By: Momentum Medical Scheme
Momentum Medical Scheme has announced a weighted average annual contribution increase of 3.9% for 2021.
Sustained growth with a favourable profile in a stagnant market, coupled with stable financials, allowed Momentum Medical Scheme to announce a significantly low contribution increase in the market, without reducing benefits.
“Momentum Medical Scheme’s average age of members sits well below the industry average, and as a result thereof, our long term claims forecast allows us to keep contribution increases lower than the majority of our competitors,” explained Damian McHugh, Head of Growth and Marketing at Momentum Health Solutions. “When one factors in a pandemic such as COVID-19, the impact of a favourable member profile becomes even more important. While we have made provision for the unexpected future pandemic-related costs, we are able to focus more on helping our members retain their medical aid cover during these tough economic conditions.”
The administrator for Momentum Medical Scheme, Momentum Health Solutions, allowed members of the scheme to fund their contributions from their HealthSaver accounts, which meant members who had positive balances could retain their medical aid cover, even if they have experienced cash flow shortfalls due to sudden unemployment or illness. “In fact, the HealthReturns that members of these schemes can earn from Momentum through being active and living a healthy lifestyle, now made it possible for them to fund continued cover, in other words members were able to use their healthy lifestyle to also protect them financially during the pandemic,” argued McHugh.
In addition to announcing a significantly low contribution increase, Momentum Medical Scheme retained stability in their product offering, with no reduction in benefits; in fact, in most cases the Scheme increased benefit limits.
Similarly, from the perspective of the administrator, Momentum Health Solutions has introduced enhancements to the HealthSaver+ account that will allow contributing clients to earn up to 10% interest, depending on their Healthy Heart Score and activity level. Conversely, these clients could enjoy interest rates as low as 0% on credit. “We have also made it easier for clients to apply for HealthSaver through the Momentum app where they could potentially sign up and have access to the account in mere minutes, even if they choose to also apply for credit,” McHugh enthused. “And, in exchange for just R36 annually, HealthSaver clients with more than R100 balance now get access to Hey Jude, a concierge service that will make it easier than ever to do anything ranging from finding a taxi or searching for a particular product to organising a birthday party – whatever they need the concierge service to assist them with.”
A unique innovation flowing from the company’s philosophy to provide more health to more South Africans for less, is the ability to donate GP visits to those in need. Clients simply use their HealthSaver funds to buy a voucher that recipients can use to see any doctor on the NetcarePlus GP network.
McHugh concluded, “Momentum Health Solutions remains focused on innovation and problem solving. In so doing, striving to meet the holistic healthcare and financial needs of companies and individuals across the spectrum, uniquely positioning us to provide a safe, affordable and seamless life-journey to our clients.”