Friday, September 25, 2020

Come 2019, this is how much more BOMAID members will pay as premiums

BY PORTIA NKANI

Botswana Medical Aid society (BOMAID) has announced member’s contribution increases of between 5 – 10 percent on monthly premiums of various schemes.

The 2019 increment which will to effect on 1st January 2019 will be implemented along a few amendments in the Book of Rules which were approved at its annual general meeting in June 2018.

Moraki Mokgosana – BOMAID Principal Officer says the health care industry continues to contend with increasing healthcare costs, despite the stabilization in healthcare inflation in 2018. As a result, Mokgosana said,  the Fund continues to experience a high diseases burden.

At the same time, Mokgosana says the health sector industry has not been immune from economic pressures that have befallen the country.

Despite the challenging economic conditions and increased unemployment in the country, BOMAID’s net principal membership continues to grow, albeit at a subdued pace, from 38 596 members in 2016 to 39 796 in 2017.

The company’s financials shows that it has covered a total of 86 147 lives in 2017, up 2.3 percent from 84 197 the year before.

BOMAID is ranked amongst the leaders in the open medical aid sector in Botswana commanding 51 percent market share. At the last count, the company said that it had about 39,000 principal members and 85,000 total lives. The fund serves corporate and individual members with the most innovative and diverse products which are highly competitive and affordable to a wide spectrum of current and potential clientele.

Meanwhile BOMAID’s 2017 annual report shows that the group recorded surplus of P13.9 million, roughly up three times the previous figure. The scheme surplus also showed positive momentum, profit was up from P1.1 million to P11.3 million. This was BOMAID’s second successive year of surplus.

The performance was largely the result of the organisational structure which was rationalised with a number of new management appointments being made during 2017, as the society positioned BOMAID for the implementation of the 2017-2021 strategic plan and consolidation of the revised structure. Under the revised structure, the loss making condom manufacturing subsidiary, Alpha Access, was shut down, while fund administration was moved back in house to BOMAID from Southview, which is now an investment holding vehicle for MRI, another subsidiary of the medical aid society.

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