Five of the highest and lowest medical scheme increases for 2018 | Fin24
  • Eskom capacity

    Eskom faces structural problems - its ability to supply power is at its lowest in years.

  • Gordhan's testimony

    Here are six quotes that summed up the hottest moments at the inquiry.

  • Labour trends

    Here's where you're most likely to find a job.


Five of the highest and lowest medical scheme increases for 2018

Oct 01 2017 13:18
Susan Erasmus

Cape Town - Five medical schemes have announced their contribution increases for 2018. Genesis Medical Scheme is the lowest at 5.8% and Medshield the highest at 10.9%.

Earlier this month, Discovery Health Medical scheme announced a weighted contribution increase of 7.9% in member contributions for 2018, and Bonitas Medical Scheme announced one of 8.7%. These relatively low increases put other schemes under pressure to stay below the 10% mark, but not all of them could do this.

Genesis Medical Scheme announced on September 27, an average weighted increase of just 5.8% (the range of increases of the various options is between 5.3% and 6.1%).

On the September 21 Keyhealth announced a weighted increase of 8.6% (with the range of increases on the various options between 7% and 9%).

Medshield came in with the highest contribution increase of the various schemes so far at 10.9%, with the range of increases on the various options between 10% and 13%.

Momentum Health on September 26, announced a weighted average increase of 8.3% (8.2% and 9.7% on the various options).

Resolution Health announced an increase of 9.6% for 2018.

Some of the other open schemes who are yet to announce their contribution increases are Bestmed (October 6), Compcare Wellness (October 12), Fedhealth (September 29), Hosmed (October 5), Makoti (October 12), Medihelp (October 3), Spectramed (October 10) and Thebemed (October 5).

Over the last 16 years, the average year-on-year increase of medical scheme contributions has been 7.6%. This is 1.9% higher than CPI inflation, according to Alexander Forbes Health. This is a worldwide phenomenon, which is driven by the high cost of medication, new medical technology, and in South Africa also by the weakening exchange rate.

SUBSCRIBE FOR FREE UPDATE: Get Fin24's top morning business news and opinions in your inbox.

Read Fin24's top stories trending on Twitter:

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest. encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

medical aid  |  health  |  money


Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Was Momentum fair when rejecting R2.4m insurance claim?

Previous results · Suggest a vote