BD Insights feature outlines some of the available choices, and discusses the criteria to consider as well as how to manage your health
20 October 2023 - 11:30
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Despite the Council for Medical Schemes, the regulatory body for medical schemes, advising schemes to keep their 2024 contribution increases as close to the inflation rate as possible (estimated at 5% in 2024), most have announced significantly higher increases.
The complex list of factors which make up risk can lead to investment income being used to make up contribution shortfalls, in turn eroding solvency levels, a ratio which a scheme has to maintain at a minimum of 25%.
Healthcare inflation is typically about 2% to 3% higher than consumer price inflation as well.
Members are urged to take up preventative screenings, wellness checks and health risk assessments. The recent decline in these comes at a cost to medical schemes with chronic illnesses and conditions often diagnosed only at a late stage. For patients it may mean a life-threatening condition, if one considers that the top five cancers in men, and those in women, can be prevented through early detection.
Read these stories and more: browse through the pages below (zoom in or go full screen for ease of reading):
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
FREE TO READ | Medical cover options for 2024
BD Insights feature outlines some of the available choices, and discusses the criteria to consider as well as how to manage your health
Despite the Council for Medical Schemes, the regulatory body for medical schemes, advising schemes to keep their 2024 contribution increases as close to the inflation rate as possible (estimated at 5% in 2024), most have announced significantly higher increases.
The complex list of factors which make up risk can lead to investment income being used to make up contribution shortfalls, in turn eroding solvency levels, a ratio which a scheme has to maintain at a minimum of 25%.
Healthcare inflation is typically about 2% to 3% higher than consumer price inflation as well.
Members are urged to take up preventative screenings, wellness checks and health risk assessments. The recent decline in these comes at a cost to medical schemes with chronic illnesses and conditions often diagnosed only at a late stage. For patients it may mean a life-threatening condition, if one considers that the top five cancers in men, and those in women, can be prevented through early detection.
Read these stories and more: browse through the pages below (zoom in or go full screen for ease of reading):
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