LMS’ member benefits increase by 7%

Liberty Medical Scheme (LMS), one of South Africa’s leading medical schemes, has announced a 7% increase in benefits for its members for 2012.

Andrew Edwards, LMS’ Executive Principal Officer, said “significant focus has been placed on reducing administration costs without impeding quality service and benefits to our almost 140 000 members. Astute management of the Scheme, in keeping with regulated governance principals, coupled with the successful Medicover merger, has resulted in LMS recording a 28% solvency ratio which comfortably exceeds the regulated 25% industry cap. The merger has significantly benefitted our members as we have reserves that are higher than industry norms. We have also been able to curtail costs in targeted areas, resulting in savings being passed on to our members.”

“Retention and growth of your membership base is critical to the continued success of any Scheme. The 7% benefit increase which members will derive in 2012 compares favourably with the annual contribution increase of 9.9% which is on par with that of the industry”, said Edwards.

Benefits across the board have increased, with a variety of option enhancements having been introduced by LMS. Edwards confirmed that the enhancements provide for a more competitive offering, while leveraging existing distribution channels. “We are confident that these additions will positively contribute towards LMS’ growth trajectory and further strengthen our market position”, he added.

One such enhancement includes the extention of the Preventative Care Benefit (PCB) to the largest of the Scheme options, the Titan Option. The PCB consists of 11 preventative tests which include Cholesterol tests, Pap Smears and Bone Density Scans. The Oncology Diagnostics Benefit is another recently launched enhancement, which includes comprehensive cover of bone scans for cancer patients.