Momentum Health has announced the average price increases across its plans for 2019, amid a slow growth economy and volatile markets.
According to the group, the average increase in contributions across its plans will be 10.7%. This is slightly above the industry corridor of 3% to 4% above CPI.
The group cited rising medical inflation and the April 2018 VAT hike to 15% as reason for the increase.
“The healthcare industry in South Africa is constant flux, perhaps more so at present than in recent years, given an increasingly unstable economic landscape and the proposal of new NHI regulations,” it said.
Despite the increase, Momentum said it still has one of the lowest average contributions on the market and has also avoided having to reduce benefits to achieve lower prices.
The group also announced new ancillary products and changes to existing products to offer more value to clients, adding that it is aiming to make prices sustainable, while also boosting value.
“We want to have a contribution that is well-correlated to the market, yet affordable to the consumer, allowing for flexibility around option design,” it said.
Momentum is the fourth biggest private medical aid scheme in South Africa with over 260,000 beneficiaries, behind Discovery, Bonitas and PolMed (fifth, if you include the government medical scheme, GEMS).
According to the group’s 2019 brochure’s these are the monthly contributions you will pay for plans next year (principle members):
- Ingwe: R407 – R2,651
- Impact: R2,229
- Custom: R1,515 – R2,521
- Incentive: R2,006 – R3,406
- Extender: R4,580 – R6,464
- Summit: R9,269
Ingwe prices are determined by salary level, while other plan ranges are based on state, associated or any hospital options.