COB: 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 a client has not made provision for medical cover by becoming a member of a medical scheme, and a medical emergency arises, his other investments may need to be cashed in to pay for the treatment. A medical scheme, together with Short- and Long-term Insurance, forms 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 the client’s overall financial plan. There are various laws created to protect the customer in this area, as well as new legislation that will impact all residents that require medical services.

The purpose of this course is first to provide you with an overview of the main role-players and market participants in the financial services sector, as well as an overview of the regulatory landscape that governs the financial services sector.

Secondly, this course will provide knowledge of legislation impacting on the health services benefits class of business.

Thirdly this course will provide you with core knowledge and understanding of characteristics, terms, and features of products in the health services benefits class of business; including typical fee structures, charges, and other costs and risks associated with purchasing or transacting in these products. This knowledge is essential when assessing different product/ benefit options and providing suitable advice to clients on health services benefits products.

This course will also provide you with an understanding of personal financial planning and typical client financial needs as healthcare is an important aspect to take into consideration when advising a client on his personal financial planning.