CRF
Health4Me – Financial Needs Analysis (FNA) & Record of Advice (ROA)
Please read all sections carefully before completing the application below.
This Record of Advice is provided to CRF members who wish to consider adding Health4Me medical insurance as an additional benefit to their existing retirement fund membership.
Important notes to acknowledge and understand:
- Health4Me is a medical insurance policy, not a medical aid. Cancelling your medical aid and choosing health insurance means losing comprehensive coverage, legal guarantees for prescribed minimum benefits, and protection from large, unexpected medical costs.
- Health4Me is specifically designed to cover those earning less than R40,000.00 and who have no medical aid scheme in place.
- If you are part of a registered medical aid scheme you have the option to include the Momentum Gold day-to-day benefits to enrich your out-of-hospital benefits, subject to you providing a membership certificate.
It is not compulsory for a CRF member to join the Health4Me product.
Premiums will be deducted by the CRF and paid over to the insurer. Members must explicitly choose between:
- Decrease your existing retirement fund contribution to cover the Health4Me insurance premium, OR
- Increase your total monthly contribution to ensure your retirement fund savings remain unchanged while adding Health4Me.
If you choose to redirect part of your current retirement savings to pay the Health4Me premium, your monthly savings towards retirement will decrease by the amount of the premium.
You may elect to voluntarily increase your contributions to the CRF if you wish to offset the premium deduction and maintain your original savings rate. This in turn will increase your monthly contribution to the CRF fund.
For advice or questions about the Health4Me benefit, contact CRF reception:
Day-to-day and major medical event benefits are taxed as a fringe benefit based on the full premium value. Insofar as Momentum Health4Me can be considered as cost in the production of income, the cost of the product is deductible by the employer in terms of the Seventh Schedule of the Income Tax Act:
- Under Section 11(w) for the employees; and
- Under Section 11(a) for their spouses and children (if applicable).
Momentum Health4Me is an insurance product and the benefits are fully insured benefits. Momentum Health4Me does not issue tax certificates to members, and members will not be able to claim tax credits on this product as they would in the case of retirement annuities or medical aid products.
The fringe benefit value taxed in the hands of the employee must be reported under tax source code 3801 (general fringe benefits) on the employee's annual tax certificate.
Please note that this information should not be seen as tax advice; kindly consult a tax specialist for relevant tax advice.
I, the undersigned member ("the Member"), confirm that I have applied for, or am in the process of applying for, a Health4Me insurance policy ("the Policy") made available through GreenBlack Proprietary Limited ("GreenBlack"), the duly authorised licensed intermediary and distributor of the Policy, with FSP Number 48549.
Please read and agree to each statement below to continue. 0 of 8 agreed
7.1 I confirm that it is my responsibility to be in contact with my employer / payroll administrator to ensure that the right amount of tax is deducted from my payslip and paid to SARS with regards to the premiums to Health4Me.
8.1 I confirm that the tax position relating to the Policy and its premiums has been fully explained to me in clear and understandable terms, and that I have been afforded the opportunity to ask questions and seek clarification.
8.2 I confirm that I understand and accept the tax consequences arising from the payment of the premiums in the manner described above.
9.1 Any actual, potential or contingent tax liability, assessment, penalty, interest or claim that may arise now or in the future in relation to the tax treatment of the premiums is a matter solely between myself, my employer (including its payroll or pay office), and SARS, and does not give rise to any claim, recourse or liability against GreenBlack or Health4Me.
9.2 I accordingly indemnify and hold harmless GreenBlack, its directors, officers, employees and agents against any and all claims, losses, liabilities, costs or damages (including legal costs on an attorney-and-client scale) arising from or connected to the tax treatment of the premiums.
10 I acknowledge that the execution of this memorandum and undertaking is a non-negotiable compliance requirement of GreenBlack, and that no Policy will be issued or maintained unless this document is duly signed and retained as part of the compliance record.
11.1 This memorandum and undertaking is intended to be relied upon for regulatory, compliance and audit purposes, including by insurers, intermediaries and regulators.
11.2 I confirm that the contents of this document are true and correct and that I sign it freely, voluntarily and with full knowledge of its implications.
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