Another major open medical scheme has announced its increases for next year. Momentum Health says its weighted average annual contribution increase for 2018 will be 8.3%. This falls between Discovery’s 7.9% weighted average increase and Bonitas’s 8.7%.
Momentum Health is the third-largest open medical scheme in South Africa, with over 150 000 principal members. It boasts a low average beneficiary age of 32.7 years, an average principal member age of 42.1, and a solvency level of 25.6%, which has been consistently above the regulatory requirement of 25% for the past five years.
Momentum Health says its HealthReturns offering, which is linked to its Multiply wellness and rewards programme, has been updated for 2018, and will be linked to the contributions members pay to their medical scheme.
The optional Multiply Money Visa Card is an easy way for members to access funds in their HealthSaver accounts. This card provides members with the convenience of paying healthcare providers at their consulting rooms and buying over-the-counter medications.