Hybrid scheme’s fresh approach boosts benefits

Sophisticated benefit design that puts medical scheme members in control of their healthcare while providing one of the strongest value propositions in the market has enabled Health Squared Medical Scheme, the result of a merger between Resolution Health and Spectramed medical schemes, to implement single digit contribution increases and an array of benefit enhancements for the coming year.

The scheme’s industryleading hybrid options coupled with its pioneering Agility Rewards Platinum programme with unique cash-back rewards incentives, which enables members to earn up to R37,900 back in rewards, is setting a new standard in affordability and value within the healthcare funding industry.

“Health Squared offers the industry’s most potent affordability and value proposition, which integrates with the Agility Rewards employee wellbeing and financial services products ensuring exceptional value to individuals and employer groups,” says spokesperson Bianca Viljoen. “In terms of option-specific contribution increases for 2020, we have worked to ensure members benefit from some of the lowest increases in a decade.”

The scheme announced a weighted average increase of 9.8% for 2020, which translates to as little as 3% on some of its benefit options.

Members who subscribe to Health Squared’s exclusive Agility Rewards Platinum can choose to offset their contribution increases through reinvesting their cash-back rewards, Viljoen explains. The programme enables families to earn up to R37,900 per year for simple, achievable healthy lifestyle choices. Members are rewarded for gym exercise, fitness programmes, school and university fees, flights on any airline, routine health screenings and participating in sporting events, to name but a few examples.

“Across all options, we have implemented a 4.5% increase in benefits on categories of cover, as well as additional maternity scans and other option-specific enhancements. This means our 36,628 beneficiaries are more than recouping their annual membership fees in terms of the richness of the benefits they are entitled to.”

The scheme’s contribution increases, she reveals, were primarily driven by healthcare inflation, which routinely outstrips annual consumer price index inflation. For 2020, those enrolled on Health Squared’s Rise capitation plan will see the principal member’s contribution increase by 5%, with no increase implemented for adult or child dependents.

“Amid an industry-wide trend where medical scheme members are looking to reduce costs, individuals and families are looking for true, quantifiable value from their cover. Given conventional approaches to the provision of healthcare cover, we are increasingly finding members want more bespoke cover that affords them greater control over their healthcare benefits,” says Viljoen.

“Employer groups are looking for the flexibility to provide cover for all levels of the workforce, from executive level to semiskilled staff, as well as value-added rewards that holistically support health and wellbeing.”

She says the scheme is addressing these market-driven needs through an ideal mix of traditional, new generation and hybrid model benefit options, representing a wealth of choice for members and corporates.