{"id":76250,"date":"2024-08-31T16:45:00","date_gmt":"2024-08-31T16:45:00","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/medical-aid-claims-cost-n11b-in-first-three-months"},"modified":"2024-08-31T16:45:00","modified_gmt":"2024-08-31T16:45:00","slug":"medical-aid-claims-cost-n11b-in-first-three-months","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/medical-aid-claims-cost-n11b-in-first-three-months","title":{"rendered":"Medical aid claims cost N$1,1b in first three months"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>Private medical aid claims in the first three months of 2024 cost N$1,1 billion.<\/b><\/p>\n

This is from 215 701 beneficiaries at 31 March 2024. For every 100 principal members, there are approximately 121 dependants.<\/p>\n

The Namibia Financial Institutions Supervisory Authority (Namfisa) stated in its first quarter report, published on Wednesday, that this is an increase from the previous three months.<\/p>\n

\u201cThe industry\u2019s healthcare expenditure claims increased by 12% to N$1,1 billion during the first quarter of 2024 and decreased by 2,5% year-on-year,\u201d the report reads.<\/p>\n

Out of a population of roughly three million, only a little over 200 000 people can afford private healthcare.This quarterly increase was due to pricing, new benefits and behaviour.<\/p>\n

\u201cA combination of members\u2019 claims behaviour, pricing of healthcare services and products, and the availability of new benefits during the quarter under review resulted in the quarterly growth of the industry\u2019s claims expenses,\u201d the report reads.<\/p>\n

Non-healthcare costs incurred by medical aid funds was N$138,9 million.<\/p>\n

These costs include administration costs, fees for managing health benefits, operational expenditure and net-reinsurance expenditure.<\/p>\n

\u201cIt represents a decrease of 2,8% from the previous quarter and an increase of 3,7% on an annual basis.<\/p>\n

Administration costs remained the highest contributor to the total non-healthcare expenditure,\u201d the report says.<\/p>\n

The medical aid funds\u2019 reserves stood at N$1,6 billion.<\/p>\n

\u201cHowever, three open medical aid funds, which represented 51,1% of the industry\u2019s total beneficiaries as at 31 March 2024, reported a reserve level below the prudential requirement,\u201d the report reads.<\/p>\n

From the 215 701 members, the medical aids collected N$1,5 billion in the first quarter.<\/p>\n

\u201cThe total contributions increased by 10,7% to N$1,5 billion for the quarter ended 31 March 2024, and grew by 12,1% on an annual basis,\u201d it reads.<\/p>\n

Namfisa said the quarterly increase in the contributions received was in alignment with the annual increments affected during the quarter under review.<\/p>\n

\u201cThe average contribution income per beneficiary was N$6 999 for the quarter ended 31 March,\u201d the report reads.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. Private medical aid claims in the first three months of 2024 cost N$1,1 billion. This is from 215 701 beneficiaries at 31 March 2024. For every 100 principal members, there are approximately 121 dependants. The Namibia Financial Institutions Supervisory Authority (Namfisa) stated in its first quarter report, published on Wednesday, that this […]<\/p>\n","protected":false},"author":84,"featured_media":76249,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,236,233],"class_list":["post-76250","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nMedical aid claims cost N$1,1b in first three months - Namibia<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/medical-aid-claims-cost-n11b-in-first-three-months\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Medical aid claims cost N$1,1b in first three months\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – Namibia. Private medical aid claims in the first three months of 2024 cost N$1,1 billion. This is from 215 701 beneficiaries at 31 March 2024. For every 100 principal members, there are approximately 121 dependants. 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