Choosing a medical aid provider is never a simple choice. There are often many misleading factors that people mistake for good reasons to choose one provider over another, such as celebrity endorsements, reward systems, discounts on certain products and so on.
This helpful infographic spells out the important stuff and leaves out the rest. It arranges the top 5 medical aids in South Africa by the size of their member base into an easy to interpret pie chart. It also gives helpful explanations of three crucial terms in the world of medical aids: global credit rating (or GCR), solvency ratio and average age/pensioner ratio. Coming in at positions 1 and 2 are Discovery Health and Bonitas Medical Fund, with 1.14 million and 273,285 members, respectively. In positions 3, 4 and 5 are Momentum Health, Medshield and Fedhealth with 100,936; 84,860 and 72,945 members, respectively. GCR is described as being the likelihood that an entity will met its contractual financial obligations when they are due, ranging from the highest ranking of AAA to the lowest of CCC. Solvency Ratio describes the size of an insurance company’s capital relative to all the risks (incoming claims) it has taken. Pensioner Ratio describes the ratio of pensioners to adults and children; a lower pensioner ratio suggests that you will have fewer increases of annual contributions, as young people tend to be statistically healthier than the elderly.
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