Selfmed Medical Scheme’s 2012 Annual General Meeting (AGM), recently held in Cape Town, revealed that the Scheme enjoyed impressive financial results during 2011, and that these have enabled Selfmed to achieve the lowest contribution increases within the medical aid industry in South Africa. Addressing attendees, Selfmed Chairman Barry Reide stated, “Once again, the reserves have allowed the Scheme to start giving back to the members who have been loyal to us throughout the difficult periods previously experienced.”
Moreover, Selfmed has been able to offer its members greater benefits, and the peace of mind of knowing that the Scheme is continuing to go from strength to strength.
~bSelfmed financial reserves secure lowest contribution increases in the industry~
A prosperous 2011 means that Selfmed’s financial reserves are strong. This is significant to members because it proves that the Scheme is financially sound – one of the most important features of a reliable medical aid scheme.
The Scheme’s solvency ratio showed growth over the past year, climbing from 95.77% in 2010 to 114.50% at the close of 2011.
At the meeting, where both Selfmed board members and medical aid members were in attendance, the medical aid scheme’s chairman explained that improvements in benefits and low increases were Selfmed’s way of giving back to its members.
For 2012, Selfmed was proud to announce an inflation-beating increase of only 5.77%, more benefits, and a high level of stability with 114.50% reserves. Furthermore, the Scheme’s 80% medical aid option pays medical expenses at cost, offering members a very high level of cover. All options are approved by the Registrar of Medical Schemes.
~bSolvency some of the highest among South African medical aids~
It’s worth noting that the Selfmed’s financial reserves continue to be far above those required by the regulator for the Council of Medical Schemes (CMS). The scheme is currently ranked one of the highest in terms of its reserve percentage.
All this reflects the Scheme’s overarching commitment to “Simplicity, Security, Sincerity and Service”, and offers peace of mind to all existing and prospective Selfmed members.
All Selfmed’s financial statements have been audited and approved by PricewaterhouseCoopers, the Scheme’s appointed auditors.