Discovery Health Medical Scheme’s claims paying ability given top rating for thirteenth consecutive year

Discovery Health Medical Scheme’s claims paying ability given top rating for thirteenth consecutive year

April 2014 - Just over 1.19 million principal members entrusted their families’ healthcare funding needs to the Scheme during the 2013 financial year. That translates to more than 2.5million lives covered by the largest open medical scheme in South Africa. The distinction of covering 52% of the open medical schemes market in South Africa is coupled with a responsibility to ensure the Scheme’s long-term claims paying ability and financial sustainability.

The Discovery Health Medical Scheme is therefore pleased to announce that Global Credit Ratings Co. has once again confirmed the Scheme’s credit rating of AA+. This represents the highest rating a medical scheme can receive in South Africa. The Scheme achieved this rating for the thirteenth consecutive year. The Scheme’s unrivalled position as the market leader in South Africa’s open medical schemes market and strong continued membership growth contributed to this rating. The Scheme’s strong brand value, wide range of benefit options, and the positive impact of the voluntary science-based wellness programme, Vitality (offered to Scheme members by Discovery Vitality (Pty) Ltd) also aided its strong financial performance in 2013. The stable financial outlook of the Scheme is evident by the R10 billion in members’ funds held in reserve.

Milton Streak, Principal Officer of the Discovery Health Medical Scheme, said; “Against a backdrop of ongoing economic pressure on consumers, rising healthcare costs, an increased burden of disease and intense public debate around healthcare issues, the Discovery Health Medical Scheme has displayed unparalleled stability and cost-effectiveness. Members of the Scheme can rest assured that the Scheme will ensure that they continue to receive significant value from the Scheme and Discovery Health for the foreseeable future.”

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