Daily Investor reports that medical aid members should brace for big premium increases, with big providers, including Momentum and Discovery, announcing above-inflation contribution hikes.
Last month, Discovery announced that its medical aid contributions would increase by a weighted average of 9.3% for 2025. Depending on the medical aid plan, the contributions will increase between 7.4% and 10.9%. Half of Discovery’s members will experience a contribution increase of 8.4% or less. The contribution increases and benefit updates will be effective from 1 January 2025, subject to approval by the Council for Medical Schemes. More recently, Momentum Medical Scheme announced it would implement an annual contribution increase of 9.4%. Momentum said that no medical aid members would see a double-digit increase and that benefits would not be reduced. Momentum Health Solutions’ Damian McHugh explained that the company’s price increases were guided by an analysis of healthcare cost trends. On Wednesday, Bonitas Medical Fund announced that it would increase prices by an average of 10.2% from 1 January 2025. Lee Callakoppen, principal officer of Bonitas Medical Fund, said the medical scheme industry has faced turbulent conditions over the past year. With three of the biggest medical aid providers announcing above-inflation price increases, most other providers are expected to follow suit. This means that South African medical aid members should prepare for significantly higher premiums next year.
- Read the full original of the report in the above regard at Daily Investor
- See too, Bonitas joins in massive medical aid price hikes for 2025, at BusinessTech
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