CAPE TOWN – The Government Employees Medical Scheme (GEMS), South Africa’s largest restricted medical scheme, entered the 2019 financial year in a solid financial position, with assets significantly exceeding liabilities, as reported in the Scheme’s 2018 Annual Integrated Report that released on Wednesday.
“The Scheme’s financial position provides assurance to members and key stakeholders that the Scheme is sustainable and able to meet its claims and member obligations”, said GEMS Principal Officer, Dr Guni Goolab.
With 1.8 million beneficiaries, GEMS has grown to become the country’s second-largest medical scheme overall with a solid membership base that is exclusively available to all eligible public service employees in South Africa.
“Being prudent while ensuring that members access their benefits is one of our priorities and this ensures that the Scheme is sustainable over the long term and able to address member and stakeholder expectations. Specifically in delivering affordable access to quality healthcare services that improve member’s health outcomes,” said Goolab.
GEMS has over the last two years managed to grow its total assets from R5 billion at the end of 2016 to more than R12bn at the close of the 2018 financial year to December. The Scheme reported a reserve ratio of 24.7 percent for 2018, up from 15.2 percent achieved in 2017.