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With the start of the new year, the planning of personal finances for 2015 takes priority for many South Africa consumers, companies are equally grappling with a volatile economic environment and growing cost pressures that will see changes to employee benefits and how these are packaged in future. Some changes may prove to be challenging for employees, while others will be most welcome.
Traditionally the month of December heralds the holiday season in South Africa, but before any well-deserved vacation many of the 8,7 million people who are medical scheme members of some 83 medical schemes in the country first have to decide on their benefit options for the new year. The Council for Medical Schemes (CMS), regulator of the medical schemes industry advises principal members to not only compare prices but choose the benefit option and scheme that is right for them and their families’ future healthcare needs.
Immunity from a challenging operating environment is a luxury that many stakeholders in the insurance industry seek, but very few find. This has been the unwanted mantra of the industry over the past two years, and the medical scheme industry seems to sometimes be more challenging than others when it comes to the enormity of the task of restoring parity to the operating environment.
In response to the serious allegations against medical schemes made by SAMA in their recent press release, the Board of Healthcare Funders responds as follows:
If you had to hazard a guess, when do you reckon the COFI Bill will be signed into law?