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Many South African breadwinners understand the impact of losing their medical aid cover due to loss of income caused by an unfortunate event. Well, Liberty has introduced a new benefit that will ensure that you and your loved ones have access to the same level of private healthcare that you’re accustomed to for up to 10 years after your death, permanent disability or permanent impairment.
You know how expensive medical aid cover is. Your monthly medical aid premiums make up a substantial portion of your monthly expenses. Also, the annual medical inflation rate is approximately 5% higher than the normal cost of living at a rate of 4,7%. Medical inflation increased by an average of 8,9% in the past four years and CPI increased at a lower rate of 5,5% over the same period.
As Liberty, we realised that current life insurance offerings catered well for specific needs like education and funeral costs, but left beneficiaries responsible for using a lump sum pay-out towards various other needs. This realisation led to us developing a benefit specifically aimed at paying your medical scheme contributions, for up to 10 years, when you can’t.
This benefit is available on Liberty’s flagship Lifestyle Protector solution. It ensures that your nominated dependants won’t struggle to pay for quality private healthcare following the death, permanent disability or permanent impairment of the main provider.
Covers up to 16 dependants
You can choose how many of your dependents you want to include, up to a maximum of 16 (17, including the main member). Liberty covers the medical scheme contributions of up to eight adults and eight child dependants. You and your loved ones also don’t have to be on the same medical scheme and can even change providers once during the claim period, as long as it’s a medical scheme that’s registered with the Council of Medical Schemes.
The benefit will be enhanced annually to keep up with medical aid inflation as determined by Liberty, and payment of the benefit directly to the medical scheme reduces the administrative burden and leads to tax efficiencies.
Clients generally use this time of year to review their medical aid cover ahead of the new-year. Now is the time to have a discussion with your financial adviser about this benefit as an unexpected life-changing event can happen to anyone.
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