New guidance for doctors’ super

A health fund superannuation scheme is one means of managing finances in the case of future hardship, writes AMA(SA) Councillor Professor Ted Mah.

Ahealth fund superannuation scheme is a type of savings program in which a health fund sets aside a small amount of money for each member to be accumulated over a period of time.

It has the potential to reduce health fund premium, increase membership and membership retention rate of health fund, and to provide financial stability for members during times of economic hardship, However, it is important to consider the potential problems, such as the potential for members not saving enough money or withdrawing funds for reasons other than maintaining their health fund membership and ensure that the scheme is managed by an independent body and carefully designed to be accessible to all members regardless of level of subscription.

One of the main benefits of a health fund superannuation scheme is that it can provide financial stability for a member during times of economic hardship. This can help to ensure that a member can continue to access necessary health services, even if facing financial difficulties.

Such a health fund superannuation scheme is not only cost neutral to the government but can also help reduce the burden on public hospitals and the wider healthcare system.

Another benefit is that it may help to increase the membership subscription and membership retention rate of health funds. More membership subscription is likely to reduce the premiums. To ensure transparency, such accumulated fund should be managed by a centralised independent body unrelated to health fund

However, there are potential problems. Members may not save enough money to cover the cost of future health needs. They may withdraw funds for reasons other than maintaining their health fund membership. The scheme may not be financially accessible to everyone.

To overcome these problems, it is important to ensure that the scheme is designed to be accessible to all members, regardless of level of subscription. It is also important to ensure that the scheme is properly administered, to prevent members from withdrawing funds for reasons other than maintaining their health fund membership.

An additional incentive is for the health fund to offer a higher rate of savings for members who do not make claims for hospital services, and a bonus contribution for members who do not make any claims for a certain period of time. A rewards program for members who engage in healthy behaviours can motivate members to take a proactive approach to their health. This can encourage the use of preventive care services and good health maintenance, which can ultimately help to reduce the cost of health care for the fund and the members.

It is important to note that these incentives should be designed carefully so they do not discourage members from using necessary health services as they need them. The fund should also ensure that the incentives are not discriminatory and are accessible to all members regardless of their health status.

If you have any comments on the proposal, email membership@amasa.org. au.

Hood Sweeney financial planning experts Daman Arthur and Jackson Harvey explain new superannuation laws.

For medical professionals in the South Australian public health sector, it’s important to have a superannuation fund that aligns with your specific financial goals and objectives.

Under new laws that took effect in November 2022, members of the Super SA Triple S superannuation fund, including doctors in the public health sector, can now choose the superannuation fund they wish to contribute to.

Until the new laws were enacted, public servants were required to be members of one of Super SA's superannuation funds.

Medical professionals can now consider which superannuation fund is appropriate for them.

Super SA Triple S remains the default superannuation fund for South Australian government employees. It is a constitutionally protected fund, meaning that tax on concessional contributions (such as superannuation guarantee and salary sacrifice) and earnings is not payable until the benefits are accessed or rolled over. The compounding effect of this could provide substantial additional retirement benefits.

Other superannuation funds don’t work in this way as the tax on concessional contributions and earnings is paid at least yearly. For example, retail and industry funds withhold the tax on concessional contributions as the contribution is received.

Super SA Triple S also allows for concessional contributions above the concessional contribution limit to be made without triggering excess contributions.

However, where contributions up to or more than the concessional contribution limit are made to a constitutionally protected fund any further concessional contributions made to a taxed superannuation fund, will be treated as excess contributions.

In addition to helping you navigate superannuation funds, Hood Sweeney Securities (AFSL 220897, ABN 40 081 455 165) can also help you review your existing investments and discuss ways to optimise your portfolio for growth and stability. We work with you to develop a comprehensive financial plan that considers your current income, expenses, assets, liabilities, and long-term financial goals.

Contact Hood Sweeney Securities to schedule a free consultation with a financial planner.

The information in this article contains general advice and is provided by Hood Sweeney Securities Pty Ltd, AFSL 220897, ABN 40 081 455 165]. That advice has been prepared without taking your personal objectives, financial situation or needs into account. Before acting on this general advice, you should consider the appropriateness of it having regard to your personal objectives, financial situation and needs. You should obtain and read the Product Disclosure Statement (PDS) before making any decision to acquire any financial product referred to in this article.

Annual General Meeting

The annual general meeting (AGM) of AMA(SA) will be held at the AMA(SA) offices at 175 Fullarton Road, Dulwich, from 8 pm on Thursday, 4 May 2023.

Members of the AMA are welcome to attend the AGM, to hear reports of activities conducted on behalf of members in 2022.

You may register your attendance by contacting ea@amasa.org.au or phoning (08) 8361 0109.

2023 AMA(SA) Council meetings

The next meetings of AMA(SA) Council will be held immediately before the AGM, beginning at 7 pm on Thursday, 4 May, and at 7 pm on Thursday, 1 June.

Members may attend Council meetings as observers. If you are a member and wish to attend the May or June meeting, please call 8361 0100 or email admin@amasa.org.au

Nominations for AMA(SA) Council

AMA(SA) members are invited to consider nominating for AMA(SA) Council. Nominations close at 5:00PM on Thursday, 23 March 2023.

The Specialty Group representatives and the Public Hospital Doctors’ Representative are elected biennially in the odd numbered calendar year. Please note that:

• A candidate for election as the representative of a specialty group must be a member of that specialty group and must be proposed by members of that specialty group.

• If you are interested in nominating, please contact Mrs Claudia Baccanello on 8361 0109 or ea@ amasa.org.au for a nomination form. For other queries about joining Council, please contact AMA(SA) CEO Dr Samantha Mead at CEO@amasa.org.au

Hamilton House Plastic Surgery

RICHARD HAMILTON MBBS, FRACS, plastic surgeon, wishes to notify colleagues that his private clinic Hamilton House Plastic Surgery is fully accredited under the rigorous Australian National Standards (NSQHS) for health care facilities and also by the American Association for the Accreditation of Ambulatory Surgical Facilities International (www.AAAASF.org).

Richard Hamilton continues to practise plastic and reconstructive surgery at Hamilton House, 470 Goodwood Road, Cumberland Park with special interests in skin cancer excision and reconstruction, hand surgery and general plastic surgery. He also conducts a ‘see and treat’ clinic for elderly patients with skin cancer. Convenient, free, unlimited car parking is available.

Richard also consults fortnightly at Morphett Vale and McLaren Vale, and monthly at Victor Harbor and Mount Gambier/Penola. He is available for telephone advice to GPs on 8272 6666, and readily accepts emergency plastic and hand surgery referrals. For convenience, referrals may be faxed to 8373 3853 or emailed to admin@hamiltonhouse.com.au

For all appointments phone Richard’s friendly staff at Hamilton House 8272 6666. www.hamiltonhouse.com.au

Nominate a colleague for an AMA(SA) award

Nominations are open for AMA(SA) Awards, to be announced at the 2023 Gala Ball on 20 May. Members may nominate a colleague for one of the following awards:

• AMA(SA) Award – recognising outstanding contribution to medicine.

• AMA(SA) Medical Educator Award –recognising outstanding contribution to medical education.

Nomination forms and eligibility criteria are available on the website.

Accessing the AMA fees list

The latest AMA Fees List is available and can be accessed by AMA members at no cost at https://feeslist.ama.com.au/ using your login details.

Melanoma Patients

Australia Fundraiser

Next April 26 – May 1 your Motoring Editor, Dr Robert Menz, is swapping horsepower for Shanks’s pony power. I have always wanted to walk Larapinta and I am looking forward to the trek, and in doing so raising funds in support of people with Melanoma. Many of us have treated such people.

There are several spots available if Larapinta is still on your bucket list, or feel free to donate. This is not the whole Larapinta, but 50 km of highlights carrying a day pack.

Please join in on https://mpa-larapinta-2023.inadv.com.au/ or donate at https://mpa-larapinta-2023.inadv.com.au/robert-menz

Rooms for rent

Two consultation rooms for rent in beautiful, heritage-listed Hutt St. Adelaide, building. Doctors’ parking on-site. Full secretarial support available. Rates negotiable. Two long-term physicians working part-time. Inpatient locum private hospital physician work also available.

Contact: Frances 0488 596 760.

Non-prodedural rooms available to rent on session basis

May Health, 28 Ward Street, North Adelaide

We welcome enquiries from Psychiatrists/Mental Health GPs. Contact Jacki 0490 174 302 https://mpa-larapinta-2023.inadv.com.au/robert-menz