Focus on the HealthSaver

Below is information about focus on HealthSaver+

HealthSaver is a valuable tool that allows you to set aside funds specifically for medical expenses. This includes a wide range of costs, from vitamins and supplements to cosmetic surgery and various other healthcare-related services. As an added benefit, you can earn HealthSaver rewards of up to 10% on your positive HealthSaver balance. This percentage is determined by a combination of your Healthy Heart Score and your fitness assessment results, encouraging you to maintain a healthy lifestyle.

The HealthSaver account is not only affordable, with an administration fee of just R40 per year, but it also stands out as the most convenient method for covering treatments and procedures that are not included in your medical scheme benefits. There are several flexible ways you can utilize your HealthSaver funds, including:

First, you can use your HealthSaver funds to pay your Momentum Medical Scheme contribution, provided you are the one responsible for making the contributions and your account has a positive balance. This feature can help you manage your healthcare expenses more effectively.

Additionally, HealthSaver funds can be allocated to support your child's education, providing a financial resource for tuition or other related costs. You can also purchase a healthcare voucher for someone in need, allowing them access to a general practitioner, dentist, or optometrist, even if they are not a member of the medical scheme.

Furthermore, the funds can be used to enhance your retirement savings, ensuring that you are financially prepared for the future. HealthSaver also allows you to cover non-medical expenses at pharmacies and veterinarians by utilizing your HealthSaver Card, as well as purchase fitness devices to promote a healthier lifestyle.

It is important to note that you can maintain a HealthSaver account without making regular contributions. The account can simply serve as a repository for the HealthReturns+ that you earn, allowing for easy management of your health-related finances.

To help you track your health activities and achieve your fitness goals, you can use your HealthSaver funds to purchase a fitness device. This means that you can effectively acquire or upgrade your fitness device at no additional cost, as you can pay for it using the HealthReturns you have already accumulated. Alternatively, if you have applied for a credit facility on your HealthSaver account, you can purchase a fitness device using that credit with minimal penalties, depending on your Healthy Heart Score and fitness assessment results.

Let’s delve deeper into some specific healthcare-related expenses that can be covered using HealthSaver funds:

First, you can pay for visits to general practitioners, consultations, and prescription medications. Additionally, you can cover costs for medication that has a NAPPI code, ensuring that you have access to essential treatments. Services provided by registered healthcare professionals can also be paid for, provided they have an appropriate tariff code. This includes specialized dentistry, which often exceeds standard scheme benefits, as well as treatments that are excluded from your medical scheme, such as cosmetic procedures.

Moreover, HealthSaver funds can cover co-payments required for hospitalization, MRI and CT scans, or prescription medications. You can also utilize these funds for virtual consultations and prescription services through Hello Doctor, as well as for fitness assessments conducted by professionals in Multiply’s health network. For a complete list of available health professionals, you can log in to the app or visit multiply.co.za.

HealthSaver funds can also be used to purchase fitness apps or devices that are integrated with Multiply, and you can claim gym fees from Multiply-affiliated gyms. If you submit your bank statement or an invoice showing your gym fee payments, you will be reimbursed from your HealthSaver account.

HealthSaver Card

The HealthSaver Card provides you with convenient access to your HealthSaver funds. If you are an international student enrolled in the Ingwe Option, you can use your passport to apply for a HealthSaver Card. This card allows you to make payments for various healthcare purchases and services at a wide range of providers and retailers, including:

• Doctors, hospitals, and pharmacies;

• Dentists and orthodontists;

• Medical services, including medical and dental laboratories;

• Supplies for medical, dental, ophthalmic, and hospital equipment;

• Providers of orthopedic goods, such as prosthetic devices;

• Osteopaths, chiropractors, chiropodists, and podiatrists;

• Optometrists, ophthalmologists, opticians, and prescription glasses;

• Nursing and personal care services;

• Ambulance services;

• Hearing aid sales and supplies;

• Veterinary services.

You can easily view your purchases made with the HealthSaver Card on your monthly statement or through the Momentum App. To order a HealthSaver Card, simply send an email to [e-mail], including your Momentum Medical Scheme membership number, delivery address, contact person's name, surname, cellphone number, and email address.

HealthSaver Card fees

When applying for a HealthSaver Card, there are several fees that will be deducted from your HealthSaver account:

• Primary card fee: R180 per year;

• Fee for each additional card ordered: R15 per month;

• Card re-issue fee: R100;

• Urgent delivery fee: R100;

• Unsuccessful delivery fee: R100;

• Declined transaction fee: R4;

• Pin change fee: R2;

• Dispute fee (if not resolved in your favor): R200.

Want to know more about the HealthReturns you can earn?

Members of Multiply Inspire have the potential to earn up to R250 a month in HealthReturns, while those enrolled in Multiply Inspire Plus can earn as much as R1,000 per month. You can start accumulating HealthReturns from the very first day you take steps to enhance your mental and physical health. To get started, log in to the Momentum App and complete the quick Lifestyle Quiz under the Multiply section. This will grant you access to the Digital Coach, which provides daily tips on improving your eating, sleeping, movement, breathing, and social connections. Additionally, you will have access to Wysa, your personal and confidential mental wellness companion, available 24/7 to support you whenever needed. This service is private and user-friendly, ensuring you have assistance at your fingertips.

You can earn HealthReturns by completing your health and fitness assessments, achieving your Weekly and Monthly Wins, and ranking highly on the leaderboard. Furthermore, you will earn HealthReturns when you shop at selected Multiply partners.

All HealthReturns earned are deposited into your HealthSaver account and contribute to your HealthReturns Booster balance.

Show you care and donate a healthcare voucher to anyone in need

To help others in your community, you can use any positive balance in your HealthSaver account to purchase a healthcare voucher. This voucher can be used to cover a GP visit, eye care, or dental care for someone in need. You can buy a NetcarePlus voucher online using your HealthSaver Card. Simply visit netcare.co.za/netcareplus to purchase a virtual or face-to-face GP visit, which can include medication, as well as eye care or dental care vouchers. The recipient can then use the voucher to consult with a NetcarePlus GP, dentist, or optometrist.

Who is eligible for HealthSaver?

All members of the Momentum Medical Scheme are eligible to enroll in HealthSaver. You can easily sign up for a HealthSaver account through the Momentum App, which provides immediate access to the benefits. Even if you have a waiting period on your medical scheme, your HealthSaver account will be available to you as soon as you join.

FICA

In compliance with the Financial Intelligence Centre Act (FICA), we must successfully perform FICA verification on all members applying for HealthSaver before we can activate the account. If we do not receive the necessary information, we will be unable to activate your HealthSaver account. For online applications made via the web or the Momentum App, please follow the prompts to submit the required documents or information for the FICA process.

Not sure whether to contribute or not?

It is not mandatory to make contributions to your HealthSaver account; it can simply serve as the account where you receive your HealthReturns. If you wish to set aside additional funds for everyday healthcare expenses by contributing monthly, you have the flexibility to choose the amount, and you can easily adjust that amount as needed.

If you decide to make monthly contributions, the minimum contribution is R100, while the maximum amount for debit orders can reach R11,500 per month. You also have the option to apply for a credit facility. The annual credit facility you qualify for is determined by your monthly HealthSaver contribution. For example, if your contribution is R500 per month, your annual credit facility would be R6,000. The maximum annual credit allowed is R36,000, which is based on a monthly contribution of R3,000, and is subject to the requirements of the National Credit Act (NCA). Additionally, you can make lump sum deposits alongside your monthly contributions, but lump sum deposits of R50,000 and above will undergo Anti-Money Laundering audits.

An annual administration fee of R40 will be charged and deducted in January of each year. Please note that cash withdrawals and transfers are not permitted. If you cancel your Momentum Medical Scheme membership or HealthSaver account, any positive balance in your account, excluding HealthReturns, will be paid out to you after a four-month waiting period to allow for the processing of any outstanding claims.

Applying for credit

Applying for credit is a straightforward process that can be completed in real time. When you apply for credit, whether it is a new application or a change to your existing HealthSaver credit, you will be given the opportunity to accept the credit terms before Momentum grants the credit. You will receive a communication prompting you to confirm your acceptance of the credit terms. If we do not receive your acceptance within the specified time frame—60 days for members linked to employer groups and 30 days for individual applicants—your HealthSaver account will be activated without a credit facility. The credit granted will be pro-rated for the calendar year.

Employers wishing to extend the HealthSaver credit facility to all employees, regardless of their compliance with NCA requirements, can consider signing the Momentum Deed of Suretyship for employees who do not meet these requirements. We employ a predictive scoring system to determine the penalty rate applied to your credit, taking into account your financial records and current credit status. Penalties on credit are calculated at the end of each month based on the daily changes in your HealthSaver balance.

If you utilize the credit facility, a penalty of prime plus 6% will be charged. This penalty rate may fluctuate in response to changes in the prime lending rate. As the principal member, your Healthy Heart Score and fitness assessment results can potentially reduce the penalty you pay on credit to 0%, while also enabling you to earn up to 10% in HealthSaver rewards on your positive HealthSaver balance.

To qualify for HealthSaver rewards, you must make a deposit into your HealthSaver account.

The discount on HealthSaver credit penalties is calculated monthly based on retrospective data and will not be adjusted during that month, even if there are adjustments to your fitness assessment results or Healthy Heart Score. If you have not completed your annual health assessment, we will not have access to your Healthy Heart Score, which means we cannot apply the discount on credit penalties or HealthSaver rewards on your positive balance. Similarly, these benefits will not be available if you do not comply with any chronic requirements that may apply to you under the HealthReturns program.

How to claim from HealthSaver

You can utilize your HealthSaver funds to pay claims for yourself and your registered dependants under the Momentum Medical Scheme. Claims are submitted through the standard administrative process, and you will receive monthly statements detailing the amounts paid out and your available balance. To submit claims, ensure that you provide a valid practice number along with the appropriate tariff code or NAPPI code.

You can opt for your HealthSaver claims to be paid at cost, or you can choose to have them paid up to 200% of the Momentum Medical Scheme Rate. If you do not select the cost option and later require payments exceeding these rates, we will need your explicit permission to proceed.

For claims related to fitness devices, simply send the invoice along with your proof of payment to us via email at [e-mail]. If you wish to claim for gym membership fees, submit your bank statement or an invoice indicating that you have paid your gym fees (ensure that you have joined this gym through Multiply) to [e-mail]. Remember, the gym must be affiliated with Multiply; you can log in to multiply.co.za to view the list of affiliated gyms.

If you use your HealthSaver Card at a healthcare provider, you will receive an SMS notifying you that you may submit a claim for a potential refund from Scheme benefits. To process the claim, email the healthcare provider's account, along with the reference number provided in the SMS and the Point of Sale (POS) receipt, to [e-mail]. If you would like the payment to be recorded solely for tax purposes, please clearly indicate that on the claim and submit it in the same manner.

Tax implications

The tax treatment of HealthSaver differs from that of medical scheme savings. Medical scheme savings are included in your medical scheme contributions, while contributions made to HealthSaver are funded from after-tax income. It is important to note that HealthSaver contributions are not tax-deductible; however, most expenses paid through HealthSaver are tax-deductible in the same manner as healthcare expenses you incur personally.

You will receive a HealthSaver tax statement that can be used as proof of the healthcare expenses paid throughout the tax year. Deductions can be made accordingly, provided that all healthcare spending not covered by the Scheme is documented in the HealthSaver statement, meaning that no additional receipts are required. The tax certificate will include descriptions of the healthcare expenses paid, as mandated by SARS. However, any nondeductible items, such as gym fees and fitness devices paid for with your HealthSaver funds, will not be included on your tax certificate.

Transactions made using your HealthSaver Card will not appear on your tax certificate.

Contribution holidays

If you maintain a positive balance in your HealthSaver account, you can apply for a contribution holiday. If your application is approved, your credit facility will be suspended, but claims will continue to be paid from your available HealthSaver funds.

Funding education expenses from HealthReturns Booster

You have the opportunity to utilize any HealthReturns Booster balance to cover your child dependants' education expenses once a year (fees applicable for the current year only), provided that there is at least R5,000 remaining in your HealthSaver account.

To qualify, your dependants must be registered under your Momentum Medical Scheme membership. This funding option is available in February and March each year. To receive reimbursement, you will need to submit invoices from officially registered educational institutions along with proof of payment.

Payment of medical scheme contributions from HealthSaver

This option is available if you pay your contributions directly to the Momentum Medical Scheme. In other words, if your contributions are deducted from your salary (i.e., paid by your employer), you will not be able to use your HealthSaver funds to cover those contributions.

If you would like to pay your medical scheme contributions using your positive HealthSaver balance, you can contact us through the web chat facility on momentummedicalscheme.co.za, email us at [e-mail], send us a WhatsApp message, request assistance via the Momentum App, or call us at 0860 11 78 59.

Please take note of the following:

• You or your financial adviser will need to inform us of how many months’ contributions you wish to fund from your HealthSaver account.

• We require your request to be submitted at least seven working days before the 1st of the month.

• Medical scheme contributions can be funded from positive HealthSaver funds (both actual and Booster balances).

Contributions can only be funded up to December 1st of the same year and cannot extend into the following calendar year. If the criteria above are met, and your request is approved, the total amount for the requested number of months will be paid from your HealthSaver account to the Momentum Medical Scheme. Should you wish to discontinue funding your medical scheme contributions from your HealthSaver account before the requested number of months is completed, please contact us at least seven working days before the 1st of the month. Any unused balance of the amount paid to the Momentum Medical Scheme will be refunded into your HealthSaver account.

Transfer of funds to FundsAtWork

If you have accumulated excess funds in your HealthSaver account, you have the option to invest some of these funds to enhance your retirement savings. Once a year, if your HealthSaver balance exceeds R5,000 (excluding any credit facility) and you are an active contributing member of the FundsAtWork Umbrella Pension or Provident Funds, you can transfer your excess HealthSaver funds to FundsAtWork. For instance, if your balance is R20,000, you would be able to transfer R15,000.

Transfers will be available in November of each year. If you wish to take advantage of this offer, please inform us by no later than November 30th. You can email us at [e-mail], or contact us via WhatsApp or phone at 0860 11 78 59 to request the transfer. The actual transfer of funds will occur no later than January 31st of the following year, and you will receive a letter from FundsAtWork confirming the transfer values. The amount transferred will be recorded as an additional voluntary contribution (AVC) in the FundsAtWork Umbrella Fund, which you can claim as a tax deduction from SARS, provided your total contributions do not exceed the legislated maximum amount. The funds transferred into FundsAtWork will be invested in the same investment portfolios as your future contributions.

Transfer of HealthSaver funds to another Momentum Medical Scheme member

Members of HealthSaver have the ability to transfer funds from their active HealthSaver account to another member's active HealthSaver account within the Momentum Medical Scheme. If the recipient member already has an existing active HealthSaver account, the funds will be directly transferred from one account to another. However, if the recipient does not have an active HealthSaver account, they will be prompted to open one, as this is a requirement for the transfer to occur.

It is important to note that cash transfers from a HealthSaver account to a bank account are not permitted. Members may transfer actual balances to another HealthSaver account. If the member is a dependant on the other membership, with no break in membership, Momentum will allow you to transfer the HealthSaver booster balance as well.

If you wish to transfer funds from one active HealthSaver account to another, please contact us via the web chat facility on momentummedicalscheme.co.za, email us at [e-mail], send us a WhatsApp message, request assistance through the Momentum App, or call us at 0860 11 78 59.

Adding funds to HealthSaver

You have the option to make ad-hoc deposits into your HealthSaver account using the following banking details:

Bank: First National Bank

Account name: Momentum Health Solutions (Pty) Ltd – Momentum HealthSaver

Account number: 62176002469

Account type: Current account

Branch code: 22 36 26

Branch name: Corporate Account Services – Durban

When making a deposit, please use "HS" followed by your Momentum Medical Scheme membership number as the beneficiary reference (e.g., HS123456). It is crucial to use the correct reference number and to email a copy of your deposit slip as proof of payment to [e-mail], ensuring that your funds are allocated correctly.

What happens if you cancel your Momentum Medical Scheme membership or HealthSaver account?

If you decide to cancel your Momentum Medical Scheme membership and/or your HealthSaver account, your HealthSaver balance will be disbursed to you after a waiting period of four months. This waiting period allows for the processing of any outstanding claims. However, please note that any funds earned from HealthReturns will be forfeited, and no HealthSaver rewards will be payable during the four-month period. If you cancel your HealthSaver account and do not claim your positive balance within four months of the cancellation date, a monthly administration fee will be charged from the fourth month onward to cover the costs of maintaining the dormant account.

What happens if your HealthSaver account is suspended?

In the event that your HealthSaver account is suspended, we will retain your HealthReturns for a period of three months. If your account is reinstated within this timeframe, your accumulated HealthReturns will be deposited back into your HealthSaver account. If your account is not reinstated within three months, you will forfeit your HealthReturns.