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.

Source: fin24

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