The financial advisory business, specialising in retirement fund administration, noted a recent wave of deferred medical scheme contribution price increases and anticipates further increases in excess of inflation in 2023.
The reduction in claims experienced during the Covid-19 pandemic, alongside a desire to maintain affordability for members in a low-inflation environment, saw many schemes defer their 2022 increases, with the biggest open medical scheme – Discovery – originally deferring its increase from January to May 2022, and then again until October.Discovery has confirmed a 7.9% increase in October 2022which will carry through to December.
“In previous years, medical schemes have typically exceeded the CMS increase guidelines by around 4%, as is evidenced by the information provided by the CMS in their circular,” said Larkan. “The lower-than-anticipated increases in 2021 were due to the financial constraints that South African consumers are facing on the one hand, and underutilisation of the medical aid benefits resulting in record reserves held by the medical schemes on the other,” said Larkan.
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