25 August 2022
Medical schemes typically increase their contributions in January each year. The Covid pandemic disrupted this routine, and many schemes deferred their 2022 increases, with the biggest open medical scheme, Discovery, first deferring its increases from January to May 2022, and then until October. While the January to May 2023 increases have not yet been announced, Discovery has confirmed a 7.9% increase in October. Other schemes increased their contributions earlier in the year, although many were also deferred. The October increases will almost certainly be followed by scheduled increases in January 2023, says Jill Larkan, Head of Healthcare Consulting at leading financial and wealth advisory business GTC. “Interim increases are administratively expensive and disruptive, and we suspect schemes will return to the traditional January increase date from next year”.
Jill Larkan Head – Healthcare Consulting at GTC.