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Why medical aids aren't totally ripping you off (according to Alexander Forbes)

4 December 2017 5:20 PM
Tags:
Health
Insurance
Alexander Forbes
medical aid shcemes

Alexander Forbes has released a report summarising the performance and demographics of all medical aid schemes in South Africa.

South African medical-aid schemes are‚ for the third consecutive year‚ paying out more in claims than they earned in premiums.

This is according to an annual diagnosis report by Alexander Forbes Health.

Alexander Forbes' Roshan Bhana says that the report is a summary of the performance and demographics of all medical aid schemes in the country.

Read: Adulting 101: Tips on choosing the right medical aid for you

Bhana explains that medical-aid premiums increase above inflation when the yearly claims ratio is imbalanced.

A claims ratio is a calculation of how much of all members’ monthly premiums are paid out in claims.

The perception is that medical aids are making money of us and ripping us off with high costs and high increases every year.

Roshan Bhana, Head Actuary of the Alexander Forbes Health Technical and Actuarial Consulting Solutions Team

The reality is that medical aids are owned by the members that participate in those funds.

Roshan Bhana, Head Actuary of the Alexander Forbes Health Technical and Actuarial Consulting Solutions Team

Listen to Roshan Bhana review the report findings:


This article first appeared on CapeTalk : Why medical aids aren't totally ripping you off (according to Alexander Forbes)


4 December 2017 5:20 PM
Tags:
Health
Insurance
Alexander Forbes
medical aid shcemes

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