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SUB CATEGORIES General  |  HIV |  Medical Schemes | 

Council gives Fedhealth’s revolutionary new flexiFED range the green light

23 November 2018 Fedhealth
Jeremy Yatt, Principal Officer of Fedhealth

Jeremy Yatt, Principal Officer of Fedhealth

The Council for Medical Schemes has officially approved Fedhealth’s new option range for 2019, as well as the new MediVault and Wallet facility that will be applicable to its new flexiFED options.

Jeremy Yatt, Principal Officer of Fedhealth says the scheme is delighted with the approval, particularly considering this is a significant departure from how other medical schemes in South Africa manage their day to day benefits.

Traditionally members have been charged for day-to-day benefits from the beginning of the year regardless of whether they have seen a doctor or purchased medicine or not. For the first time ever, Fedhealth has turned this model around. FlexiFED allows members to begin paying for day-to-day benefits only when they need them. They then have the flexibility to pay back that amount over 12 months, interest free.

“This is really great news for consumers who have been anxious for a new approach that gives them more flexibility, choice and control and saves them money,” says Yatt.
FlexiFED represents a completely new approach. “We believe it is going to transform the industry and change the way medical aid benefits are structured in the future,” concludes Yatt.

Quick Polls

QUESTION

Is the commission procurement rule introduced via clause 5.14 of the Amended Financial Services Sector Code (AFSSC) an important piece of the transformation puzzle?

ANSWER

The clause’s implementation coincides with an increase in the minimum spend targets, which further complicates matters
Many FSPs still view the AFSSC as a matter of choice and consequence rather than compliance
Transformation represents a great opportunity for growth and penetration by brokers
Brokers are unlikely to find their commission business yanked away from them by insurers looking to influence procurement scorecards
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