In line with keeping healthy and saving money topic from our December article, our preferred medical aid service provider, Discovery, offers a rewards programme called “Vitality” to incentivise healthy behaviour.
In the past few years the Vitality programme has integrated with Vitality drive (car insurance) and Vitality money (Discovery Bank). Discovery would like members to transfer their healthy behaviour to these sectors to encourage responsible driving and spending. Engaging in these healthy behaviours, reaching weekly active goals and doing online or in person assessments, Discovery will reward you with points. The bonus is, when you are active throughout the year, Discovery will reward you with additional points. These points accumulated will determine your Vitality status, and each tier qualifies you for a different percentage of discounts. Various rewards can be redeemed from different partners with miles accumulated from your “game board” when you reach your weekly active goals. If you would like to read more about what is Vitality, click here If you are on Vitality, below are updates on the 4 major adjustments from 1 January 2021: 1. Gym benefits
Click here to read more If you would like to apply for Vitality, please contact Tammy in our Health departments 011658 1333, email service@daberistic.com.
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With annual inflation, things are becoming expensive and more so for parent with children. Parents need to look at tuition fees, medical expenses and many other day to living expenses. Student life is usually posed as young, healthy, spontaneous, and a fun seeking stage. However, there may be unforeseen medical emergencies, and without good health the student would not be able to perform. Therefore, medical aid becomes a necessity to insure students with a healthy mind and body. Momentum understands that many parents are under Financial pressure and have created a product that is suitable for students. Momentum has set out to provide students with quality, affordable healthcare cover, leaving students to focus on their studies and parents to save on their pocket with the Ingwe option. The Ingwe option is a very cost effective medical cover for student and even more so for child dependents who are over 21 and still studying. Medical aid schemes change the rate for children over 21 to Adult rate and this can become very costly for parents. We had a client whom we helped move their daughter from the parents medical aid to more affordable Ingwe option. On the parents Medical Aid when she turned 21 she was paying over R1500 which is a total of R18 000 in a year. We then moved the daughter to the Ingwe option where her premium was R455 which is R5460 in a year and in total the parents ended up saving over R12 000 a year. Now who would not want an extra R12000 in their pocket. When the students join Momentum Ingwe, it covers the following:
For more information on Momentum Ingwe Medical aid, please click on the link below:
To apply for Ingwe, please contact Tammy in our Health Department tel (011)-658-1333 email to service@daberistic.com. Driving less? Save more! Since the introduction of the Covid 19 lockdown in March 2020 a lot of us are working from home. With this year so uncertain before all of us we want to help our clients to save as much money as possible on their car insurance. Santam and Discovery Insure, our two biggest Car and Home insurance providers, both have excellent options to help you save, whether you drive or don’t drive. Santam - SmartPark If you’re driving less than 15000km a year, you could save up to 20% on your insurance premium with SmartParkTM, brought to you by Santam. “Because if your car’s spending more time at home, you should be spending less on your premium.” Santam website. Discovery Insure Vitality Drive “Vitality Drive is Discovery Insure's unique driver behaviour programme that rewards you for driving well. To encourage you to become a better driver and stay safe on the roads, you get access to a range of service and reward partners.” Discovery Insure website. Mr X – Santam Client Mr X contacted us to assist him in getting a quote for Santam SmartPark as he is working from home and therefore driving below 15 000 km a year. We asked the client to send us the vehicles current odometer reading and the option they would like to quote on. Your premium discount will be based on kilometres predicted to be travelled within your annual policy renewal period and a percentage discount will be granted within each of the following kilometre bands: 0 – 5 000 km 5 001 – 10 000 km 10 001 – 15 000 km Mr X sent us a photo of the odometer reading at 61 300km, he chose the middle option of 5 001 – 10 000 km. Current premium: R 2,090.37 SmartPark premium: R1,945.85 Saving the client R144.52 every month! Which may not sound like a lot but over one year the client will have saved R1,734.24! Which in these financially tough times can be put to better use elsewhere! Click here to read more about this product. Mr K – Discovery Insure Client We did a policy review on Mr K, he asked us to go through the policy with him in detail, so that we can look for opportunities to save money. These are the three ways to to save money:
In total after the policy review the client is saving R705.29 on his R2,232.80 premium. That’s R8,463.48 annually. Click here to read more about engaging with Vitality Drive. To review your policy or get a comparative quote, please contact Marizka in our Short-term department, 011 658 1333, email service@daberistic.com
Author - Marizka Esterhuizen
I had the opportunity to have a financial planning consultation with our Certified Financial Planner Mr. Kevin Yeh the founder and CEO of Daberistic Financial Services. In my meeting with Kevin, he said that I am the co-creator of this financial plan and that my financial success starts with a sound financial plan. We discussed the following points:
A lot of the questions that Kevin asked opened my mind to how I perceive money and how that perception influences how I save and spend money. The session helped me see that by having a financial plan that is written down and put into realistic goals, I am more cognisant of my financial plans for the future. I have also found that my partner and I make better financial decisions and are consciously saving towards a unified goal. Since everyone’s circumstances, planning concerns and goals may change in the future, monitoring actual results and making appropriate adjustments periodically are essential components of your financial plan. Regular updating, at least once every three years, of estimated values to be replaced with actual results and assumptions to be revisited and can be very helpful to determine if your plans are on course. Now the good news is that this year Kevin has decided to assist one young adult every month with a free financial planning session to the value of R3 000! Every month we will ask our loyal readers to submit one individual under the age of 30 to win this phenomenal prize. After a careful selection process, we chose Morningstar Investment Management South Africa in the second half of 2019, to be our Discretionary Investment Manager, to provide model portfolios tailored to our clients' risk profile. So how have they done? I am pleased to report that their South Africa managed model portfolios have done well for our clients in 2020. Despite a very challenging year and the March market sell-off in the face of a hard lockdown, the All Seasons portfolio, which is suitable for aggressive investors, returned 12.26%. The Balanced portfolio, which is moderate, Regulation 28 compliant and suitable for retirement savings, returned 9.44%. Its Tax-free Savings Account portfolio, which is suitable for long-term investment, returned 10.16%. Morningstar Moderate Income, which is designed for pensioners drawing an income from living annuity, returned a very credible 9.45%. Morningstar Investment Management actively manages these portfolios as a Discretionary Manager, on behalf of our clients. As market conditions changed and more information came to light, they effected fund changes during the year, to manage risks and take advantage of new investment opportunities.
If you are interested in getting more information on these managed portfolios of unit trusts, please contact Kevin Yeh on 0836334671 or WhatsApp. Around this time of the year, we would like to remind you to consider topping up your retirement annuity fund and tax-free investment. Retirement Annuity 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: Ms Rama has a monthly salary of R80,000. In December she received a bonus of R100,000. Every month she contributes R5,000 to a personal retirement annuity fund. Her annual income is then R80,000*12 + R100,000 = R1,060,000. The maximum tax-deductible contribution to retirement annuity is R1,060,000 * 27.5% = R291,500. Over the year she has contributed the following to a retirement annuity fund: R5,000 * 12 = R60,000 The additional amount she may top up in his retirement annuity (RA) is R291,500 Less R60,000 = R231,500 Tax-free investment You may contribute up to R36,000 to a tax-free savings account in a tax year. You must calculate how much you have contributed so far since 1 March 2020 and pay the additional amount to your tax-free savings account prior to 28 February, in order to make use of current tax year's allowance. You can also start a tax-free investment in the name of your children. To top up your retirement annuity or tax-free investment, please contact service@daberistic.com Smartphones nowadays are a supercomputer in a small form factor. Premium smartphones can cost a lot of money. iPhone 12 Pro Max and Samsung Galaxy Z Fold 2 can easily cost more than R30,000. It is important to insure these expensive items. I have been waiting patiently for the arrival of iPhone 12 in South Africa (alas, we are always last in line in the world). Finally, it arrived on 18 December, and I upgraded from iPhone 6s Plus to a iPhone 12 128GB, which cost R19,999. I contacted a couple of insurers to get a quote to insure my new phone. Company D quoted R350 per month premium with an excess of R750. Company O quoted R255.60 per month premium, with an excess of R1,660. Both for all risks, which means if my phone is accidentally damaged, stolen, screen is cracked, mechanical failure, it's covered. It is important to note that, if you leave your phone in your car, it must be concealed, hidden, e.g. in a glove compartment, centre console, or car boot, with your car locked. Too often we just leave the phone lying around in the car. If our car is broken into and our phone stolen, the insurer will reject the claim. Based on my back-of-envelope calculation, below will be the reasonable price range to insure your smartphone at various price points:
Remember to backup your apps, data and settings in iCloud for iPhones and Google Drive for Android phones, irrespective of whether you insure your phone or not. Backing up your apps and data will make restoring your phone much easier when you upgrade your phone or get a new phone. Your precious data and photos are not something insurance can buy or backup.
Need to insure your expensive smartphone? Contact Marizka in our Short-term Insurance Department to get quotes and advice, on 011-658-1333, or service@daberistic.com. |
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January 2025
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