Momentum Health Solutions responds to changing needs of members with innovative benefits, bespoke solutions

SA continues to emerge from the effects of Covid-19, which proved to be an especially big challenge for the healthcare industry.

And while business activity has now largely returned to normal, consumers are feeling the pinch from rising inflation, driven by the higher cost of living, including transport, fuel, basic foods, housing and utilities that have reached all-time highs.

The pressure is no less severe in the healthcare industry, where the deferment of annual premium increases and rising medicine, treatment and facility costs are hitting medical schemes’ solvency levels.

The recent curatorship of Health Squared Medical Scheme — an industry first in SA — offers medical schemes and consumers a timely reminder of the importance of responsible and transparent governance.

The ongoing impact of Covid-19 cannot be understated; it has strained people's mental and physical health as they try to find a balance between their personal and professional lives. Attending to one’s wellbeing is more important than ever.

At Momentum Health Solutions, we have noted a marked increase in mental health claims across various treatment pathways. What has become clear is that mental health issues often lead to deteriorating physical health.

Having monitored these changes among members against the backdrop of a changing work- and marketplace, we have adapted the products on offer with innovative benefits and membership options to better enable clients to choose a healthcare solution that suits them best.

Understanding that each consumer has different needs, and rather than offering single-level benefits, we have created a basket of options so members can structure their healthcare solution according to their individual needs.

The Momentum Multiply offering has been improved to prioritise a total approach to healthcare, incorporating the physical and mental aspects, and rewarding members for taking greater responsibility for their health and wellness.

The improved offering, which has shifted from loyalty-driven to health-driven, assists and motivates members to reach their goals as quickly as possible — no waiting for years to advance up the various levels — and improved benefits that are aligned with realistic goals.

Momentum Health Solutions' focus is to offer South Africans more health for less cost, something we can see resonating with the wider SA market through the popularity of  our Health4Me product offering.  

The approach extends to contribution increases. In 2021, Momentum Medical Scheme deferred its annual increase from January to September. In 2022 the scheme deferred its contribution increases once again, with an 8.5% weighted average increase for the year, coming into effect on April 1 2023 — equating to an effective annual increase of 6.4%.

The long-term sustainability of the scheme is paramount and must be protected. Therefore, while we understand the strain on consumers’ pockets, we also need to bear in mind that should a scheme implement a contribution increase that is below healthcare inflation, it would need to make up for that under-costing in subsequent years, resulting in higher contribution increases later on.

Still, the medical scheme is in the enviable position where its inflation outlook is slightly lower compared with the broader market, because its member profile is at least two years younger than its next-youngest competitor. As a result, the chronic disease burden and utilisation increase is lower year on year.

We want to offer premium healthcare products that consumers can rely on, are flexible enough to suit their needs and cost as little as possible. With consumers being forced to cut down on expenses, we need to ensure we provide benefits that cater for the challenging economic outlook and other unforeseen factors that may arise. In doing so, Momentum Health Solutions are focused on protecting the future health of our business and the nation.

This article was paid for by Momentum Health Solutions.