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TAKING CONTROL OF YOUR HEALTHCARE COVER IN 2017

TAKING CONTROL OF YOUR HEALTHCARE COVER IN 2017

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– Brought to you by Verso Health

With high increases for all medical aid schemes in 2017, many members change their options to accommodate the sharp increases on premiums.

Even more reason to ensure that you have cover in place in the event of hospitalisation.

Stratum Benefits cover the gap that exists between what your medical scheme pays and the fee charged for private healthcare. Be sure to get the very best medical shortfall cover you need and the service excellence you deserve.

As your forthright leading medical shortfall specialist, we engineer our products to not only fit, but benefit you and your lifestyle to ensure your medical shortfall is covered.

Stratum Benefits has broadened their scope with the launch of a brand-new product:

Dental Assure

The DENTAL ASSURE option has been cleverly arranged to provide you with essential cover whether you belong to a medical scheme or not.

From basic and affordable dental benefits to specialised dentistry and eye care, you can rest assured that your leading medical shortfall specialist has you covered from as little as R108 per month for the basic dentistry cover for a family of 4.

The specialised dentistry option provides cover for both basic dentistry and a wide range of specialised dentistry, including but not limited to crowns, implants and orthodontic treatment up to R17000 per person. A general 6 month waiting period will apply to specialised dentistry.

Please contact Verso Health for more information.

You have until 12 December 2016 to change your medical aid if you would like to do so.

In consideration of the 2017 increases that will affect most, if not all, medical schemes, it’s good to know what your plan will now cost you, in comparison to others.

Contact your Verso Health consultant to find out what you’ll be paying in 2017.

Remember to send us the plan you’re on so we can send you the increase details.

Call us on 021 943 5302 or email us at [email protected]

Visit our website today at www.verso.co.za

Verso Health is an authorised Financial Services Provider. FSP License no. 45466.

Verso Health is registered with the Council for Medical Schemes. No. ORG4196.

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This article is a general information sheet and should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted. (E&OE)

MEDICAL AID INCREASES 2017

MEDICAL AID INCREASES 2017

discoveryContribution Increase for 2017

A Weighted average between 7.8% and 14.9%

Plan option Increase 2017
Executive 11.9%
Comprehensive 11.9%
Priority 9.9%
Saver 9.9%
Coastal saver 7.8%
Smart plan 9.9%
Coastal core 14.9%
Core 9.9%
Keycare 9.9%


Discovery Health Focuses in 2017

1. Increasing contributions equitably across its membership base without compromising on benefits

2. Expanding the Smart series with access to the Classic Smart plan and Essential Smart Plan for only R1100 per month – 24 % more affordable than the competitor

3. Unique and enhanced benefits for the Classic/Essential Smart include:

  • Unlimited GP consultations
  • Acute medicine benefit
  • Dental check-up
  • Eye test
  • Sports injury benefit
  • Screening and prevention benefits
  • Extended Smart provider and hospital network

4. Coastal Saver medical savings account changed from 25% to 20 % annual MSA.

5. Targeted benefits for at-risk members:

  • Enhanced individualise approach to the Screening and Prevention Benefit,
  • Health check benefits for members with results that are out of range for their glucose and cholesterol tests.
  • Breast cancer and cervical cancer screening with one mammogram or breast MRI test per year, annual Pap smear and BRCA testing (once off).


momentum

What’s new in 2017?

The average 2017 contribution increase announced for Momentum Health members is 11%.

Momentum Health has maintained medical scheme benefits (and increased limits) in line with its strategy not to reduce members’ access to benefits.

One of the client-centric healthcare offerings from Momentum that serves to complement the medical scheme experience is its Health Returns offering. In conjunction with Multiply, Momentum’s rewards and wellness programme, it will enable greater monetary rewards (of up to R2 000 per family per month) and more choice in terms of how and on what clients spend these monthly rewards to enhance their health and state of wellness.

Extending healthcare cover to staff and domestic workers will form part of the holistic, client-centric healthcare solutions available from Momentum during 2017.

Ingwe Option:

1. Major Medical Benefits

  • The overall annual limit will be increased to R1 190 000 per family.
  • Annual sub-limits for in-hospital benefits have also been increased.


2. Chronic and Day-to-day Benefits

  • Out-of-network GP, casualty or after hours visits – co-payment will be R100 per visit and no longer 10% of the event.
  • Chronic and Day-to-day benefits will continue to be provided by the Ingwe Primary Care Network or Ingwe Active Primary Care Network providers


Custom Option:

1. Major Medical Benefits

  • Annual sub-limits for in-hospital benefits will be increased, except for oncology.
  • The Custom Option co-payment that applies per authorisation will increase to R1 200.
  • Co-payments payable for the specialist referral procedures/treatment will increase to R500 per authorisation if the procedure/treatment is performed out-of-hospital. If the procedure/treatment is performed in-hospital, the co-payment will be increased to R1 200. An additional R700 co-payment will apply if you do not obtain an appropriate GP referral
  • The costs of anaesthetists for gastroscopies and colonoscopies will be covered up to R425, subject to pre-authorisation.


2. Chronic Benefits

  • Chronic Benefits are still subject to registration and Scheme authorisation. If you are currently registered for a chronic condition, please remember that scripts are valid for 6 months and you need to submit a new script to us and your pharmacy once your script expires.
  • Remember that you need to obtain your chronic benefit from your chosen chronic benefit provider.


3. Health Platform Benefits

  • The additional free early detection and preventative care benefits available on the Health Platform continue in 2017.
  • Your international emergency cover will increase to R7.66 million for 2017.

 

bonitas

Why Bonitas?

An average premium increase of 11.9% announced across all plan options.

Research amongst consumers showed a need for more options with more traditional benefits.

Structural changes have been made to Standard and Standard Select and a brand new option BONCOMPLETE has been launched for 2017.

  • Standard and Standard Select: savings account has been removed and has been changed to Day-to-day benefits
  • Separate benefits not impacting on utilisation


BONCOMPLETE:

  • Savings account and above threshold benefit
  • Additional benefit for basic dentistry
  • Cover for 31 chronic conditions
  • Childhood illness. Infant paediatric and maternity benefits
  • Annual wellness screening and R1450 for Wellness Extender
  • No co-payments for CT and MRI’s
  • Contributions from R2923 for principal member


Contact us:

Call us on 021 943 5302 or email us at [email protected]

Visit our website for more information: www.verso.co.za

INTRODUCING VERSO SPOTLIGHT

INTRODUCING VERSO SPOTLIGHT

Find us: Facebook, Twitter or Email.

I am extremely proud to announce the launch of our quarterly newsletter, Verso Spotlight.

As part of the Verso Online Community, you will receive our highly informative newsletters and other notifications that will include:

  • Interesting financial, health, wealth and business related articles relevant to our field of services and expertise;
  • Information concerning our Group and the various Companies’ activities.

In this edition we will introduce Verso Agri Consult and the Verso InTouch mobile app. We also share steps on how to achieve financial freedom and optimising your medical aid scheme benefits.

We hope you enjoy these insights on the various topics and we invite you to share your comments on our blog page.

Yours sincerely,

Christi Franken

Group Chief Executive

Verso

 

A BLOOMING BUSINESS

A BLOOMING BUSINESS

Through the launch of Verso Agri Consult earlier this year, Verso pro-actively expanded into the agricultural development sector to contribute to the innovative initiatives in farming and by-product expansion.

Food sources have become one of the most important issues of our time. The World Bank has estimated that the agri-business market in Africa will reach $1 trillion (being three times the current market) by 2030. New technologies in the agricultural sector are paving the way for innovative solutions to the environmental challenges faced.

The core purpose of Verso Agri Consult is to identify new farming techniques that will be sustainable in today’s changing environment. The approach of the Verso Agri Consult team is to assist farmers in the Southern African region to adapt their crops to suit  the changing environment.

Verso Agri Consult managing director, Jorrie Mulder, understands the issues farmers are faced with, and is implementing novel practices to assist farmers. “Climate change is affecting many areas of farming and as such all crop types are being affected.“ We cannot use the same approach as we have done in the past because the conditions simply are no longer the same,” explains Jorrie.

Jorrie has more than 15 years’ experience working with various types of produce and has seen first-hand the major problems faced by South African farmers. This is what has led him to develop new solutions for tackling these concerns. “The company is solution driven, so when a client comes to us our main focus is to find the best possible solution for their business” adds Jorrie.

Verso Agri Consult services clients across the industry. This includes sourcing produce for supermarket retailers, assisting farmers to plan and to setup new crops (be they small or large). The company is also lending its input to the rapidly expanding business of by-product development, which extends the use of produce to creating oils, creams and environmental household products.

– by Wouter Hugo

If you would like to find out more on Verso Agri Consult and the services they offer, you can do so by visiting our website. To contact our agricultural consulting team, click here.

For cited sources, click here.

This article is a general information sheet and should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted. (E&OE)

MEMBER SPOTLIGHT: SAVERS SUCCESS STORY

MEMBER SPOTLIGHT: SAVERS SUCCESS STORY

Encouraging members to save more for retirement is one of our core focus areas. The employees of a participating employer in the Verso Umbrella Retirement Pension Fund saw the advantages in long-term savings and took the initiative to increase their own contribution rate in order to enhance their retirement savings. This will have long-term benefits for members as the cumulative effect on the increased contributions together with the favourable tax treatment on contributions will ensure that these members have a more comfortable environment.

Verso Financial Services hosts member sessions in order to educate and keep members informed on any changes in the retirement funds industry or within their fund. The member sessions are presented by a Verso consultant and usually take place at the members’ place of employment.

One of the aims of the member sessions is to educate members of the importance of saving for retirement and they are encouraged to make additional contributions to their retirement fund to boost their savings.

During one of the member sessions with this participating employer our savers success story members were told about the advantages of saving more.

Following this session, some of the members requested that the fund rules be amended so they could increase the member contribution rate. These members then started to contribute to the retirement fund at a higher rate.

We are proud of the initiative taken by this participating employer’s employees to increase their retirement savings every month. Understanding the importance of saving for retirement will pay off in the long term.

If you want to find out more on the Verso Umbrella Retirement fund click here.

This article is a general information sheet and should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted. (E&OE)

MAKING THE MOST OF YOUR MEDICAL AID

MAKING THE MOST OF YOUR MEDICAL AID

Choosing a medical aid plan is considered to be one of the most complex decisions you will make. Every medical aid plan has different limits and exclusions, and the more basic the plan the more limited your options are. It is therefore essential to understand the terms and conditions of the option you choose.

Here are 4 steps to help you optimize your benefit from your medical aid scheme.

  1. If you need to undergo a medical procedure, ask you medical scheme to provide you with a list of Designated Service Providers (DSP’s) for the procedure and other medical products that you require. These providers usually have agreements with the medical schemes for non-prescribed minimum benefits as well.
  2. Request the codes that will be charged by the surgeon (DSP). This will include the procedure codes and codes for any other medical products that are required.
  3. Discuss the medical scheme tariffwith your surgeon and negotiate the price that you will pay.
  4. Determine if there is likely to be a shortfall, and if there is, speak to your broker to advise you on a suitable Gap Cover to provide cover for these shortfalls.

Do you know your PMB’s?

Prescribed Minimum Benefits (PMB’s) are a set of defined benefits that ensure all medical scheme members have access to certain minimum health services. This means that on any plan you choose, your PMB’s will be covered.

PMB’s are prescribed in the Medical Schemes Act, which stipulates that all medical schemes have to cover the costs related to the diagnosis, treatment and care of:

Ensure your chronic illnesses are registered to ensure that the treatment thereof is paid from your risk benefit and not from your medical savings account.

– By Sharon Rix

Verso Health (Pty) Ltd is an authorised Financial Services Provider with license number 45466 and is accredited by the Council for Medical Schemes with the number ORG4196. To find out more on what Verso Health offers click here.

This article is a general information sheet and should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted. (E&OE)

HOW TO ACHIEVE FINANCIAL FREEDOM

HOW TO ACHIEVE FINANCIAL FREEDOM

There is a big difference between being financially independent and being rich. Too many people waste their chance of achieving financial freedom through paying interest on loans, debt and luxury purchases. Everyone should strive to be in a position to choose between working every day of their life or doing the things they have a passion for. Here are 3 steps to help you get on track to achieving financial freedom.

1. Get clear and defined financial goals.

I want to retire at age 60 with sufficient assets (investments and savings) that can provide me with 85% to 100% of my current annual income.

2. Develop a plan and stick to it.

Once you’ve defined your financial goal, you need to develop a plan for how you’re going to achieve it. Below are 4 guidelines that will assist you to structure your plan.

a. Pay yourself first.

Rather than paying your debt and liabilities first, determine the amount you want to save and put that away. Then follow-up on the outstanding payments you need to make.

b. Manage unproductive debt.

These are debts and loans on assets that will not produce income. If you have debt, try to pay it off as quickly as possible so you can be debt free. Having a plan for how you will pay it off can help.

c. Have an emergency fund.

This should be equal to the total of 3 months’ expenses.

d. Grow your productive assets.

Productive assets are assets that have the ability to deliver income and capital growth on a regular basis. This could be investing in a secondary property to generate rental income. A good objective is to grow your productive assets to an asset value of 20 times your yearly expenses.

Once you have your financial goal and a plan for achieving it in place, it’s important to keep it up to date. This leads us to the final step.

3. Review and Adjust Your Plan.

It’s important to review and adjust your goals continuously especially in the case of any life changing event such as marriage.

Once you have an idea of the financial goals you want to achieve, a qualified financial planner can help you to realise those goals.

If you would like to have your current financial plan reviewed, or speak to one of our planners to assist you in establishing a financial plan, you can contact any of our Verso Wealth branches nationally, here.

– by Wessel Oosthuizen

Verso Wealth (Pty) Ltd is an authorised Financial Services Provider with FSP license number 46260. To find out more on their services offered, click here.

This article is a general information sheet and should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted. (E&OE)

LAUNCH OF THE INTOUCH MOBILE APP

LAUNCH OF THE INTOUCH MOBILE APP

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Earlier this month Verso Financial Services launched its very first mobile app that caters for the needs of members of funds administered by Verso Financial Services .

The InTouch mobile app allows exclusive access to personal fund information for clients of Verso Financial Services.  Members can view their fund value, access annual benefit statements as well as manage and update their contact details and beneficiaries securely and easily from their mobile device.

– by Edward Thomson

To download the app, visit our website at www.verso.co.za or send an email to [email protected] for more information.

Please note: In order to use the InTouch mobile app you need to be a member of a fund administered by Verso Financial Services (Pty) Ltd. To register to use the app you must submit your mobile number to www.verso.co.zaclient logincreate a new user account.

Verso Financial Services (Pty) Ltd is an authorized Financial Services Provider with FSP license number 14985.

This article is a general information sheet and should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted. (E&OE)