The Fund embarked on a process to review the current death, disability and funeral benefits and benefit structures offered to members of the NFMW, as part of its efforts to enhance the member value proposition, continuously considering ways to serve its members better, reduce costs and improve benefits. In addition, the NFMW took into account the impact of Covid-19 on the risk pool of the Fund and the impact on Insurance Carriers that provide cover to the Fund.

The Fund Actuaries and the Board of Trustees determined that the option to self-insure the death and disability benefits is optimal for the Fund given the size of the member base and financial support available in the risk reserve of the Fund.

Therefore, as from 1 July 2022, the NFMW will self-insure the death and permanent disability risk benefits offered to the members. The funeral benefit will remain an insured benefit through Sanlam Group Risk and will continue as per normal.

Enhancing our member value proposition

The move to self-insurance will result in the Fund saving 35% in premiums from the previous insured arrangement, which is an immense saving for the Fund and its members. Prior to this date the Fund was subsiding a 55%-rate increase levied by the insurer during the Fund’s annual rate review in 2021.

Further to the cost saving, the Fund is now offering a wellness support programme to assist members and their families with psychosocial issues and health challenges. This dovetails with the Fund’s view of holistic wellness which includes psychological, health and financial wellness.

The Health Heroes service can assist members and their qualifying family members with counselling and support services in their personal life and at work and is available 24 hours a day, seven days a week, 365 days a year.

Health Heroes can help with issues such as:

Contact Health Heroes on 0800 333 048 OR e-mail healthheroes@kulapartners.co.za

Download the brochure here

Regards,

Mr Leslie Ndawana
Principal Executive Officer.