How Health Squared blew millions in its death spiral
In the months leading up to its demise, the troubled medical aid used members’ contributions to go on spending spree, documents show
28 August 2022 - 08:12
In the months leading up to its demise, troubled medical scheme Health Squared blew millions of rands of members’ contributions on marketing campaigns, exorbitant trustee fees and other non-essential items.
A trove of documents attached in the scheme’s high court application for voluntary liquidation, as well as further documents leaked from the Council for Medical Schemes (CMS), the regulator of the medical aid industry, show that the company had operated in breach of solvency requirements and was consistently overspending on non-healthcare items...
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