Momentum Health increases its medical aid scheme premiums by 8.3% for 2018

Momentum Health, South Africa’s third largest open medical scheme (after Discovery and Bonitas) with more than 150 000 principal members, announced an average weighted increase of 8.3% in its medical aid scheme rates for 2018.

Damian McHugh, Head of Health Marketing at Momentum, told a media briefing in Cape Town that the scheme averaged one of the lower increases year on year compared to other large open schemes. He says this is significant considering the scheme has also avoided having to use benefit reductions annually to achieve lower contribution increases.

McHugh says the fund’s value proposition is based on the premise that small, incremental  changes in behaviour of members leads towards healthier and more active lives. “ Momentum HealthReturns coupled with Multiply, Momentum’s wellness and rewards program, encourages and rewards members who want to start doing the right thing.”   He says by adding the Momentum HealthSaver, members can maximise and multiply the funds available for their day-to-day healthcare needs.

“Our approach and thinking challenged the conventional way medical schemes had been designed. For example members are allowed flexibility of choice to structure their medical scheme options to suit their needs and in line with their affordability.”

McHugh says Momentum Health has also introduced beta versions of its optional Multiply Money Visa Card this year. This will be an easier way for members to access funds in their HealthSaver accounts. The card provides members with the convenience of paying providers instantaneously at the doctor’s rooms, purchasing over the counter medication and even paying for pets’ visits to the vet. (subject to funds available in the account). This small enhancement, says McHugh, will lead to an even greater financial wellness outcome, allowing Momentum clients the ability to manage their money into the future.

McHugh says the 2018 product offering was well-received by the broker community in South Africa.