Focus on the HealthSaver

Here is detailed information regarding the HealthSaver program.

The HealthSaver program is designed to help you save for various medical expenses, including vitamins, cosmetic surgery, and much more. One of the standout features of HealthSaver is the potential to earn an interest rate of up to 10% on your positive balance. This interest rate is determined by a combination of your Healthy Heart Score and your Active DayzTM, or the results from your fitness assessment, allowing you to benefit financially while managing your health.

The HealthSaver account is an incredibly convenient option, with a minimal administration cost of just R40 per year. It serves as an ideal method for covering treatments and procedures that are not included in your medical scheme option. Notably, the funds in your HealthSaver account can be utilized for a variety of purposes, including:

Firstly, if you are the contribution payer for the Momentum Medical Scheme and maintain a positive balance, you can use your HealthSaver funds to pay your medical scheme contributions directly. This feature provides a seamless way to manage your healthcare costs.

Secondly, the program also allows you to support your child's education. This means you can allocate a portion of your savings to cover educational expenses, making it easier to invest in your child's future.

Additionally, you have the option to purchase a healthcare voucher for someone in need, enabling them to access medical services such as consultations with a general practitioner, dentist, or optometrist. This charitable aspect of HealthSaver allows you to extend your support to those less fortunate, even if they are not members of the medical scheme.

Moreover, HealthSaver funds can also be used to enhance your retirement savings, contributing to your long-term financial security. You can pay for non-medical expenses at pharmacies and veterinarians using the HealthSaver Card, which adds a layer of versatility to how you utilize your funds. Lastly, if you are interested in fitness, you may use your HealthSaver funds to purchase a fitness device, promoting 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+ you accumulate, allowing you to benefit from the program without the need for ongoing deposits.

If traditional gym memberships or fitness assessments do not appeal to you, the HealthSaver program still offers flexibility. You can utilize your HealthSaver funds to acquire a fitness device, effectively allowing you to upgrade your equipment at no additional cost, as these purchases can be funded through the HealthReturns you have already earned. Alternatively, if you have applied for a credit facility linked to your HealthSaver account, you may purchase a fitness device using that credit at an interest rate as low as 0%, depending on your Healthy Heart Score and Active Dayz or fitness assessment level.

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

You can use HealthSaver funds to pay for visits to general practitioners, consultations, and prescription medications. This includes any medication that has a NAPPI code, ensuring that a wide range of pharmaceutical needs can be met.

Furthermore, you can pay for services rendered by registered healthcare providers, provided that these services have a corresponding tariff code. This ensures that you can access a variety of healthcare services without financial strain.

In cases where claims exceed the available benefits of your medical scheme, such as specialized dental care, HealthSaver funds can bridge that gap. Additionally, treatments that are excluded from your medical scheme, including cosmetic surgery, can also be funded through HealthSaver.

You can cover co-payments associated with hospitalizations, MRI and CT scans, or medications as well. Virtual consultations and prescription medications through platforms like Hello Doctor are also eligible for payment using HealthSaver funds. Moreover, fitness assessments conducted by professionals within the Multiply network can be funded through your HealthSaver account. To access a complete list of health professionals, you can log in to the app or visit multiply.co.za.

HealthSaver funds can also be utilized for fitness apps or devices that integrate with Multiply. Additionally, if you are a member of a gym affiliated with Multiply, you can submit your bank statement or invoice showing payment of gym fees for manual reimbursement from your HealthSaver account.

Accessing your HealthSaver funds is made easy with the HealthSaver Card. This card enables you to make payments for purchases and services at a wide range of providers and retailers, including:

Doctors, hospitals, and pharmacies are among the primary providers where you can utilize your HealthSaver Card. Dental care, including services from dentists and orthodontists, is also covered.

Medical services, including those provided by medical and dental laboratories, can be paid for using your HealthSaver funds. You can also purchase medical, dental, ophthalmic, and hospital equipment and supplies, ensuring that all your healthcare needs are met.

Providers of orthopedic goods, such as prosthetic devices, and various types of healthcare practitioners, including osteopaths, chiropractors, chiropodists, and podiatrists, are also included in the list of eligible payment recipients. Vision care services, including those provided by optometrists and ophthalmologists, are accessible through HealthSaver funds as well.

In addition to these healthcare services, your HealthSaver Card can be used for nursing and personal care, ambulance services, and hearing aid sales and supplies. Veterinary services are also included, allowing pet owners to utilize their HealthSaver funds for their animals' healthcare needs.

Each month, you will receive a HealthSaver statement detailing all your purchases, keeping you informed about your spending and available balance.

Interested in learning more about the HealthReturns you can earn?

For Multiply Inspire and Inspire Plus members:

If you are a member of Multiply Inspire Plus, you have the potential to earn up to R1,500 per member each month. Additionally, children can also earn HealthReturns by participating in a kids' fitness assessment, ensuring that the entire family can benefit from the program. HealthReturns are awarded for every step you take towards enhancing your mental and physical well-being. To kickstart your journey, begin by completing the Lifestyle Quiz to obtain your Lifestyle Score. This will unlock access to the Digital Coach tool, which provides you with daily personalized tips aimed at improving your eating, sleeping, moving, breathing, and connecting habits. You can further boost your HealthReturns by engaging in health and fitness assessments, achieving your weekly and monthly activity goals, and ranking high on the leaderboard.

Show your support by donating a healthcare voucher to someone in need:

To facilitate assistance from those in more fortunate circumstances, you can utilize the positive balance in your HealthSaver account to donate a healthcare voucher for a GP visit, eye care, or dental care to someone who requires it. This is accomplished by purchasing a NetcarePlus voucher online using your HealthSaver Card.

Visit netcare.co.za/netcareplus to buy a virtual or face-to-face GP visit voucher, which can include medication, as well as eye care or dental care vouchers. The recipient of these vouchers can then use them to consult with a NetcarePlus GP, dentist, or optometrist.

Who is eligible for HealthSaver?

All members of the Momentum Medical Scheme are eligible for the HealthSaver program. You can easily sign up for a HealthSaver account through the Momentum App, granting you immediate access to its benefits. If you choose to apply for credit, this can also be done in real time. Regardless of any waiting periods associated with your medical scheme, you will have access to your HealthSaver account as soon as you join.

FICA Requirements:

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

Unsure about whether to contribute or not?

You are not obligated to contribute funds into your HealthSaver account; it can simply serve as a place to receive your HealthReturns. However, if you wish to set aside additional funds for day-to-day healthcare expenses, you have the flexibility to contribute monthly to your HealthSaver account. You can decide the contribution amount and easily adjust it as needed.

For those who opt to make monthly contributions, the minimum amount is R100, while the maximum limit for debit orders is R11,500 per month. You can also apply for a credit facility. Your annual credit limit is determined by your monthly HealthSaver contribution; for example, if you contribute R500 per month, your annual credit facility would be R6,000. The maximum annual credit permitted is R36,000, which corresponds to a monthly contribution of R3,000, and is subject to National Credit Act (NCA) regulations. Additionally, you can make lump sum deposits to your account; however, lump sum deposits of R50,000 and above will undergo Anti-Money Laundering (AML) audits.

Every year, an administration fee of R40 will be deducted in January. It's important to note that cash withdrawals and transfers from the HealthSaver account are not permitted. If you decide to cancel your Momentum Medical Scheme membership or your 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. If you submit a new credit application or request changes to your existing HealthSaver credit, you will be given the opportunity to accept the credit terms before Momentum grants the credit. You will receive communication prompting you to confirm your acceptance of these terms. If we do not receive your acceptance within the specified timeframe—60 days for members linked to employer groups and 30 days for individual members—your HealthSaver account will be activated without a credit facility.

For new credit applications, you will gain access to the full 12 months' credit, regardless of when you apply. For instance, if you apply in July, you will still have access to the entire 12-month credit facility. However, in January of the following year, the full 12-month credit will not be granted for the calendar year but will be adjusted based on the number of months already utilized in the previous year. For each subsequent calendar year, the standard credit allocation will resume.

If an employer wishes to extend the HealthSaver credit facility to all employees, regardless of whether they meet NCA requirements, they can consider signing the Momentum Deed of Suretyship for those employees who do not meet the criteria. We utilize a predictive scoring system to determine the interest rate applicable to your credit, taking into account your financial history and current credit status. Interest will be calculated at the end of each month based on the daily changes in your HealthSaver balance.

Should you utilize the credit facility, interest will be charged at a rate of prime plus 6%. This interest rate may change if the prime interest rate fluctuates. As the principal member, your Healthy Heart Score and activity level can significantly reduce the interest you pay on credit, potentially lowering it to 0%, or even help you earn up to 10% interest on your positive HealthSaver balance.

The calculation of the interest rate discount is performed monthly, using retrospective data, and will not be adjusted during that month, even if there are changes in your activity levels, fitness assessment results, or Healthy Heart Score. If you have not completed your annual health assessment, we will not have your Healthy Heart Score on record, which means we cannot apply the interest rate discount or the increased interest on your positive balance. Similarly, these benefits will not be available if you do not meet any chronic compliance requirements that may apply as part of the HealthReturns program.

How to claim from HealthSaver:

HealthSaver funds can be used to pay claims for yourself and your registered dependents on the Momentum Medical Scheme. Claims are processed through the standard administration procedures, and you will receive monthly statements reflecting the amounts paid and your available balance.

To submit claims, you must provide a valid practice number along with a tariff code or NAPPI code. You have the option to choose whether your HealthSaver claims should be paid at cost or up to 200% of the Momentum Medical Scheme Rate. If you do not select the cost option and later require payment that exceeds these rates, we will need your permission to proceed.

For claims related to fitness devices, you can send the invoice along with your proof of payment via email to [e-mail]. To claim gym membership fees, submit your bank statement or an invoice showing that you paid your gym fees (ensuring you joined this gym through Multiply) to the same email address. Remember, it is essential that the gym is affiliated with Multiply; you can log in to multiply.co.za to check the list of affiliated gyms.

If you use your HealthSaver Card at a healthcare provider, you will receive an SMS notification indicating that you may submit a claim for a possible refund from Scheme benefits. To process this 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 wish for the payment to be documented solely for tax purposes, please clearly indicate this on the claim and submit it in the same manner.

Tax implications:

The tax treatment of HealthSaver differs from that of medical scheme savings. While medical scheme savings are included in the contributions, contributions made to the HealthSaver account are funded from after-tax income. Therefore, HealthSaver contributions are not tax-deductible. However, most expenses paid through HealthSaver are tax-deductible just like other healthcare expenses you incur personally.

You will receive a HealthSaver tax statement that serves as proof of the healthcare expenses paid during the tax year. Deductions can be claimed based on this statement, as long as all healthcare spending not covered by the scheme is reflected in it. Hence, no additional receipts are required. The tax certificate will detail the healthcare expenses paid, as mandated by SARS. Please note that any non-deductible items, such as gym fees and fitness devices purchased with HealthSaver funds, 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 approved, your credit facility will be suspended, but claims will continue to be paid from your available HealthSaver funds.

Using HealthReturns Booster funds for education expenses:

You are permitted to utilize any HealthReturns Booster balance to cover your dependent children's education expenses once a year (only applicable for the current year's fees), provided that at least R5,000 remains in your HealthSaver account. To qualify, your dependents must be registered under your Momentum Medical Scheme membership. This opportunity is available during February and March each year. To receive reimbursement, you will need to submit invoices from officially registered educational institutions along with proof of payment.

Paying medical scheme contributions from HealthSaver:

This option is available only if you pay your contributions directly to the Momentum Medical Scheme. If your contributions are deducted from your salary (i.e., paid by your employer), you will not be able to use your HealthSaver funds for contributions due to the potential impact on your tax deductions.

If you wish to fund your medical scheme contributions using your positive HealthSaver balance, please contact us via the web chat facility on momentummedicalscheme.co.za, email us at [e-mail], send a WhatsApp message, or call us at 0860 11 78 59.

Please note the following:

• You or your financial adviser must inform us of the number of months’ contributions you wish to fund from your HealthSaver account.

• Your request must be submitted at least seven working days before the 1st of the month.

• Contributions can be funded from all positive HealthSaver funds (both actual and Booster).

Contributions can only be funded up until December 1st of the same year and cannot extend into the following calendar year. If the criteria mentioned above are met, the request will be approved, and the total amount for the requested number of months will be paid from your HealthSaver account to the Momentum Medical Scheme. If you wish to cease funding your medical scheme contribution 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 Momentum Medical Scheme will be returned to your HealthSaver account.

Transferring funds to FundsAtWork:

If you have accumulated excess funds in your HealthSaver account, you have the option to invest some of these funds to bolster 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.

These transfers are 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 send a WhatsApp message or call us 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 confirmation letter from FundsAtWork detailing 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 that your total contributions do not exceed the legislated maximum amount. The funds transferred into FundsAtWork will be invested in the same portfolios as your future contributions.

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

For the beneficiary reference, please use HS followed by your Momentum Medical Scheme membership number (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 us at [e-mail] to ensure proper allocation of your funds.

What occurs 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 paid out to you after a four-month period. This waiting time allows for the processing of any outstanding claims. However, any funds earned through HealthReturns will be forfeited, and no interest will be paid during this four-month period. Should you cancel your HealthSaver account and fail to claim your positive balance within four months of the cancellation date, we will impose a monthly administration fee starting from the fourth month onward to cover the cost of maintaining the dormant account.

What happens if your HealthSaver account is suspended?

If your HealthSaver account is suspended, your HealthReturns will be stored for a period of three months. If your account is reinstated within this timeframe, your accumulated HealthReturns will be credited back into your HealthSaver account. If the account is not reinstated within three months, you will forfeit your HealthReturns.

HealthSaver Card fees:

If you apply for a HealthSaver Card, please be aware that the following fees will be deducted from your HealthSaver account:

• Card issue fee: R100

• Urgent card delivery: R95

• Unsuccessful card delivery: R95

• HealthSaver linked card annual anniversary fee: R180