Ricochet News

The best value medical cover for employees with Medimed

By Mike Neubert - Dec 6, 2016
The best value medical cover for employees with Medimed

Medical inflation has consistently been well above CPI and 2017 looks to be no different with most medical schemes already announcing double digit contribution increases.

Medimed is however an exception. Medimed is a medical scheme based in Port Elizabeth (PE) which has a long track record of providing affordable medical cover to the employees of many large employer groups in the PE/Uitenhage area. The scheme has just over 6 000 members and in excess of R150 million in reserves.

In addition to being financially very strong, the scheme has the second lowest average age and the lowest non-healthcare spend of all open medical aids according the Council for Medical Schemes’ annual report.

Having the lowest non-healthcare costs means that more of the contributions than any other scheme is spent on healthcare costs and the result is outstanding value for money and consistently low annual contribution increases: 2017:7.9%, 2016:7%, 2015:7.4%, 2014:6.6%, 2013:5.3%.

Medimed also has a national footprint as it is administered by PROVIDENCE, which is part of the MMI group - one of the largest medical scheme administrators in South Africa. PROVIDENCE manages the health benefits of over 200 000 beneficiaries nationally, is ISO 9001 accredited and has provided healthcare administration and management services for nearly 25 years.

Part of the PROVIDENCE service is comprehensive clinical risk management which includes a highly skilled wellness team comprising professional nurses, a social worker and counselling psychologist who provide services at the participating employers.

Employer groups all have different requirements depending on their business sector, the medical scheme subsidy policy, the profile of their employees, agreements with organised labour etc.

The best way to establish if an employer and, more importantly, if the employees and their families are getting the best value for money available in the market for their health care needs is for employers to compare the benefits and contributions currently offered to their employees and their dependants with those available in the market. 

The industry is changing all the time, so what was good for employees a few years ago may not be the best for the employees now!

For a free, no obligation costing and comparison, contact Mike Neubert or Suzan Kapp on 041 395 4400 or visit www.medimed.co.za  today.