Financial advisers are in a fortunate position
Momentum Health Solutions recently hosted a thought leadership engagement session where topical healthcare issues were discussed.
The session focused on where we stand in view of the NHI (National Health Insurance) Bill being passed, and what this means for the private healthcare industry as a whole.
The session also focused on what affordable healthcare solutions companies can offer to their lower-income employees, while the industry waits for the Low-Cost Benefit Options (LCBO) regulations to be finalised and, lastly, how to reduce the burden of mental health disease on our healthcare system and employment sector.
The NHI Bill
“Whilst we believe that taking steps toward Universal Health Coverage is the right thing to do, as we need to provide more health for more people for less in South Africa, we are particularly concerned that the single funder model and the restriction of services that a medical scheme can offer, will not support this goal. To achieve the goal of universal access to healthcare, we need extensive collaboration between the private sector and government – we must use the significant private healthcare expertise and resources at our disposal - from provision and management of care to funding and administration,” said Damian McHugh, Executive at Momentum Health Solutions.
“In multiple submissions to the government, we have offered to collaborate to ensure healthcare excellence and to retain expertise in the health system to the advantage of all South Africans. As it stands, it is likely that the NHI legislation will be open to constitutional challenges, with legal action already being threatened,” he continued.
Through the implementation of the Health Market Inquiry (HMI) recommendations, the private sector will be better positioned to support the government in providing healthcare to all South Africans, said McHugh. “The introduction of Low-Cost Benefit Options is an immediate first step that will improve access to healthcare for millions of South Africans. Incremental steps towards the improvement of public health services must be taken to improve access to care for all people.”
Affordable healthcare solutions
On the topic of affordable healthcare solutions, while the industry waits for the Low-Cost Benefit Options regulations to be finalised, McHugh said research shows that a lack of affordable healthcare is a leading cause of employee absenteeism.
“An insurance solution, for example, should be designed to provide lower-income employed South Africans with access to quality, private healthcare and additional benefits through a network of providers,” he said.
“Our building-block approach, for example, enables employers to structure benefits specific to their employees’ needs and available budget. Benefits are flexible and can be extended to cover private healthcare, a doctor on call, employee assistance, and wellness education to the workforce, thereby improving the well-being of your employees and your bottom line,” he added.
The burden of mental health
With regard to mental health, McHugh said that to reduce the strain on healthcare and employment resulting from mental health issues, it is essential to prioritise creating awareness and providing education about the modifiable factors - biological, social, and psychological - that influence depression and anxiety. “These two conditions are the most prevalent mental health struggles and bear significant societal costs. Equally important, is promoting and investing in early intervention and prevention, while improving access to resources, tools, guidance, and support. This approach aims to equip individuals with skills that enhance their resilience and enable them to find meaning through connections with others and a larger purpose,” he continued.
By implementing initiatives that focus on mental fitness and cultivating resilience, fostering collaboration between healthcare and employment sectors, investing in research and innovation, and developing social capital, McHugh emphasised that we can collectively contribute to reducing the burden on healthcare and employment sectors caused by mental health challenges and promote a healthier society.
The ability to offer clients holistic solutions
“The spread of solutions available from leading healthcare cover providers today places financial advisers in the fortunate position of being able to offer their clients holistic solutions that meet the needs of consumers across the spectrum,” he said.
“Momentum Health Solutions believes the industry can continue to evolve to offer even more integration between health insurance and traditional medical scheme offerings, to further support advisers in keeping their clients on the cover that best suits their life stage and personal requirements,” he concluded.
Writer’s Thoughts
There were some interesting key takeouts from this session. But one thing remains clear, although there are many challenges in the healthcare ecosystem there are opportunities too. Do you agree? If you have any questions please comment below, interact with us on Twitter at @fanews_online or email me - [email protected]
Comments
(Mayo Clinic - https://mayocl.in/3Zt3AWA) Report Abuse
Rather than using the somewhat watered-down terminology "mental health issues" we should cut to the chase and use the words 'Mental Disorders' or 'Mental Illness'. An inability to function due to a Mental Disorder such as Bipolar Disorder is not an issue, it is a crippling disease.
That said, I applaud Damian for putting the most pressing modern-day global health challenge on the agenda. I would have liked to hear from him what he has in mind for creating awareness and providing education Report Abuse