Profmed and PPS flips the script on day-to-day savings
It is not uncommon for many medical scheme members to complain about running out of their savings early in the year. Complaints such as it depletes too fast or it doesn’t cover everything I need and, I don’t use it enough and then can’t access it when I need it. There are various complaints that arise from your medical scheme savings, all of which point to the fact that these savings accounts need to become a little or in some cases a lot more flexible.
CEO of medical scheme, Profmed, Craig Comrie says many people don’t have a choice on what they are they are willing to pay into their medical scheme savings account. “Every member is unique in terms of how they approach their income and their healthcare needs. This is why we have created a needs-based health wallet that is based on the member, rather than the stringencies of medical scheme red tape.”
The PPSWallett, which has been championed by Profmed’s administrator PPS Healthcare Administrators, is unlike any medical scheme savings account on the market. For instance, unlike typical medical savings accounts, the PPSWallet can be used to fund a broader range of stipulated healthcare expenses and the savings level is determined by the member.
Generally, Comrie says other medical savings accounts are linked to medical aids and are therefore subject to very restrictive regulations as per the Council for Medical Schemes. “In this case, the PPSWallet is an independent savings wallet which allows our members to save for procedures they deem necessary, even if a medical aid doesn’t normally pay for these claims. Breast reductions and other plastic surgeries are a prime example of this kind of procedure. Co-payments are another example of what the wallet can cover so that members are scrambling for credit cards for large, unexpected co-payments and exclusions.”
Another way the PPS Wallet works for members lies in its savings flexibility. Comrie says the needs of South Africans have changed and every South African household’s needs change based on healthcare issues and levels of income. “We had to create a savings product that could be adjusted. You can either save R300 a month at the minimum, or you could ramp that up to the maximum of R2000 a month. This is dependent on your health status and that of your dependents.”
Why is Profmed able to outdo other medical scheme savings products? Simply put, this savings wallet is a PPS product, not a Profmed product – meaning it is not tied to a medical scheme and is therefore not regulated by the rules that typically apply to these products.
“It is a savings wallet that is administered by PPS and is directly available for Profmed members and integrated with the administration systems in a seamless manner,” says Comrie.
Comrie is hopeful that the PPSWallet will change the way medical aid members view medical savings. “You don’t have to be beholden to your scheme to help you save. There are products out there that can suit your savings need even add to your PPS Profit-share account in the future. This is because PPS is a mutual and this means every member or policy holder owns the profits in the company. Many of these policy holders are Profmed members.
The PPS Wallet remains the best way for Profmed members to save for healthcare expenses.”
Learn more about the PPS Wallet.