SHORT-TERM INSURANCE AND MEDICAL AIDS

Wealth Viewpoint | November 2023

Dear Client

Welcome to our November 2023 edition of FC Viewpoint.

IN THE NEWS:

The JSE All Share Index is on 73 894 as of Thursday 16 November 2023. This slightly higher than the 73 391 on Thursday 12 October 2023.
1 US Dollar will cost you R18.25; 1 Pound = R22.66 and 1 Euro = R19.84.
Annual consumer inflation (CPI) are at 4,8% .
The prime lending rate in SA is 75% per annum.
The price of Oil is $81 per barrel.

THIS MONTH’S TOPIC: SHORT-TERM INSURANCE AND MEDICAL AIDS

Short-term insurance

With the festive season ahead of us, please be vigilant and take extra care of your belongings as the claim statistics have shown a significant rise of claims during this period. Also remember to take note of earlier debit order dates as some insurance companies will collect earlier than usual during the month of December.

For prospective policy holders, please note that no insurance company will take in new business between 15 November and 15 January from an individual who hasn’t had short-term insurance before or who had any claims within the 3 months prior to this.

Medical Aid and Gap Cover

Q: What is Gap Cover and why do I need it?

A: Gap Cover can only be activated if you have an existing medical aid or hospital plan. It typically covers the difference between what the hospital charges and what the hospital plan pays. For example, if you have a 200% hospital plan, and the specialist charges 250%, the gap cover will pay 50% and the hospital plan will pay 200%. The gap cover will also only pay out if the hospital plan/medical aid will pay for a portion of the bill.

Q: What is the difference between a traditional, new generation and hospital plan?

A: The Traditional option offers day to day cover where they split your benefits into different sections and the New Generation pools everything together into one savings account in order for you to choose where you spend the funds. A hospital plan only covers in-hospital procedures with no day-to-day benefits.

Remember, If you need to upgrade your medical aid plan, you can apply for the upgrade during the month of December. No more changes will be accepted after the 31^st of December. You can downgrade your plan at any time during the year.

SLIDE OF THE MONTH: DOLLAR PRICE IN ZAR

TO CONCLUDE

We, at FC Wealth and Investments, are passionate about financial control, helping our clients to get control over their financial matters, keep control, understand their spending and to build lifelong wealth in the process.

We would like to invite you, to make us part of your financial journey, in good and in challenging times and every life changing event in between. Feel free to call us, or to book a physical or online meeting, we are here for you.