Tag: insurance broker

In the intricate practice of risk management, a perplexing paradox unfolds where organisations engage in risk management practices that replicate their previous risk strategies, and still expect a different or improved outcome. Sometimes the cost of consequences is left to chance, perpetuating an 'ostrich effect' where it’s hoped that somehow cutting costs on essential risk management principles will yield viable savings.

Many policyholders are underinsured, whether it be deliberately or ignorantly so. Either way, it may just come back to bite them at the claims stage. Underinsurance arises when the amount for which an object is insured is less than the actual value thereof.

Brokers are a feature of the medical schemes market and subject to extensive regulation in terms of the Medical Schemes Act, its regulations, and circulars issued by the Council for Medical Schemes (CMS). The CMS has announced it intends to revise Circular 20 of 2010, the prevailing circular dealing with brokers and has called for public comment.

As most household incomes shrink, Savings Month, this year coinciding with South Africa’s fifth month of COVID-19 lockdown, is placing monthly expenses, especially insurance bills, firmly in the spotlight. And it is not a kind light. It is critical that South Africans under stress use any extra time they may have in lockdown to sensibly review their insurance covers.

Understanding ICD-10 codes is vital to effectively manage one’s medical and financial affairs. You’ve probably heard about ICD-10 codes somewhere in conversations with your Medical Aid company or perhaps your insurance broker, but for many of us, the realm of ICD-10 codes remains a mysterious one blanketed in confusion.