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Genesis announces contribution increase

Sep 18 2014 16:46
Fin24

Cape Town - Genesis Medical Scheme has announced that its 2015 average contribution increase will be 5.3%.

Over the past 13 years, consumer price inflation (CPI) has averaged 5.9% per year while medical  care and related healthcare inflation has averaged 8.2%.

Average contribution increases for open schemes in 2014 and 2013 were in the region of 9% and 10% respectively.

“It is against this background that Genesis’s average contribution increases for 2013 and 2014 of  4.95% and 6.4% stand as a testament to the management of the scheme that strives  to keep healthcare funding costs as affordable as possible,” said Genesis scheme executive Brian
Watson.

“The answer lies partly in the fact that bigger isn’t necessarily better as Genesis proves year  after year. Some of the biggest schemes in the country have not attained the minimum level of solvency required by law. The benefits of self administration, prudent risk management, having
sufficient reserves to withstand almost any major disaster together with a board of professional trustees whose fees are among the lowest of all open schemes, are critical components in containing healthcare costs.”

- Fin24

medical aid  |  health  |  insurance
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