Alternative Medical Plans

Now Employer Groups, even small and medium with 30+ workers, have the ability to offer their employees affordable options for medical cover.

The traditional medical aids are under certain rules and regulations to provide comprehensively for a large number of illnesses. Although this is good for those who can afford it, many people just can’t and are left with no affordable medical aid options.

That was until legislation allowed for the new Medical Plans underwritten under a new category which allows a fair benefit for the reduced monthly contribution.

Day to Day benefit Plans from as little as R273 Main member, R201 Spouse, R130 child and

Hospital Plans R145 Main member, R94 Spouse, R27 child.

These plans combined cover a great deal which include hospital visits and medical visits like doctors, optometry and dentists, chronic medication and a whole list..

Get in touch and we will send you the full workers group brochure.

  • GP in room procedures Minor medical procedures
  • Acute Medication Unlimited when provided in accordance with network prescribed formulary
  • Chronic Medication 24 Chronic conditions covered
  • Basic Pathology Basic blood tests as requested by Network GP, according to protocols
  • Basic Radiology Black and white x-rays as requested by Network GP, according to protocols
  • Basic Dentistry
  • Basic dentistry such as fillings, extractions, infection control, cleaning and polishing. Covered at any dentist on the network.
  • Basic Optometry
  • 1 Eye test and 1 pair of clear standard single vision lenses with a standard frame. Benefit available every two years. Covered at any optometrist on the network.
  • Maternity 1 first trimester and 1 second trimester growth scan per pregnancy
  • Flu Vaccination 1 Flu vaccination per member per year at an approved pharmacy clinic
  • Funeral Cover Up to R10 000 funeral cover per family
  • Emergency Casualty Up to R2 000 per policy, per year
  • Accident Hospitalisation
  • Single member : Up to R75 000 per event. Overall Annual Limit of R150 000.
  • Families : Up to R150 000 per event. Overall Annual Limit of R300 000.
  • Illness Hospitalisation
  • 1st 24 hours: Up to R6 500
  • Day 2 and 3: Up to R4 500 per day
  • Subsequent: Up to R1 500 per day
  • Maximum 21 days total admission
  • Maternity Hospitalisation
  • Up to R25 000 per natural delivery or R35 000 is a C-section is required
  • Limited to one event every 12 months
  • ICU/High care
  • Up to R12 500 per day
  • Maximum 5 days

The shareholder-, buy and sell agreement and MOI in your business

The shareholder-, buy and sell agreement and MOI in your business should cover all the taxation aspects of Income Tax, Capital Gains Tax, Donations Tax and Estate Duty, upon the departure any one or more owner[s] / shareholder[s].

It is imperitive that the buy and sell agreement is structured and aligned with the Shareholders Agreement and the Memorandum Of Incorporation of the company, in order provide the most tax efficient solution possible.

A correctly structured buy and sell agreement will ensure that Income Tax, Estate Duty, Capital Gains Tax and Donations Tax implications are either:

  • Avoided entirely
  • Reduced to manageable and acceptable levels
  • Funded through tax efficient structures and mechanisms.

From an income tax perspective you need to consider Section 11(w) and all its implications. Although there are choices and decisions that can be made here, in very simple layman’s terms, if the premiums were deducted for income tax purposes by the company, then the proceeds of any life insurance policies paid to the company, will be taxable.

For the most part, Estate Duty is not a concern if life insurance is used to pay for the share transfer between owners / shareholders, assuming that the departing owner / shareholder is a natural person. There is an unusual anomaly to this, insofar as a company, which is a shareholder, is defined as a person by the Interpretation Act, Act No 33 of 1957 and so it is possible to maintain Estate Duty free payments to shareholder companies. Trusts on the hand do not enjoy the same exemption. There are nevertheless corporate structuring techniques available with a combination of trusts and companies, whereby Estate Duty benefits could still be obtained.

At any stage that the payment for the owner’s interest or shareholding exceeds the base cost of the interest / shares, there will be a capital gain and capital gains tax will ensue. Similarly, there could be a capital loss, which will not be deductible for tax purposes. It is vitally important that an acceptable valuation method is adopted and adopted in all relevant agreements and the MOI of the company, to avoid excessive CGT [capital gains tax] being raised by SARS.

Donations tax could arise if the payment for the ownership interest / shareholding is substantially less than a fair market value thereof. This is also why one needs to define the share valuation method in an acceptable manner and structure to SARS. If insufficient consideration is given to this aspect, you could find yourself in the unenviable position of incurring both Donations and Capital Gains Tax upon the transfer of ownership.

Commercial Property Finance

The Fedgroup Commercial Property Finance offering is based on three features that make our approach unique: competitive rates, flexible terms and the personal touch.

Competitive Rates

Fedgroup’s rates are highly competitive so why not give us a call. In addition, Fedgroup’s premium for fixing your interest rate is unrivalled in the South African market.

Flexible Terms

Our minimum contract period is five years. This affords you the flexibility to renegotiate the terms of your commercial property bond agreement every five years.

The personal touch

Fedgroup’s head of Commercial Property Finance meets personally with prospective property owners a loan decision is provided in principle within 48 hours.

Contact Fedgroup Commercial Property Finance today to find out more about our unrivalled interest rates and turnaround times.

How to apply for a commercial property loan

  1. Approach Fedgroup with a property in South Africa that you wish to finance

  2. Fedgroup expresses interest

  3. Complete the easy-to-use application form

  4. Fedgroup assesses the value of the property

  5. Credit risk assessment is completed

  6. Approval in principle is given within 48 hours after site inspection

  7. Terms of loan agreed to in principle

  8. Full valuation is performed

  9. Loan agreements are signed

  10. Guarantees are issued where necessary

  11. Conveyancing commences and the bond is registered

  12. Funds are transferred