As per the October 2021 report, South Africa had five areas (out of 40) of non-compliance, 15 areas of partial compliance, 17 areas of being largely compliant and three areas of being fully compliant. South Africa was then given time to address these concerns, however, we couldn’t do so adequately in the time given and were subsequently added to the Greylist on 24 February 2023. For those looking for a more detailed refresher, please refer to our March 2023 article.
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In March 2024 the Johannesburg Stock Exchange (JSE) will implement the first phase of its Index Harmonisation project. The first phase will, initially, align the weighting methodologies of what the JSE are calling their ‘vanilla’ indices [which includes the FTSE/JSE All Share Index (ALSI) and the FTSE/JSE Top 40 Index] with those of their Shareholder Weighted (SWIX) variants. The second phase of the project will see the termination of the SWIX indices and the effective collapse of the vanilla and SWIX indices into one set of benchmark indices. It has not yet been announced when the second phase will be implemented. Discovery Insure has shared that in the past few months they have seen an increase in the number of queries about wear and tear. They shared this Smart Tip which provides clarity on what wear and tear is and how to mitigate against it. What is wear and tear? Wear and tear refers to the gradual damage or deterioration that happens over time because of regular use, ageing and exposure to various environmental factors. Some common examples of wear and tear
Why is wear and tear not covered? Insurance provides cover for sudden, uncertain and unforeseen events. Wear and tear occurs gradually over time, and this can be foreseen or even expected. Therefore, wear and tear is not an insurable event. With good maintenance and proper risk management, wear and tear can be minimised. Tips to reduce wear and tear
Source: Discovery Insure This comes as no surprise, but us as human beings prefer immediate gratification. In fact, research indicates that 55% of people will prioritise immediate consumption over putting money away for the future. This is known as ‘present bias’ – we don’t like thinking about the future and we mistakenly assume we will have time to make up any deficit by startingto save and invest later. I am sure that this sounds very familiar to you as a financial adviser, and you probably encounter this too often with your clients. 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 Taking control of your medical expenses has become increasingly vital as healthcare costs continue to climb. Finding the right healthcare cover, one that is affordable and aligns with your healthcare needs, is the initial step. We offer insights into how you can save on healthcare costs by leveraging networks, Designated Service Providers (DSPs), opting for virtual care, and choosing generics to maximise your benefits. Utilising Networks One effective method to reduce monthly medical aid contributions without compromising care is opting for a network plan. Generally 15% to 20% cheaper, these plans require members to use network hospitals. Networks negotiate favorable tariffs to minimise out-of-pocket expenses and enhance value. If you choose a network plan, ensure there are doctors and facilities in your area. Be aware of co-payments for not using a DSP or network, but note that network options are waived for emergencies. Co-payments Practitioners and hospitals often charge above medical aid rates, resulting in co-payments, the portion for which you're responsible. These vary among schemes. Tariffs and Payment Rates Each scheme has a rate of payment for services rendered. Understanding this is crucial to avoid surprises. Notably, 100% of the scheme tariff doesn't necessarily cover the entire bill. Virtual Care Technology-driven innovations like virtual integration offer convenient healthcare access while minimising monthly contribution costs. Designated Service Providers (DSPs) By using DSPs, you limit out-of-pocket expenses, co-payments, and maximise annual benefits. Generic Medicines Generics offer cost-effective alternatives to brand-name drugs, often 30% to 80% cheaper, with equivalent efficacy and safety. Benefits Plan benefits vary, so read the fine print to understand coverage. Gap Cover This insurance policy covers the difference between what the medical scheme pays and the provider charges for treatments. Medical Savings Schemes allocate an annual fixed amount for medical savings. Ensure this suits your needs. Managed Care Addressing lifestyle diseases, Managed Care programs help manage chronic conditions like cancer, diabetes, and mental health. By utilising supplementary benefits smartly, you can save significantly on day-to-day expenses such as medication and screenings. Maximise your medical aid benefits wisely to access quality healthcare and extend your coverage effectively. |
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January 2025
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