Cape Town - Your medical scheme contributions go up sharply every year, and yet the law requires that your scheme has 25% of contributions in a reserve fund. Isn’t it time this changes?
READ: Sharp increases for medical scheme members
Medical schemes are required to have a quarter of members’ contributions in reserve, according to Regulation 29 of the Medical Schemes Act of 1998. Schemes were given until 31 December 2004 to achieve this, and many schemes took several years to build their reserves up to the required level of 25%.
