Did you know that despite the fact that you must pay tax on the interest that you have earned on savings in your HealthCard on an annual basis, the HealthCard funds used for medical purposes form part of the 7.5% rebate allowed in terms of medical expenses?

The HealthCard is a Visa Electron Debit Card and is issued by Mercantile Bank Ltd, and like any other savings account, there is tax payable on the interest that you have earned on the savings that you have accumulated in your HealthCard throughout the year; and this must therefore be declared on your annual SARS tax return. HealthCard assists you by mailing all HealthCard clients Tax Certificates on an annual basis.

You should however remember that in order to benefit from the rebate, you will need to submit the statements for the tax year along with your annual tax return.

For more information about HealthCard, contact the HealthCard team on 011 796 6464 or e-mail info@healthcard.co.za.