online. Instructions include additional contributions and fund switches. For clients that prefer to submit instructions via their financial advisors, from November 2018, we are able to generate instructions on Allan Gray Online and send to you via email to approve such transactions digitally. This means saving time, saving paper, saving money. There are four key benefits when you work with your Advisor this way digitally: Speak to your Financial Advisor if you would like to make use of such digital service.
Around this time of the year, we would like to remind you to consider topping up your retirement annuity fund, or contribute to a tax-free savings account. It's perfectly legal. Save money for yourself, instead of giving to the taxman. Such tax savings can amount to tens of thousands of Rands. Retirement Annuity According to the current legislation, you may contribute up to 27.5% of your taxable 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 Mabasa 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 - R36,000 = R156,500 He can look to get a tax refund of R192,500 * 39% = R75,075. Attached is a document from Allan Gray summarising the differences between an RA and a tax-free investment. minimise-your-taxable-income_maximise-your-tax-savings---ra_tfi.pdf Speak to your Financial Advisor if you would like to exercise one of the two options, or email invest@daberistic.com. Kevin Yeh's Corner I am delighted to write to you in 2019. I trust that you and your family had a restful, festive year-end holiday. With everyone back at work and kids back at school, these holiday memories fade quickly into the background! There are some significant events taking place in 2019: - National elections, around end of April - 30 May to 14 July: Cricket World Cup in England and Wales - 20 Sep to 2 Nov: Rugby World Cup in Japan (Go Ama Bokke!) Not forgetting the SONA (State of the Nation) address early February, followed by the ever-important budget speech late February. Globally, the US-China trade war still hangs over the global economy. The Chinese economy is slowing to a growth rate of 6.6% in 2018 - the slowest pace in 28 years. The Chinese central bank is pumping liquidity into that economy. The US Federal Government shutdown enters 33rd day with no end in sight, as President Trump wants money for his border wall with Mexico. The Emerging Markets had a torrid time last year, reminiscent of the 2014 - 2015 crisis. The IMF projects the global economy to grow at 3.5% in 2019, slower than the 3.7% in 2018. The Zondo commission of inquiry into state capture has lifted the lid on corruption, money laundering and fraud. We now know how the officials in power have colluded and stolen from the state coffers, and why the South African economy has been a shambles. Turning to the financial markets, 2018 was a forgettable year for most investors. The JSE CAPI went down by 7.7%, the balanced fund sector had a negative return of 4.2%. The World Developed Markets returned -10.6%. Emerging Markets even worse -17.5%. China fared the worst at -25%. The only bright spot was bonds (7.7%) and cash 7.2%. Looking ahead, after the doldrums of 2018, 2019 should give investors better returns, as many asset classes are already at depressed levels. Investors should be patient and stay invested. Let us work together to fight corruption, improve our businesses and institutions, do what we can, to make South Africa a better place for all. And let's pray for our beloved country for a peaceful election, that people of ability and good character are in power to do good for the country. |
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January 2025
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