Class of Business 9 - Health Services Benefits

A medical scheme is a not-for-profit organisation that provides funds to pay for a client’s medical expenses, with specific limitations based on the plan type the member selected. If clients have not made provision for medical cover by becoming members of a medical scheme, and a medical emergency arises, their other investments may need to be cashed in to pay for the treatment. A medical scheme, and also short-term and long-term insurance, form part of wealth protection. Medical cover is a vital part of a client’s financial plan, as good medical treatment is very costly, and state hospitals are not currently delivering good service.

Medical cover should, therefore, rank high on the list of priorities in a client’s overall financial plan. There are various laws to protect clients in this area, as well as new legislation that will impact all residents who require medical services. This module therefore provides you with an understanding of personal financial planning and typical client financial needs in respect of healthcare.  It builds your knowledge of the legislation relevant to health services benefits, including typical fee structures, charges, and other risks associated with investing, purchasing or transacting in these products. Furthermore, you will learn about the legislation affecting structured deposits, and their tax implications. Like all Class of Business training, it also provides you with an overview of the main role players in the financial services sector, as well as an understanding of the regulatory landscape that governs the financial services sector.

What content is covered?

Once you have completed this course, you will be able to:

• identify the main market participants in the financial services industry, including their legal structure.
• demonstrate an understanding of general legislation and codes of conduct applicable to the financial services industry.
• identify the general financial needs of clients or groups of clients, from a risk and investment perspective.
• explain how health services products are impacted by the Medical Schemes Act, National Health Insurance, demarcation regulations under the Long- and Short-term Insurance Acts, and other applicable legislation.
• understand the terminology and describe the features of health services products.
• describe the typical fee structures, charges and other costs associated with health services product options.
• describe the risks associated with investing, purchasing or transacting in health services products.
• assess the appropriateness of specific health services product options for specific client needs.
• describe the options and strategies applicable to specific products in the health services class of business to suit the needs of different investors.
• explain the tax issues relevant to products in the health services benefits class of business.

All of this knowledge is essential when assessing the appropriateness of different products and options within this class of business.

What is involved?

You can register at any time. Once your registration is complete, you will be given access to Moonstone's learning management system, where you will be able to access the study guide material or download it as a series of PDFs. The content consists of comprehensive notes, including helpful charts and illustrations, all prepared by industry experts. The detailed examples ensure that you build practical knowledge and skills. The system will offer you regular quizzes to assist you in testing your knowledge, so that by the end of the module you will feel confident to pass the final assessment, which you will also do online on Moonstone's system. At that point, you will receive a digital certificate of completion to prove that you have achieved the class of business fit and proper requirement.

If you work for 45 minutes to an hour each day, you can expect one module to take you two or three weeks. Of course, this will vary based on experience and familiarity with the material. You will have access to the learning management system for six months from the date of registration.