The adoption of low-cost health insurance calls on the health sector to do more to provide affordable health insurance

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Written by Damian McHugh

A steady increase in adoption of Momentum Health Solutions’ market-leading affordable health insurance solution, Momentum Health4Me, indicates that there is a critical need for cost-effective and adaptable healthcare solutions.

As providers of health care solutions, it is our responsibility to find ways to bring affordable private health care to millions of uninsured South Africans.

There is no doubt that the COVID-19 pandemic has dealt a severe blow to our economy, with consumers still reeling from its impact.

The Russian-Ukrainian war, if it continues unabated, will have a ripple effect on developing economies, including our own.

This, in turn, will add further pressure on an already beleaguered consumer in the form of runaway inflation, including rising oil and food prices.

Now more than ever, the turbulent economic conditions in which we find ourselves call for affordable, cost-effective and flexible healthcare solutions that will ensure that millions of South Africans who cannot afford private medical coverage can access quality private health care.

This need is evident in the number of people joining our Momentum Health4Me solution.

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Momentum Health4Me is an affordable healthcare solution aimed at giving consumers the flexibility to pay what they can afford and switch options as their needs and incomes change.

The steady increase in adoption of Momentum Health4Me has actually allowed us to grow our membership by more than 12% over the past two years.

These figures confirm that there is a great need for low-cost private health care in the country, while there has been no significant growth in the medical plan market during the same period.

Affordability is key if we are to change the needle in terms of helping to have a real impact on the lives of millions of South Africans who currently have no private healthcare coverage.

While we fully support the government’s initiative to introduce National Health Insurance (NHI) as a mechanism to improve access to comprehensive and quality health services for all South Africans, we believe that private healthcare providers also have an important role to play.

In fact, we are of the view that the implementation of this bold undertaking by the government can only be successful if key stakeholders from the public and private health sectors cooperate and commit to working together, rather than each other. against others.

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As the country’s healthcare landscape has been skewed to favor the few who could afford to access the levels of professionalism, advanced technology and equipment provided by the private sector, we recognize that the introduction of NHI is essential to the envisioned reform of our healthcare system. frame.

In our view, the NHI could initially meet the needs of the unemployed, while private sector actors could focus on providing low-cost health insurance and low-income medical plan options for South Africans. employed but uninsured.

It is in this very context that Momentum Health4Me was designed, which essentially eliminates waste in the form of overspending and underutilization for members.

Medical plans are usually designed in a way that gives consumers access to more by buying or paying more and in some cases this results in consumers paying for products and services that they do not have necessarily need.

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Our healthcare solutions allow customers to pay for what they need or can afford.

Additionally, some of our solutions go as far as unlocking cash or vouchers that our members can use when they need it most, including getting grocery vouchers.

Medical plan coverage should provide some flexibility as a member’s circumstances change.

The devastating impact of COVID-19 across the world, as medical personnel and facilities struggle to provide the best care under the most difficult conditions, has underscored that health insurance membership is not an optional “benefit”.

Pending the finalization and implementation of the proposed NHI, South Africans will need to continue to make important decisions and choices regarding health care coverage in the immediate future.

Medical plan providers should be at the forefront of designing low-cost solutions that would help ensure that all South Africans have access to quality, comprehensive private healthcare.

You can learn more about Momentum Health4Me here.

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