Scheme offering even more value than before
Every year the Scheme asks an independent consultancy firm to assess the financial value that we provide to members. The aim of this exercise is to make sure that the average Nedgroup Medical Aid Scheme (NMAS) member will be better of financially than would be the case if such a member had joined the average open-membership medical scheme.
The Trustees further requested the consultancy firm to check whether NMAS is competitive when measured against the banking industry standard.
In the most recent benchmarking exercise, Willis Tower Watson therefore looked at the contribution levels and benefits offered by each Plan offered by the Scheme, compared with similar options offered by the top eight open-membership schemes (by membership size), and compared with the medical scheme standard for the banking industry.
The research showed that both NMAS and the banking industry standard were quite comparable – depending on family size and specific Plan, NMAS sometimes scored higher, and sometimes lower, than the industry standard.
What did come out clearly from this research was that NMAS far outstripped the top eight open-membership schemes. On average, the benefits offered by NMAS were comparable with those of the the top eight open-membership schemes, but NMAS contributions were 24% lower for 2017!