Managed Care Plan - Medical Savings Account
Members who have positive medical savings carried over from 2015 might have, in some instances, noticed that these amounts, and the interest thereof, have not displayed correctly on their 2016 monthly claims statements. In some instances it reflected a discrepancy of up to R22. This has now been corrected; you will see the adjustment on your August Statement. Please note that this was only a display error and had no effect on the actual value of your Personal Medical Savings Account (PMSA).
Information
Members' Personal Medical Savings Account (PMSA) funds are for the exclusive use of members. These funds are invested by the Scheme in a money market portfolio where interest is earned. AMS has always allocated the interest earned on member savings, which has now become a regulatory requirement for the entire industry.
Interest is allocated to members' PMSA monthly and reconciled on a quarterly basis to ensure that all interest is accounted for and allocated to members. This calculation is done to accommodate any variance experienced between the monthly allocated interest, and the interest earned in the money market portfolio. The monthly rolling balances might therefore differ as a result of the quarterly recalculation. Your total annual interest earned will always be shown on your medical scheme tax certificate.