Medical aid misery𝗧𝗵𝗶𝘀 𝘀𝘁𝗼𝗿𝘆 𝗼𝗿𝗶𝗴𝗶𝗻𝗮𝗹𝗹𝘆 𝗮𝗶𝗿𝗲𝗱 𝗼𝗻 𝟮𝟱 𝗦𝗲𝗽𝘁𝗲𝗺𝗯𝗲𝗿 𝟮𝟬𝟮𝟮.
Is it a case of money before members? Health Squared sold itself as a ‘dynamic, new-age medical scheme that is continuously challenging the status quo by delivering more of the healthcare benefits you need’. But for three years, it operated well under the mandatory solvency threshold of 25 percent without a word of caution to its members. Even as the financial situation deteriorated post-pandemic, with a rapidly dwindling membership and an above-average claims ratio from pensioners, members were oblivious that the writing was on the wall. When the axe finally fell, and the scheme applied for voluntary liquidation, members on chronic treatment for life-threatening diseases had mere days to scramble for alternative cover. The bombshell came in defiance of a bid by the Council for Medical Schemes to appoint a curator to protect members. In a lifeline to some, the court ruled that 54 members on dialysis would have their treatment and medication covered until the end of September, or until they joined another scheme. Carte Blanche investigates what this means for patients experiencing grave, life-altering risks.
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