Old Mutual Launches New Comprehensive Health Insurance To Provide Private Health Services To South African Workers
Old Mutual Launches New Comprehensive Health Insurance To Provide Private Health Services To South African Workers. Old Mutual Corporate is thrilled to announce the launch of Old Mutual Health Solutions – a new and innovative Employee Benefits offering, covering Primary Care, Gap Cover, and Ancillary related products. This comprehensive range aims to provide high-quality healthcare solutions to employees and members via their employers and work-related groups.
As part of Old Mutual Health Solutions, these offerings are underwritten and administered by GENRIC, a licensed non-life insurer within the Old Mutual group of companies. GENRIC plays a vital role in ensuring that low-income earners have improved access to quality private healthcare. According to Prabashini Moodley, Managing Director of Old Mutual Corporate, research suggests that over 80% of South Africans don’t have access to affordable private healthcare.
Moodley said: “The biggest healthcare issue in the country is the lack of access. A very small group of South Africans have comprehensive access to quality healthcare. The cost of full cover is prohibitive for most South Africans. Therefore, there is a need for an alternative option that can provide access to private healthcare at a price that meets the individual’s level of affordability”.
To this end, Old Mutual aims to bridge the access gap with health insurance products that provide more significant benefits. “We must emphasise that our proposition is not a medical aid, and it in no way competes with medical aid schemes; it’s about creating access. The offering aims to extend private healthcare access to people with no chance or a very limited chance of belonging to a medical aid scheme. We believe that for the price point, there is a significant value relative to other offerings we’ve seen in the market.”
Humphrey Mkwebu, GM: Employee Benefits Solutions at Old Mutual Corporate, says “If you can afford medical aid and have more comprehensive healthcare needs, then objectively, you probably should consider medical aid – not a primary care offering. If you can’t afford medical aid, but still feel access to a private GP and some form of in-hospital benefits if someone gets injured or ill is important, or still need access to acute or chronic medication, then this product may be for you. We aim to bring innovative solutions, expertise, and our usual level of transparency and trust into this space.”
