Issue link: https://www.hub.camaf.co.za/i/1512929
2024 ESSENTIAL PLUS & ESSENTIAL NETWORK 09 09 If I was previously on an option with a savings account, can I transfer these savings to Essential Plus? Yes. How does the CAMAF Medical Savings Account work? A pre-determined monthly amount is paid into an account on your behalf. You can access the annualised amount immediately, which can be used for: • Payment of some day to day expenses, e.g. doctor, dentist, acute medication, etc. • Top up on the cost of services charged by a service provider e.g., the difference between payment by the scheme and charge by the service provider with the exception of a PMB condition and co-payments on medication. • Extension of annual benefit. • Payment of an excluded benefit from positive savings e.g., cosmetic surgery. • It may not be used to offset contributions while still a member. What happens to any unused MSA at year end? Any unused savings are rolled over to the following year for use as above. Does CAMAF pay interest on this money? Yes - MSA funds are invested in a separate bank account exclusively for members' MSA contributions and interest is accrued monthly at a rate determined by the banking institution. Does CAMAF charge interest on MSA in debit i.e., before I have contributed the full amount? No, CAMAF does not charge interest on debit balances. What happens if I resign from CAMAF or move to an option without savings? If you have a positive MSA, on application the money will be: • Transferred to your new scheme for allocation to your MSA with your new scheme. • If you choose not to move to another scheme, or an option without MSA, your savings balance will be refunded to you upon application and will be subject to the applicable tax laws. When will I be refunded my MSA? Upon application and subject to the above, the positive MSA will be paid over to you or your new scheme within a reasonable period after the lapse of 4 months. What happens to my MSA if I die? Your savings will be paid into your estate if you have no dependants continuing on the scheme. What about a Threshold and selfpayment gap on CAMAF? On the Essential Plus and Essential Network options, savings are used to pay for day-to-day expenses, top up on differences between what the scheme has paid for a service and the charge by the service provider and to extend benefits. MSA MEDICAL SAVINGS ACCOUNT 2024 ESSENTIAL PLUS & ESSENTIAL NETWORK BACK TO CONTENTS PAGE