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Medical Scheme Increases

Medical Scheme Increases 2016

Members of Genesis Medical Scheme can once again look forward to enhanced benefits in 2016 and, for the fourth consecutive year, enjoy the lowest contribution increase in the open medical scheme market.

The below table indicates the average contribution increases for some of the open medical schemes in South Africa for the last four years (2016; 2015; 2014 and 2013).


Medical Scheme Average   Contribution Increase (%)
2016 2015 2014 2013

Genesis   Medical Scheme

5.5%

5.3%

6.4%

4.95%

 

Sizwe   Medical Fund

7.5%

6.5%

8.9%

10.8%

 

Medihelp

8.0%

12.5%

8.5%

11.2%

 

Keyhealth

8.8%

6.9%

8.9%

11.3%

 

Momentum   Health

8.9%

8.9%

7.2%

7.9%

 

Discovery   Health Medical Scheme

8.9%

10.9%

8.9%

10.9%

 

Medshield   Medical Scheme

9.6%

8.5%

9.4%

7.5%

 

Bestmed   Medical Scheme

9.8%

8.6%

9.6%

9.0%

 

Fedhealth   Medical Scheme

9.9%

13.0%

8.9%

7.9%

 

Topmed   Medical Scheme

10.0%

9.2%

Unknown

9.5%

 

Bonitas   Medical Fund

10.6%

10.3%

6.8%

9.9%

 

Resolution   Health Medical Scheme

11.0%

12.3%

11.5%

10.8%

 

Liberty   Medical Scheme

10.1%

9.6%

9.5%

11.2%

 

Spectramed

To be announced

8.8%

7.5%

9.4%

Source: http://www.brokertools.co.za/

Based on the above contribution increases, the below table indicates the respective schemes’ average increases over the last four years.

Medical   Scheme

Average Contribution Increase   (%)

(2013 – 2016)

Medical   Scheme

Average Contribution Increase   (%)

(2013 – 2016)

Genesis Medical Scheme  5.5% Bonitas Medical Fund  9.4%

 

Momentum Health  8.2% Topmed Medical Scheme  9.6%

 

Sizwe Medical Fund  8.4% Fedhealth Medical Scheme  9.9%

 

Spectramed  8.6% Discovery Health Medical Scheme  9.9%
Medshield Medical Scheme  8.8% Liberty Medical Scheme  10.1%

 

Keyhealth  9.0% Medihelp  10.1%

 

Bestmed Medical Scheme  9.3% Resolution Health Medical Scheme  10.4%

Genesis Medical Scheme is one of only a few open medical schemes in South Africa which is self-administered and as a result, has amongst the lowest administration costs in the industry.

Both Towers Watson and GTC Healthcare, global professional and financial services organisations respectively, have independently endorsed Genesis’s benefits offerings in their 2015 medical scheme surveys, indicating that the Scheme offers some of the best value-for-money comprehensive and hospital plan benefit options in South Africa.

Please note that the information provided is for information purposes only and is not intended to flout or in any other way compromise the conditions set out in the Financial Advisory and Intermediary Services Act’s General Code of Conduct insofar as comparing different financial products with each other is concerned.

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