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.
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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 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. We would like to remind all our clients who are on Keycare of important changes that came into effect on 1 January 2024. Below we highlight the changes:
Exclusion list: Cover will be provided for these procedures in the case of emergencies or Prescribed Minimum Benefit treatment. The following procedures have been added to the KeyCare series exclusion list: • Tonsillectomies • Myringotomies • Adenoidectomies KeyCare Hospital Network: For the purpose of maintaining the highest quality of care, ensuring efficient healthcare delivery and delivering value for members, the following changes have been made to the KeyCare Hospital Network: Changing from partial cover to full cover network status
What options are available for a KeyCare member if they are unable to access their Primary GP? KeyCare members will be able to change their nominated GP up to three times per year, depending on the member’s chosen KeyCare plan. This change will only be effective from the start of the next month. If a member is unable to change their nominated GP to take effect before needing to see a GP, they can use their out-of-network consultation at a network pharmacy clinic, with referral to a GP if needed. In cases where the chosen GP is away for a prolonged period (due to illness or being on leave) and there is no reasonable alternative available, a member can apply for the claim to be paid as an exception (without using the out-of-network consultation). Which pharmacies can be used for the KeyCare out-of-network consultation? KeyCare members can visit an Unjani Clinic or Netclinic, with over 200 clinics located across South Africa. If you would like apply for medical aid or appoint us your broker contact Lebogang in our Health Department email: service@daberistic.com tell: (011) 658-1333 Source: Discovery Health Offshore investing used to be for wealthy individuals in South Africa however, this has changed over the years with platforms offering a range of different products with various minimums. In this article, we focus on the two most popular products namely an offshore discretionary investment and offshore endowment or sinking fund investment. As with all investments, each investor’s needs and circumstances are unique. Whilst the article below aims to outline the basic characteristics of the different offshore products, it does not aim to give tax or fiduciary advice on these products. We strongly encourage investors to consult their financial adviser for any tax and estate planning advice. The increased number of companies de-listing from the JSE has elevated investor concerns about the investment outlook for SA Equities. The shortage of new listings, the relatively weak performance of local shares and depressed levels of business confidence have further exacerbated fears among market participants. While the de-listing trend is concerning, the debate is actually less about the number of de-listings and more about the level of market concentration and its impact on investment portfolios. In 2024, South Africa will finally see another major change to our retirement system. Although known as the “Two Pot system”, in reality, and for most, it will be a new three pot system. All retirement savings invested before 1 September 2024 will vest in a vested pot (pot 1), while all new contributions after 1 September 2024 will be allocated between a savings pot (pot 2) and a retirement pot (pot 3). Investors aged 55 and older as of 1 September 2024 will only have one pot - if you so choose. |
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January 2025
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