Momentum Health medical scheme has announced a weighted average annual contribution increase of 8.2% for 2020.
Sustained growth, with a favourable profile, in a stagnant market coupled with stable financials, allowed Momentum Health medical scheme to announce one of the lowest contribution increases for 2020 in the industry, it said.
The group said that its medical scheme has also retained stability in its product offering, with no reduction in benefits; “in fact in most cases the Scheme has increased benefit limits”.
It added that the maternity benefit was also enhanced to provide for nurse based support at home for new moms following the birth of their baby.
Momentum Health medical scheme has also launched a new option, catering to the unique needs of the up and coming millennial market.
“Although the industry increases this year may appear steep during a tough economic climate that continues to put a strain on consumers’ pockets, various factors need to be considered, such as rising medical inflation rates, ageing scheme profiles and regulatory requirements.
“Momentum Health medical scheme continues to have one of the lowest average contributions in the market, with one of the most stable benefit designs over the past 10 or more years,” said Damian McHugh, executive head of sales and marketing at Momentum Health Solutions.
When you look at the underlying metrics of medical schemes – whether it is demographics or claims trends – there is a growing number of South African schemes for which these metrics are not looking good. While these may be quite subtle differences now, these trends are likely to deteriorate over time.
“This is a common phenomenon and may force schemes to think of reducing benefits. At Momentum Health medical scheme, we do not compromise the ability for our clients to access the healthcare that they need. We provide them with flexible options that allow them to build the medical cover that suits their lifestyle requirements,” said McHugh.