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Each year, tax certificates are sent to Fedhealth members during the month of May to help you correctly complete your income tax return. As a member, you can also access your tax certificate by logging in to the Fedhealth website or by calling the Fedhealth call centre.
What information does your Medical Scheme Tax Certificate reflect?
- Medical scheme contributions
The contributions received by the Scheme on the member’s behalf for the period 1 March to 28 February of each year are indicted on your certificate. Please note: if your employer pays your medical aid contributions, they won’t reflect on the tax certificate.
- Interest earned on balances in your Medical Savings Account – IT3(b)
This indicates the total interest earned from positive balances in your Medical Savings Account. As the Scheme administers money within a savings component, we are required to tell you how much interest you have earned. The amount reflected as interest on the IT 3(b) certificate therefore shows the total interest earned from the Medical Savings Account (if applicable), where interest is calculated in arrears.
- Closing Medical Savings Account balance
This balance shows the total contributions paid into this account, less the claims paid, plus interest earned until 28 February.
- Medical claims not paid by the Scheme
Medical claims not paid by the Scheme represent the total value of claims (or portions of claims) submitted, but not paid by the Scheme during the tax year in question.
- Monthly breakdown of the main member and all active dependants
As of 1 March 2012, SARS amended medical aid tax benefits for people younger than 65 by converting the medical deductions to medical tax credits. The main difference between the two is that a medical tax credit reduces a member’s tax liability, while a tax deduction reduces a member’s taxable income. Going forward, this means that the portion of medical scheme contributions members are able to get a tax benefit on, is now calculated using a “capped” monthly maximum Rand amount based on the number of people on the membership. Members of 65 years or older may claim a tax benefit for the full medical scheme contribution.
It’s important that members always submit all claims to the Scheme, even if your day-to-day benefits have been exhausted. Claims not refunded by the Scheme will accumulate towards the amounts reflected on the tax certificate for claims not paid by the Scheme, which could be beneficial to you in terms of your tax reimbursement.
To obtain a copy of your tax certificate, simply log in to the secure Fedhealth Family Room here or call our contact centre on 0860 002 153 and follow the prompts using the keypad.