Keeping track of your savings

Did you know that all interest earned by the Scheme through members' Personal Medical Savings Account (PMSA) must now be held in a separate trust account on behalf of GEMS members.  Read our examples below for a better understanding of the implications of Circular 38 of 2011by the Council for Medical Schemes.

Betty Sekodi has made it her mission to eat well and exercise in the year 2012. Due to her lifestyle and good eating habits, she has not used her personal medical savings account (PMSA) during 2012. Betty is keen to know what will happen to the interest earned on her PMSA. 

Betty's interest earned on her PMSA account will be allocated to her PMSA for next year. She can then use the interest credited to cover medical expenses in the following year.

Tshepo Nkomo has three dependants on his GEMS membership. None of Tshepo's dependants have fallen ill this year, but he used some of his PMSA funds. Tshepo is uncertain how this will affect his PMSA and any interest he can earn.

The PMSA is allocated per family (all the beneficiaries) and not per dependant, so interest will be earned according to the family balance in the PMSA.

Nicholas van der Walt plans to change from the Ruby option to the Onyx option in 2013. Nicholas is concerned that he will lose the interest he has earned in 2012.

All the interest that Nicholas earned while on Ruby in 2012 will be allocated to his PMSA by 31 December 2012. If he changes his option to Onyx for 2013, he will still receive the interest earned on his PMSA for 2012. The money will be paid into his bank account, usually after six months to allow all claims to run-off.