Asterio Investments legal disclaimer
· Asterio Investments (Pty) Ltd (2015/117951/07), is a financial service provider (FSP 45810)
· Asterio is not a medical aid and under no circumstances must it be considered as a replacement for the benefits offered by a medical aid.
· The Asterio Dental Plan is supplied by Dental Risk Underwriting Managers (DRUM) and Administered by DRC (Dental Risk Company) and is underwritten by Guard Risk Insurance Company.
· The Asterio Health plan and Risk is re- insured by African Unity Underwriters (PTY) LTD, as an authorized financial services provider, governed under supervision by Fais – IT Solutions (PTY) LTD (FSP 45810)
· The minimum entry age of the Principal member Insured is 18 eighteen years old.
· The maximum entry age of the principal member insured cannot exceed 65 sixty-five years.
Differences between Medical Aid and Medical Insurance
Medical Insurance and Medical Aid are regulated by two different acts;
Medical Aid is defined as Medical scheme and is regulated by the Medical scheme Act and Governed by the council for Medical schemes. Medical Aid payout a wide variety of benefits to contributing members. Medical Aid is based on Tariff codes and procedures. There are rejections based on age or pre-existing conditions and have to, by law cover certain procedures. This is according to the Medical Schemes Act Section 29, (3) (a). Medical Aids are not obligated to disclose how they will cover for certain procures as a result, short falls can occur after certain procedures have been covered.
Medical Insurance is defined as a short or long-term Insurance and is regulated by the long term and short term act. Governed by the financial services board. Day to Day benefits fall under the consumer Act governed the Ombudsman. Fixed amounts are out and disclosed to the member, for listed events and procedures.
Medical Insurance can reject a claim based on age, exclusions based on specific or high risk factors (stated in policy wording given to members upon inception of the policy) and pre-existing conditions known or unknown by the member.
Medical Insurance can be used as a gap cover to Medical Aid shortfalls.