Lowest increases in medical schemes industry announced by newly merged CompCare
Drickus Maartens • October 16, 2019
Josua Joubert Principal Officer and Chief Executive Officer of CompCare Wellness Medical Scheme
Medical scheme’s amalgamation pays dividends for members
CompCare Wellness Medical Scheme, which amalgamated with Selfmed on 1 September, has announced contribution rate increases for 2020 that are well below the industry average.
“CompCare will be implementing an average weighted increase of 6.5% while at the same time enhancing its benefits across the board on all product options. This increase is significantly below the industry average of 9.1% recently reported by Alexander Forbes Health for open medical schemes in South Africa,” comments Josua Joubert, the Principal Officer and Chief Executive of CompCare.
He further noted that CompCare’s amalgamation had placed the scheme in an extremely strong position in many respects. “Our current solvency ratio, for example, is a healthy 45% which places the scheme in the position where we are able to give back to our members. Not only were we able to add a number of exciting new benefits and great new product options but our increases are the lowest in the industry, which is most gratifying as this is what we were working towards with our amalgamation with Selfmed. ”
“The combined merged entity has significantly increased membership levels which has been further bolstered by organic growth over the past year. CompCare is now one of South Africa’s top medical schemes,” adds Joubert.
“Our options, which cater specifically for the young, healthy and adventurous at heart, are attracting a younger, vibrant membership with an average age of 27. This is having a positive impact on the profile and overall sustainability of CompCare.”
Broader product offering
At just over 40 years in the industry, CompCare Medical Scheme is a scheme with much to offer. The scheme prides itself on a customer-centric approach and a value proposition that provides a blend of affordability, choice and benefit richness, underpinned by a personalised approach.
“With a range of 11 options on offer, it is as easy to an executive to choose the ideal product as it is for someone starting out and on a tight budget,” says Joubert.
“The merging of Selfmed into CompCare broadened the product offering of the new scheme and this has allowed us to introduce two new options namely Selfsure and SelfNET. In addition, the merging of the two hospital plans, Axis and MedIIX, has given birth of the new MedX hospital plan. While CompCare’s popular product range remains firmly intact it too has been further enhanced for 2020,” says Joubert.
Some of the product options for 2020 include:
- CompCare’s latest new options, UniCare and UniCare Extender, are specifically focused on further improving access for previously uncovered and offer some of the best value in the industry for as little as R249 per month.
- The scheme’s pioneering Efficiency Discounted options, provide contribution savings of up to 20% and are available on all options with the exception of UniSave, Selfsure and SelfNET. These offer the same 2020 enhancements as CompCare’s standard range of options.
- Those looking for a market-leading hospital plan will find MedX and MedX ED to be a cost-effective way to protect members and their families from sudden and unforeseen medical emergencies. Benefits associated with more comprehensive cover, such as preventative care, active lifestyle programmes and post-rehabilitation benefits are included.
- The UniSave option provides comprehensive unlimited hospital cover, along with a flexible savings account, which can be used for day-to-day healthcare requirements at the member’s discretion.
Benefits that are a cut above the rest
According to Joubert, it is a point of pride for CompCare that it is one of few medical schemes to cover all costs relating to sports injuries, including injuries sustained when participating in extreme and adventure sports. “We are fully in the corner of extreme and adventure sports enthusiasts and this includes everyone from professional athletes to weekend thrill seekers.”
Here are some of the benefit enhancements that CompCare members can count on in 2020:
- An unlimited cancer treatment programme.
- An active, healthy lifestyle is encouraged with access to accredited biokineticists and dietitians.
- An emotional wellness benefit with unlimited telephonic counselling and referrals for one-on-one counselling is provided.
- All sub-limits on over-the-counter medication on all savings options have been removed.
- A special children’s range of benefits covers everything from baby wellness visits to childhood immunisations, school readiness assessments, pre-school eye, hearing and a dental screening.
- An extra visit to an emergency room is provided for children every year.
- A consultation with an occupational therapist, a fitness assessment and exercise prescription programme, as well as a nutritional assessment and healthy eating plan is offered especially for children.
- Children younger than six gets unlimited GP visits and basic dentistry even if benefits are depleted.
- Migraine has been added as a chronic condition to the Pinnacle, Dynamix and Symmetry options.
- CompCare’s flagship option, Pinnacle, has introduced the following enhancements:
- Specialised dentistry benefits in the above threshold benefit;
- Sub-limits in the above threshold benefit have been removed for specialist services, acute medication, radiology, pathology and auxiliary services.
“As part of CompCare’s ongoing drive to enhance services and to make life easier in our digital age, we have introduced a new and improved member onboarding functionality. While new members are able to obtain a quote and apply for membership via our website, from 2020 they will also be able to pay for cover immediately, thereby obtaining immediate proof of medical aid cover.
“In order to deliver services and benefits that stand head and shoulders above other medical schemes, CompCare partners with Universal Healthcare, an administrator that has established itself as a leader in providing evidence-based, integrated healthcare services,” concludes Joubert.
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