“The approach adopted by the CMS in circular 80 constitutes a departure from an ideology it has maintained for years.”
The medical schemes regulator is expected to brief the industry on Thursday on its shock announcement in 2019 that it intends to scrap low-cost benefit options and health insurance products.
This directive, combined with the scrapping of the LCBOs, overturned a policy trajectory previously agreed to by the ministers of health and finance that aimed to safeguard consumers by drawing a clear distinction between medical schemes and health insurance products. The intention was to migrate health insurance products into closely regulated LCBOs, thus ensuring that consumers retained their cover.
“The approach adopted by the CMS in circular 80 constitutes a departure from an ideology it has maintained for years. To say that it has surprised the industry would be an understatement,” said the SA Insurance Association’s health insurance forum chair, Sven Laurencik.
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