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Your workforce’s healthcare: Get the best and affordable employee medical cover with Medimed

Your workforce’s healthcare: Get the best and affordable employee medical cover with Medimed

Every year, from about September to November, there is a flurry of activity in the medical aid industry as medical aids, administrators and brokers position and market their products for the next calendar year. 

Unfortunately, it is not always easy to compare different medical aid options as each option can have different benefit structures, reimbursement rates, provider contracts and of course, different contributions. 

However, what is true for all medical aids is that the younger and/or healthier the group, the lower the amount the medical aid spends on ‘non-healthcare’ costs – ultimately providing  better value for money for the members.

Medimed is a medical aid based in Port Elizabeth, which focuses on providing healthcare cover to employer groups in the Port Elizabeth/Uitenhage area. The medical aid has just over 6 000 members and in excess of R140 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.

As a result, each of the options provide outstanding value for money. Medimed also has a national footprint as it is administered by PROVIDENCE, which is part of the MMI group - the largest medical scheme administrator in South Africa.

Employer groups all have different requirements depending on their business sector, the medical aid 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 are getting the best value for money available in the market for their health care needs is for employers from time to time to compare the benefit plans currently offered to their employees and their dependants with those available in the market. 

If there is significantly better value for money on another medical aid, a detailed analysis would be required which would include considering factors such as the financial strength of the scheme, the track record and the governance of the scheme.

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 Retabile Lucas on 041 395 4400 or visit www.medimed.co.za today.