Tuesday, January 31, 2023
HomeWeekly RoundupDiscovery's medical aid increases for 2020

Discovery's medical aid increases for 2020

Discovery Health Medical Scheme (DHMS) has announced a weighted average annual contribution increase of 9.5% for 2020 for main members.

Moneyweb reports that the increases are mostly skewed to the higher-end plans, with those in the Comprehensive range and the Executive plan increasing by very close to 11%. Discovery contends that “Only 19% of members will have the 10.9% increase, while 60% of members will have an 8.9% increase.” 

One outlier is the lowest income band of the most comprehensive of the entry-level KeyCare plans, KeyCare Plus (R0-R8550), which increases by a similar amount.With the exception of the Coastal Core plan (9.94%) and Coastal Saver Plan (9.9%), contributions for all other plans will increase by just under 9%. The Classic Comprehensive Zero MSA (no medical savings account) plan falls away. In its place is the Classic Smart Comprehensive plan, also with no medical savings account.

Discovery cites a market survey of financial advisors representing over 250 000 lives, which shows that “market expectations are for increases between 10% and 12% across the industry”.

[link url="https://www.moneyweb.co.za/news/companies-and-deals/discovery-healths-2020-medical-aid-increases/"]Full Moneyweb report[/link]

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