Top 5 Medical Aids In South Africa

Currently there are over 80 accredited medical aid schemes in South Africa so choosing one between all of them can be quite difficult and confusing. Here we lay out the top 5 open medical aid schemes in South Africa based on their performance indicators.

 

Top 5 Medical Aids In South Africa
Discovery Health Members: 1.14 million
Beneficiaries: 2.46 million
Average Beneficiary Age: 32.95 years
Pensioner Ratio: 7.36%
Global Credit Rating: AA+
Solvency Ratio: 23.41%Get a Discovery quote here
 Bonitas Medical Fund Members: 273,285
Beneficiaries: 602,415
Average Beneficiary Age: 31.4 years
Pensioner Ratio: 5.10%
Global Credit Rating: AA-
Solvency Ratio 35.5%Get a Bonitas quote here
 Momentum Medical Aid Members: 100 936
Beneficiaries: 200 062
Average Beneficiary Age: 33.08
Pensioner Ratio: 8.1
Global Credit Rating: AA-
Solvency Ratio: 28.6%
Get a Momentum quote here
 Medshield Medical Aid Members: 84,860
Beneficiaries: 103,105
Average Beneficiary Age: 36.38 years
Pensioner Ratio: 5.35%
Global Credit Rating: AA-
Solvency Ratio 45.3%
Get a Medshield quote here
 Fedhealth Medical Aid Members: 72,945
Beneficiaries: 148 816
Average Beneficiary Age: 37 years
Pensioner Ratio: 9.8%
Global Credit Rating: AA-
Solvency Ratio: 37%
Get a Fedhealth quote here

Global Credit Rating
Global Credit Ratings Co. defines credit risk as the risk that an entity may not meet its contractual financial obligations as they come due. The GCR rating scale ranges from a top rating of AAA to the lowest rating of CCC.

Solvency Ratio
The solvency ratio of an insurance company is the size of its capital relative to all risks it has taken. The solvency ratio is a measure of the risk an insurer faces of claims that it cannot absorb. A solvency ratio above 25% is stipulated by the Medical Schemes Act (131 of 1998).

Average Age / Pensioner Ratio
Young people are statistically healthier than elderly people. A low average beneficiary age coupled with a low pensioner ratio necessitates lower claims which, in turn, can restrict annual increases of contributions.

Source: IFC

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