SOUTH AFRICA — Momentum Health Solutions is all set to unveil a package of enhancements and contribution adjustments for Momentum Medical Scheme and Health4Me health insurance in 2024, with an unwavering commitment to providing accessible healthcare to all.
In a world that continued to test the resilience of South Africans throughout 2023, Damian McHugh, Chief Marketing Officer for Momentum Health Solutions, stressed their responsibility to help ease the burdens faced by many.
He stated, “We are acutely aware of the huge responsibility we have to help alleviate these pressures, by finding sustainable, yet affordable solutions for all.”
As the administrators of medical schemes with nearly three million members, they’ve observed claims costs surging beyond pre-Covid levels, while inflation has led to a notable increase in the average cost per claim.
McHugh emphasized the need for meticulous benefit design to ensure continued reliability and peace of mind for members.
Momentum Medical Scheme has been a beacon of consistency, offering one of the lowest increases in the market without reducing benefits. McHugh proudly noted that they’ve provided certainty to advisers and consumers during challenging times.
To expand accessibility, Momentum Medical Scheme is introducing a seventh benefit option, the Fusion Option, aimed at facilitating healthcare cover access for those previously underserved or impacted by economic difficulties.
Momentum Health Solutions anticipates large employer groups combining the Fusion Option with Health4Me health insurance, thereby crafting customized coverage tailored to the unique needs and budgets of individuals who previously couldn’t afford private healthcare.
Addressing healthcare industry imbalances is a critical goal, and McHugh emphasized the importance of a collaborative approach in both the private and public sectors.
He believes in a system where the private sector complements the public sector and contributes to more efficient utilization of available budgets.
In addition to the new benefit option, Momentum Medical Scheme is reducing the need for prenotification before using several preventative screening tests.
This move aims to encourage members to take advantage of these free tests, crucial for early detection of potential health challenges and contributing to lower contribution increases over time.
Having increased benefit limits by approximately 5.5%, in line with medical inflation, the Scheme’s weighted average increase for 2024 will be 9.6%.
McHugh highlighted Momentum Medical Scheme’s fortunate position with a younger average member age, stable membership numbers, and the ability to continually introduce benefit enhancements.
From the perspective of administrators like Momentum Health Solutions, the confidence remains high in their ability to shape complementary solutions addressing affordability, incentivizing healthy behaviors, and empowering South Africans to take control of their well-being despite economic challenges.
McHugh concluded, “Momentum Health Solutions remains dedicated to innovation and problem-solving, uniquely positioning us to provide affordable and seamless healthcare services to our clients, meeting the diverse needs of companies and individuals across the spectrum.”
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