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Healthcare opportunities in tough times
In the present economic environment, we hear every day how many large organisations
are downscaling, cutting back, reducing staff and, in some cases, closing down. Consumers,
too, are drastically reducing their spending. Are there still opportunities for
healthcare brokers? Medical Aid membership fees, as well as the fees charged by
medical suppliers, are not decreasing. Simultaneously, most companies and consumers
are faced with tight budgets. However, in these hard times it may be beneficial,
both to your clients and to you, to ensure that in the event of various healthcare
events, your clients enjoy the right cover, so as not to expose them to greater liabilities,
which they can ill afford at this time.
Existing clients
Generally speaking, most employees are contracted on a “cost to company” basis and
as a result, they are able to select one of the options of medical aid plans offered.
Various opportunities exist in terms of some of the medical aid options – some have
a co-
Filling in the gaps
There are also medical aid options which offer hospital cover at less than the fees
charged by medical specialists, which leaves the member exposed. In such cases “Gap”
cover would be a solution to an existing client. If an existing medical aid client
is travelling abroad, they will require medical travel cover. The market offers
a variety of options that may be purchased on an ad-
Contract personnel
Due to the economic climate, corporate organisations are employing contract personnel
for specified contract periods. These contracted employees are unable to access the
corporate employee benefit packages and as a result, they are required to purchase
their own healthcare cover. The solution may entail a medical aid scheme or restricted
insurance products – all dependent on the budget, which can be maximised with the
assistance of a well-
Sporting events
There are forms of healthcare cover becoming available in the market for adult and student sporting events. In addition, we have the football tournaments taking place in South Africa this year and next year. If a tour operator or hospitality client is involved in some of these events it may be opportunistic to ensure they have access to cover for their visitors.
RAF shortfalls
The changes to the Road Accident Fund (RAF) legislation is going to affect all of
us during the next two years, because there will be a knock-
Adrian Hofman
Health & Accident Underwriting Managers