Focus on the HealthSaver Terms and Conditions

The following outlines the terms and conditions associated with the HealthSaver account:

1. The individual who holds the HealthSaver account is a member of the Momentum Medical Scheme, hereinafter referred to as "the scheme." This membership is essential as it ties the account holder to the benefits and responsibilities outlined within the scheme.

2. Momentum has been designated as the agent acting on behalf of the account holder. This means that Momentum is tasked with managing the HealthSaver account and handling all administrative functions related to it. This responsibility encompasses all forms of interaction and communication with both account holders and their beneficiaries, ensuring that all inquiries and issues are addressed efficiently.

3. All funds intended for investment in the HealthSaver account will be collected by Momentum. Payments can be made through a debit order or via an arrangement with the account holder's employer to deduct the specified amount directly from the account holder's salary. Once collected, these funds will be deposited into an account held at a registered South African bank, adhering to the stipulations set forth in the Protection of Funds Act of 2001. Momentum will deduct any amounts it is entitled to under this agreement before transferring the remaining funds.

4. Momentum retains the right to refuse any application for the HealthSaver account at its discretion. This means that not all applicants are guaranteed acceptance, and Momentum may have specific criteria that influence their decision.

5. An annual administration fee of R40 will be charged to maintain the account. This fee is essential for covering the administrative costs associated with managing the HealthSaver account.

6. In compliance with the Financial Intelligence Centre Act (FICA), Momentum is mandated to conduct verification checks on all members who apply for the HealthSaver account, as well as on those who already hold an account. This verification process ensures that all account holders are properly identified and that their information is accurate.

7. Successful completion of the FICA verification is a prerequisite for activating the HealthSaver account. If a member is unable to provide the necessary information required for FICA verification, they will not have access to the HealthSaver product.

8. FICA stipulates that an accountable institution, such as Momentum, must engage in ongoing due diligence concerning its business relationships. This includes the continuous monitoring of transactions conducted throughout the duration of the relationship to prevent fraudulent activities and ensure compliance with financial regulations.

9. The specific information required by Momentum for FICA verification includes: the identity or passport number of the account holder. If a passport number is submitted, a copy of the passport along with the country of origin is also necessary. Additionally, if the person making contributions differs from the account holder, their identity or passport number is required, along with similar documentation if a passport is provided. In cases where a company is the contributor, the company name and registration number must be provided unless a company application form has already been submitted. For trusts, documentation such as a trust deed or a letter of authority from a competent registering authority is required, ensuring that all trustees are properly identified.

10. As part of the FICA requirements, the account holder must disclose the source of funds that will be used to make contributions. This could include income from salaries, commissions, rental income, dividends, pension or provident fund payments, or other specified sources.

11. Each account holder has the autonomy to determine the monthly contribution they wish to invest in the HealthSaver account. However, a minimum monthly investment of R100 is required if contributions are made via debit order, although Momentum may adjust this minimum amount at its discretion. Account holders are allowed to modify their monthly investment amounts and can also make additional contributions to their HealthSaver accounts in accordance with the rules established by Momentum.

12. The funds deposited in the HealthSaver account are designated for covering authorized medical expenses incurred by the account holder and/or their dependents. If the account holder possesses a HealthSaver Card, they can also use it for certain non-medical purchases, such as items from pharmacies or veterinary services, as long as these transactions comply with the terms and conditions governing the use of the HealthSaver Card. Moreover, account holders can make electronic funds transfers (EFT) from their personal bank accounts to their HealthSaver accounts without any upper limit on the amount transferred, although any deposits of R50,000 or more will undergo Anti-Money Laundering (AML) audits.

13. In situations where an employer contributes toward the HealthSaver account, they may impose restrictions on how the funds can be utilized, particularly concerning non-medical transactions permitted via the HealthSaver Card.

14. For account holders who have a HealthSaver Card, the account will be charged for transactions made at any medical merchant, including all associated card fees. For more detailed information, please refer to the complete terms and conditions related to the use of the HealthSaver Card.

15. To access funds for medical expenses, account holders and their dependents must adhere to the claims process established by the Momentum Medical Scheme, ensuring that all claims are properly submitted and processed.

16. If an account holder has utilized their HealthSaver Card to pay a medical service provider and later wishes to claim that expense from scheme benefits, they must submit proof of payment along with a valid claim through the scheme’s claims process.

17. The HealthSaver account is designated as the primary account for any funds that are to be reimbursed by the scheme, particularly when a medical service provider has been compensated from the HealthSaver account for a benefit that has been approved by the scheme.

18. The penalties related to credit are subject to changes based on fluctuations in the prime lending rate, which can impact the overall cost of borrowing.

19. HealthSaver rewards that are earned from maintaining positive account balances will be linked to the account holder’s Healthy Heart Score and the results of their fitness assessments. The rates at which these rewards are applied to positive balances, excluding any HealthReturns Booster or credit, will be specified by Momentum.

20. Only those members who actively contribute to the HealthSaver account will be eligible to receive HealthSaver rewards. Contributions can be made to repay credit or to increase the positive balance in the account through regular monthly payments or additional contributions.

21. The total amount of monthly HealthSaver rewards that can be earned will be capped at the level of the contributions made by the contributor, ensuring that rewards are proportional to the investment in the account.

22. If there are any adjustments made retroactively to a member’s fitness assessment or Healthy Heart Score, these changes will not affect the calculation of HealthSaver rewards already determined.

23. The calculation of the HealthSaver rewards rate will be performed monthly, utilizing data from the previous month concerning Healthy Heart Scores and fitness assessment levels to ensure that rewards reflect current health metrics.

24. Account holders will receive tax certificates (IT3(b)) related to their HealthSaver account, if applicable, to assist with any tax-related documentation they may need.

25. Momentum reserves the right to withdraw funds from an account holder’s HealthSaver account when necessary, for purposes such as: a. paying registered healthcare providers on behalf of the account holder; b. compensating approved merchants through the HealthSaver Card; or c. reimbursing the account holder for authorized medical expenses that they or their dependents have settled directly with registered healthcare providers.

26. Should an account holder cease making payments to the HealthSaver for any reason, the accumulated savings and rewards in the account will be used to cover authorized medical expenses incurred by the account holder and/or their dependents as needed.

27. Account holders have the option to cancel their HealthSaver account at any time by providing Momentum with a written notice at least one calendar month in advance. After cancellation, any positive balances remaining in the HealthSaver account will be refunded to the account holder after a waiting period of four months, excluding any HealthReturns.

28. The HealthSaver Cards associated with the account will also be automatically canceled upon account termination.

29. An account holder’s HealthSaver account will automatically be terminated if their membership in the scheme ends for any reason. If the account is canceled and there are unclaimed positive balances, a monthly administration fee will be applied starting from the fourth month after termination. This fee will correspond to the costs associated with maintaining a dormant account.

30. In instances where Momentum has extended credit to an account holder under the Loan Agreement, Momentum is entitled to access funds in the HealthSaver account to settle any outstanding amounts related to the loan, including any associated fees. Moreover, any future contributions collected for the account holder’s HealthSaver will be applied toward settling the amounts owed under the loan agreement. Momentum is under no obligation to allocate funds collected from an account holder to their HealthSaver until their liability to Momentum has been fully satisfied.

31. If an account holder's HealthSaver account is terminated for any reason, any funds held on their behalf will be utilized to settle any outstanding debts owed to Momentum. Any remaining balance, if applicable, will be allocated to cover claims for services rendered prior to the cancellation date, up to four calendar months after the cancellation date. Any leftover funds will subsequently be returned to the account holder, excluding HealthReturns.

32. Funds advanced to an account holder through the loan will be designated for authorized medical expenses and/or non-medical expenses if the account holder possesses a HealthSaver Card. These funds will be disbursed as needed, contingent upon the account holder following the appropriate claims process. This is subject to the terms and conditions governing the use of the HealthSaver Card.

33. Momentum will conduct reasonable credit checks at any point before or after the loan is granted. This includes the right to inquire about an account holder’s credit history with credit reference agencies and other parties to verify the accuracy of information provided to Momentum. Additionally, Momentum may provide updates regarding an account holder's repayment conduct to credit reference agencies, allowing these agencies to share this information with other credit providers. Furthermore, details of account holders who default on their repayment obligations may be reported to credit reference agencies.

34. Any credit extended to an account holder under this agreement will be suspended immediately, and the full outstanding balance owed will become due and payable if: a. the account holder ceases to be a member of the scheme for any reason; b. the account holder fails to make any payment due to the HealthSaver within 30 days of the due date; or c. the account holder is subject to a provisional or final sequestration order regarding their estate.

35. Due to regulations set forth by the National Credit Regulator, account holders must provide Momentum with confirmation to proceed with any HealthSaver credit advances. Momentum will offer account holders applying for credit—whether for new applications or changes to existing credit—the opportunity to review and accept the credit terms before the HealthSaver credit is granted. Account holders will receive notifications prompting them to confirm their acceptance of these terms. If Momentum does not receive the account holder’s acceptance within the specified timeframe, the account holder will be unable to utilize the HealthSaver credit facility.

36. Penalties associated with the loan will be charged at a rate of prime plus 6.0% per annum, accruing from the date the credit advance is utilized until the amount is fully paid. HealthSaver rewards will accumulate daily at the applicable rates and will be compounded monthly in arrears. These rates may be adjusted periodically to reflect fluctuations in the prime lending rate.

37. Account holders have the opportunity to reduce the aforementioned credit penalties based on their Healthy Heart Score and fitness assessment level. Specific discounts will apply to the penalties charged, incentivizing account holders to maintain healthy lifestyles.

38. Account holders are permitted to request repayment of any negative balances, including penalties, in addition to their regular contributions by notifying Momentum in writing about the monthly repayment amount they wish to commit. Any negative balances that are not settled by the end of the calendar year will automatically be deducted from the following year’s credit advance.

39. Momentum requires advance notice of any changes; these will take effect on the first day of the month following the processing of the request. The amounts repaid will not affect the overall credit advanced to the account holders.

40. A certificate issued by any manager or director of Momentum, whose appointment and designation do not need to be verified, will serve as prima facie evidence of the amount owed by the account holder to Momentum under the loan agreement.

41. Should Momentum initiate legal proceedings against an account holder to recover funds owed under the loan, the account holder will be responsible for covering all legal costs and expenses incurred by Momentum in relation to such proceedings, including attorney fees, collection fees, and tracing fees.

42. An account holder must notify Momentum immediately if they are placed under an administration order, become insolvent, or acquire any other form of legal incapacity.

43. The net income of the account holder will be a determining factor in whether credit can be granted, in accordance with the National Credit Act.

44. The maximum amount of credit that can be granted to an account holder is R36,000.

45. Any ad hoc contributions or rebates made will not influence the amount of credit advanced to the account holder.

46. All applications are subject to verification, processing, and screening, and Momentum reserves the right to decline any application based on these assessments. Additionally, applications will undergo continuous screening after acceptance, particularly when changes are requested, which may lead to the termination of the application or a reduction in the advanced amount.

47. Momentum is authorized to offset any debts owed to the scheme or any other Momentum product against funds available in the HealthSaver upon cancellation or termination of the HealthSaver product.

48. Upon cancellation or termination of the HealthSaver product, Momentum may refer unpaid accounts for collection and report them to credit bureaus.

49. Ukheshe serves as the payment channel partner for the Momentum HealthSaver Card, facilitating transactions made using the card.

50. By applying for the Momentum HealthSaver Card, the account holder acknowledges that they have read and understood the terms and conditions governing the use of the card. These terms can be accessed by clicking here or visiting Ukheshe.com, and account holders will be bound by these conditions. If the account holder does not agree with these terms, their application for the card cannot be processed.

51. Fees associated with the Momentum HealthSaver Card will be charged to the account holder’s HealthSaver account. These fees are subject to change annually in January, and the most current fee structure can be found on the HealthSaver page at momentum.co.za.

52. Momentum will verify the identity and residential address of the account holder, and may decline to issue or activate a card if satisfactory proof of identity and address cannot be provided in accordance with FICA requirements.

53. Sufficient funds must be available in the account holder’s HealthSaver account for any transaction to be authorized, ensuring that account holders do not overdraw their accounts.

54. The HealthSaver Card can be used at medical service providers, standalone pharmacy front shops (such as DisChem, Clicks, and Link pharmacies), and veterinarians located within South Africa's borders.

55. The card cannot be used to withdraw cash from banks, ATMs, or merchants, nor can it be utilized to pay in-store merchant accounts.

56. Account holders have the right to cancel their card at any time by notifying Momentum in writing. Upon cancellation, they must destroy the card by cutting through the magnetic strip and card numbers. It is crucial for the account holder to understand that they will be held legally responsible for any transactions made if the card is not properly destroyed and is subsequently used by unauthorized individuals.

57. Both Ukheshe and Momentum will treat all personal information provided by the account holder as private and confidential. The account holder agrees that Momentum may share their personal information with third-party service providers necessary for the operation of the card.

58. Transactions made using the HealthSaver Card will not be reflected on the account holder’s HealthSaver tax certificate. It is the account holder's responsibility to retain receipts for submission to the South African Revenue Service (SARS).

General Information

59. These terms and conditions will be reviewed and updated annually. For the latest version, please refer to momentum.co.za.

+You have the option to utilize additional products offered by Momentum Group Limited and its subsidiaries, as well as Momentum Multiply (collectively referred to as Momentum). It is important to note that Momentum is not a medical scheme and operates as a separate entity from the Momentum Medical Scheme. Products offered by Momentum do not constitute medical scheme benefits. Membership in the Momentum Medical Scheme does not require participation in any of the products offered by Momentum.