Momentum medical aid changes for 2024
Momentum Health has announced changes to its medical aid packages and contribution increases for 2024.
The group announced a weighted increase of 9.6% for 2024, while lifting benefit limits by around 5.5%, in line with medical inflation.
The group said it has also added a seventh scheme option in the form of the newly launched Fusion Option, which targets employers and businesses looking to enable access to healthcare cover for new entrants.
Momentum said it expects larger employer groups to combine the Fusion option with other offers like its Health4Me health insurance to give custom-fitting cover to the unique needs and budget of individuals who, in many instances, have not previously been able to afford any form of private healthcare cover.
In addition to the new option, the Scheme has also reduced the need for pre-notification before utilising several preventative screening tests, in an effort to encourage members to more regularly make use of these free tests.
The group said the uptake of free, preventative tests has yet to recover to pre-Covid levels, and that active participation in early detection programmes is not only crucial to members’ ability to detect and deal with potentially life-threatening challenges before they become major events, but also contributes to
lower contribution increases over time, as it is much less costly to address health challenges during early-detection stages than the alternative.
Addressing the 9.6% hike in contributions, the group noted that it has seen claims costs increasing to higher than pre-Covid levels. At the same time, inflation has also seen the average cost per claim also increase considerably.
“Medical schemes have to be very deliberate and precise in their benefit design to remain relevant, solvent, and able to provide peace of mind to their members that they will continue enjoying reliable cover when they most need it. What you don’t want to see is increasing contributions, coupled with reduced benefits, as we have recently seen a few examples of,” it said.
“We are confident that we can continue to shape complementary solutions that address affordability constraints, incentivisation of healthy consumer behaviours and just generally ways for South Africans to be able to take ownership of their wellbeing despite the current economic environment.”
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