Momentum Health 2015 Rates
September 23, 2014
23 September 2014 – Announcing an average annual contribution increase of 7.9% for 2015, Momentum Health cited stability in terms of its product, financials and service offering against the background of a volatile industry as the main factors contributing to the Scheme’s favourable outlook. The Scheme also noted that it was one of very few that managed to grow its membership without seeing a decline in its average member age.
Explaining how the Scheme manages to continue growing its membership with a favourable member profile, Damian McHugh, head of Momentum Health Marketing and Sales, says Momentum’s HealthReturns pioneered a new approach to healthcare funding – one that puts the member in control and, unlike most incentive programmes, does not cost anything.
“HealthReturns really set the ball rolling in terms of engineering healthcare benefits through a positive lifestyle,” he continues. “Our offering continues to gain popularity due to increased consumer demand for control over their benefits and budget. With the option to pay HealthReturns into a HealthSaver account, members can increase or, if they so choose, decrease their day-to-day funding as their needs change and can do so without having to change their option too.”
The flexibility in the Momentum Health product range is further seen in terms of its provider choice model where members can save more than 35% on monthly contributions by choosing to make use of certain selected service providers.
With affordability a key concern to healthcare consumers today, McHugh points out that an approach that encourages both members’ health and financial wellness is paramount. The South African healthcare environment has seen a lot of change over the past years, with consolidation and closing of schemes in many instances. As part of a greater global response to the burden of disease, and in an effort to prevent absenteeism in the workplace, healthcare funders are increasingly seeing the need to focus on pro-active health awareness and lifestyle changes.
Contributions and Benefits
With medical inflation that outweighs CPI year-on-year and factors such as changing medical technology, usage of benefits and the pressure on schemes to maintain or reach a 25% solvency level, containing annual contribution increases can often prove challenging in the healthcare industry.
With an average annual increase of 7.9% for 2015, McHugh noted that Momentum Health has provided for all the above factors and is well positioned to continue innovating healthcare solutions in the year to come that will speak to both the needs of its members as well as the longevity of the Scheme. Given the flexibility associated with the Momentum Health product range, he pointed out that family increases will vary based on the actual option and provider selections made.
On the back of this increase, the Scheme still managed to increase benefit limits without having to increase any of its co-payments. Other benefit changes endorse the focus on preventative wellness, and include the extension of benefits for mammograms to members from the age of 38.
About Momentum Multiply
Momentum’s wellness and rewards programme, Multiply, is also continuously enhancing its offering through the addition of new partners and 2015 will be no exception. For instance, Multiply members will enjoy a 25% discount on membership fees at SmokeEnders, a unique way to assist smokers in giving up the deadly habit, and 30% discount on membership fees at EatForLife. With sponsorship support from Momentum, Multiply members will enjoy a host of golfing discounts and benefits, ranging from a significant discount on joining and monthly membership fees at playmoregolf SA, World of Golf and Golf Village practice and play packages, as well as discounts from the ProShop.
Technology has also brought about innovation to help today’s consumer better manage their time and increase access to healthcare information, through mobile sites and mobile apps. “Who would have thought ten years ago that you would be able to instantly check your Savings balance on your cellphone, then request authorisation for a procedure while you are in the doctor’s room – a network provider in your neighbourhood that you located via that same app?” McHugh enthuses.
“Catering for members’ needs throughout different life stages and allowing clients greater control over the future of their healthcare is what schemes will rely on to distinguish themselves from the market going forward. The resulting innovation will in turn ensure that South Africans continue to enjoy world-class healthcare cover,” McHugh concludes.
All info was correct at time of publishing