Momentum Medical Scheme will be increasing annual contributions by 9.4% for 2025, according to a statement from Momentum Health Solutions.
Momentum said that members will not experience a double digit increase and there are no benefit reductions for the 10th year in a row which reflects their commitment to balancing affordability with the need to provide high-quality healthcare cover.
“The Scheme’s approach to contribution adjustments is guided by a thorough analysis of healthcare cost trends, member utilisation patterns, and economic factors,” said Damian McHugh, chief marketing officer at Momentum Health Solutions.
“By taking a data-driven approach, Momentum Medical Scheme made informed decisions that benefit both members and the Scheme.”
It is important that people understand how these adjustments will have an impact on their medical aid option for the upcoming year.
By understanding the full range of benefits, members can make informed decisions that will maximise their health outcomes and financial wellbeing.
According to Momentum, consumers are taking their financial constraints into account when evaluating their medical scheme choices based on the cover they can afford, rather than the cover they need which leaves them at risk going forward.
Medical inflation has risen above CPI once again, which during the Covid-19 years which was lower than CPI. This, plus the increase in the utilisation of healthcare services, has resulted in increased claims costs.
Momentum said that the medical aid industry is not growing, and the profile of the market is ageing, however, despite these challenges, the sector has shown remarkable resilience and adaptability.
Along with the annual increases in contributions, Momentum also announced product enhancements for 2025 which are designed to meet the changing needs of South Africans, while still being affordable.
McHugh said: “These enhancements reflect our dedication to offering innovative and sustainable healthcare solutions that cater to the diverse needs of the South African market.
“By focusing on choice and value without having to buy down to save money, as well as preventive care, mental health support, and chronic disease management, we aim to provide a holistic approach to health and wellness.“
Momentum said that the enhancements will include:
– updated low-income option
– easier and more accessible rewards
– the ability to use these rewards to pay medical scheme contributions
– an easy digital process that demonstrates how much consumers can save monthly without having to buy down.
Momentum Health4Me, a health insurance product from Momentum Health Solutions has seen growth in membership with membership increasing by more than 5% over the last six months, reaching a total of more than 220,000 beneficiaries.
Health4Me was designed to provide affordable healthcare solutions to individuals and families who may not have access to traditional medical aid.
McHugh said: “The product’s growth reflects our commitment to inclusivity and our understanding of the diverse needs of the South African population.”
According to Momentum, Multiply has offered value to its members this year by moving from a traditional loyalty programme to rewarding members for knowing and improving their physical and mental health.
As part of these enhancements, Momentum Multiply will now offer the digital health and fitness assessment to all its members
Momentum said that Wysa, an emotional intelligent chatbot, will be introduced for members to support mental wellness by engaging them in conversations about their feelings and challenges.
It provides support through evidence-based techniques and strategies and access to a variety of self-help resources. According to Momentum, Wysa is private, easy to use, and available 24/7.
“By leveraging data and personalised insights, Momentum Multiply will continue to offer tailored recommendations and rewards that align with individual health goals, making it easier for members to stay on track and achieve their wellness objectives,” McHugh said.
Members will be able to use those rewards to pay their months medical scheme contributions.
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