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2021 medical aid price increases… you may want to sit down for this one

24 September 2020 10:10 AM
Tags:
Medical aids
Inflation
Medical aid
Kieno Kammies
The Kieno Kammies Show
Council for Medical Schemes
medical schemes
medical scheme
medical aid price increases
medical scheme price increases
Clayton Samsodien
Phoenix Financial Services Group
CMS
medical inflation

Contributions are likely to rise by twice the rate of inflation, warns Clayton Samsodien (Phoenix Financial Services Group).

Can you feel it? It’s the medical aid schemes doing it to you!

Kieno Kammies, presenter - CapeTalk

If you’re a medical aid scheme – I don’t give a damn who you are – if you are trying to shnaai my listeners; we will tell people who you are!

Kieno Kammies, presenter - CapeTalk

The Council for Medical Schemes (CMS) recommends that medical aid companies freeze or limit contribution increases to 3.9% in 2021.

Inflation measured at 3.2% in July 2020, the latest available figure.

In previous years, the CMS recommended price increases of inflation plus 3%.

Medical aid schemes are very unlikely to heed the Council’s call, says Clayton Samsodien, CEO of Phoenix Financial Services Group.

Members should expect increases of 5% to 6% for next year, according to Samsodien.

Kieno Kammies interviewed him.

NHI is going to happen sooner than we think…

Clayton Samsodien, CEO - Phoenix Financial Services Group

We won’t see 3.9%. We’ll see 5% to 6%... Healthcare inflation is averaging 8%...

Clayton Samsodien, CEO - Phoenix Financial Services Group

We’ve seen a 50% drop in people going for tests and screening, resulting in a material saving for medical schemes… who now sit with surpluses…

Clayton Samsodien, CEO - Phoenix Financial Services Group

I have a virtual conversation with my specialist. Instead of R1200, the virtual session costs R600. It’s accepted by my medical aid – they pay for it… If we all practice that, we’re almost doubling our benefits…

Clayton Samsodien, CEO - Phoenix Financial Services Group

I’ve seen four schemes that published rate increases… and tampered with benefits… I was shocked when I saw a small increase, but with reduced benefits… hiding how they cut their benefits… it’s not right!

Clayton Samsodien, CEO - Phoenix Financial Services Group

Listen to the interview in the audio below.


24 September 2020 10:10 AM
Tags:
Medical aids
Inflation
Medical aid
Kieno Kammies
The Kieno Kammies Show
Council for Medical Schemes
medical schemes
medical scheme
medical aid price increases
medical scheme price increases
Clayton Samsodien
Phoenix Financial Services Group
CMS
medical inflation

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