Sizwe Medical Fund keeps increases low
With an average increase of 10.95% across the board, coming in well below the industry average, Sizwe Medical Fund’s annual contribution increase has been designed to counteract the tough economic times. The increase has been favourably viewed by members, brokers and employer groups following a nationwide launch. This is a clear indication of the scheme’s dedication to affordability, accessibility and availability within the private healthcare sector.
“The Fund’s contribution increase had been actuarially determined, however, the Board of Trustees felt the increase was too high for the members and we went back to the actuary to recalculate the figures on the eve of our launches. We thus postponed the launches by a week to give the actuary sufficient time to find the lowest increase possible without placing the scheme at risk. This proves once again that Sizwe is a scheme for the people and that we place our members first,” says Linda Gabela, Chief Executive Principal Officer of Sizwe Medical Scheme.
Sizwe has over the last five years kept its increases below the industry average.
Faced with an economic meltdown, resulting in mass retrenchments and thus declining membership, coupled with escalating cost drivers such as hospitalisation and specialist costs, schemes are faced with the dilemma of being able to balance affordability against quality care.
After having a freeze on benefit increases for the past two years, Sizwe has increased its benefits by an average of 8%. Benefits have been re-categorised into consolidated benefit categories to give members greater flexibility in managing their benefits for the year.
“We have used our years of experience and knowledge of our members to design products that are responsive to member’s healthcare needs,” says Gabela.
“Having closely investigated claiming trends, we have seen that certain benefits are used up much quicker than others, leaving the member without benefits in certain categories while unused benefits are sitting untouched in other categories. By consolidating some of the day to day benefits such as GPs, specialists, medicines, pathologists and radiologists, it gives the member the flexibility to channel the money where it is needed most, thereby reducing the possibility of running out of benefits during the year.”
Due to various influencing factors, Sizwe has collapsed its two network options into one, Affordable Network, with contributions starting at R460.
“It has always been our vision and mission to provide affordable healthcare cover for our members and, because we understand our members and their healthcare needs, we always strive to offer them value for money. Healthcare should not be a luxury but should be accessible to everyone who can afford private healthcare cover”, concludes Gabela.
