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Bonitas Medical Fund, one of the leading medical schemes in South Africa, recently presented its 2024 product line-up and announced the lowest contribution increases across the large open medical schemes, at a weighted average of 6.9%, without reducing benefits.
“The percentage increase required is methodically worked out by our team of actuaries who determine the minimum increase against ensuring the financial sustainability of the scheme while meeting the regulatory guidelines and requirements. It’s a delicate balancing act,” says Callakoppen. “For 2024, the weighted increase is 6.9% with the average increase across nine of our plans at 6% — the lowest across the large open medical schemes.
We have seen a 25% increase in the number of mental health hospital admissions, indicating a need for additional support. This need is particularly high in the 18 to 44 age groups. We further noted that mental health was a key driver for absenteeism in corporate groups.
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