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Renaissance Health Grows in Members

Home Archived Renaissance Health Grows in Members

By Staff Reporter

WINDHOEK

Renaissance Health Medical Aid Fund (Renaissance Health) held its annual general meeting at the Nampower Convention Centre on Friday, June 15, 2007 where it also announced its financial results for 2006.

Chairman of the Board of Trustees, Gabriel Mbapaha (Human Capital and Administration Manager of the Development Bank of Namibia) said in his report that the fund had a huge growth in membership, with 1 980 new members this year.

“There is however more in measuring the success of any medical aid than looking at the numbers (of members), and the success of the fund can be attributed to the continuous striving to improve the services the administrator offers and the improved benefit cover to members.

The Renaissance Health Fund is well positioned to absorb the future challenges that are set to change the face of the industry and private healthcare funding in Namibia.

We once again put on record that we see the future of the medical aid industry in the cohesive approach by all stakeholders and joint initiatives to build the number of members insured through all medical aids rather than continuing to be internally focused and to recycle members amongst funds.

This is normally for other reasons than acting in the interest of the members and employer groups, which is our prime objective.

“To this extent Renaissance Health confirms its unconditional cooperation to all other funds and stakeholders in growing the total number of members of medical aid funds, to reduce the uninsured and the impact it has on government that has to carry the costs of catering for the healthcare cover of the uninsured alone and through state facilities,” he said in a statement issued yesterday.

The statement also reported an accumulation of reserves being increased to 32% with a solvency ratio of 4:1. This was despite below industry average contribution increases, a 7% average increase of claims per member and the fact that numerous benefit enhancements were introduced during the course of 2006.

These improvements include the removal of the overall annual limits for day-to-day benefits, the introduction of a cash refund to members when in hospital and to pay towards any gaps in medical aid fees and the actual cost when hospitalised, amongst others, the statement read.

The Renaissance Health membership base is diverse and spread throughout the country, with product structures that cater for every income group.

This representation of the Namibian population is also reflected in the Board of Trustees – whose own diverse demographics and specialist skill have made the excellent financial results possible through transparent, diligent and responsible management of the fund, says the statement.

Mbapaha concluded: “Although costly, Namibians can be very proud of the quality of private healthcare in our country, which certainly ranks amongst the best in the region and for that matter the world. Renaissance Health continues to provide its members with an affordable and reliable solution to private healthcare accessibility.”