NAMMED successfully achieves five-year reserve building strategy

Good morning to all NAMMED Members, this Medical Special Insert allows the NAMMED Board of Trustees to share with you, and the public, the successful achievement of its five-year reserve building strategy.

The objective was to increase reserves to a level acceptable to the Registrar of Medical Aid Funds. Although it is not law, but rather a guideline, the Regulator requires that a Medical Aid Fund must hold a minimum of 25% of its annual contributions in reserves.

The Board of Trustees is pleased to inform you that this target has been achieved and that the Fund held a 25.7% reserve level as per its Audited Financial Statements at 31 December 2019.

These reserves are kept to mitigate risks such as very high claims in a particular year, utilisation increases, high volatility in claiming patterns and unforeseen health events like the Covid-19 pandemic, to name a few. Each and every member has played a part in this journey and the Board wishes to express its utmost appreciation to all members for prudently utilising their benefits over the years.

The Board calls on members to protect your Fund against Fraud, Waste and Abuse which is an ongoing challenge to all medical aid funds. Your benefits are there for you and your family, use them wisely, look after your health and the Fund will be able to continue assisting all members with ever increasing medical costs

No doubt, it is a pleasure for a member to be able to say, “I did not need to use my Medical Aid Fund once this year. I am really thankful for my excellent health! I am a member of NAMMED and I know that my Medical Aid Fund will cover me when it is needed.”

Finally, the Board of Trustees would like to invite potential members to join

NAMMED Medical Aid Fund. We look forward to being YOUR PARTNER IN HEALTH.