A Financial Mail article penned by investment editor Claire Bisseker suggests that only 40% of the capital promised for development some five years ago has been invested to date. In the past decade, the fixed investment ratio has declined dramatically from 22% of the gross domestic product in 2008 to around 14% of GDP, or more specifically, less than half of the target set by the National Development Plan.
Against this background, BCIMA continues to fulfil its mandate to deliver affordable and accessible healthcare coverage to the men and women of the building, construction civil engineering sectors. BCIMA’s membership numbers have remained relatively stable despite the dire state of the South African economy and the hardships faced by so many of our clients.
This is a telling scenario that demonstrates that companies and their employees continue to place value on the BCIMA product and service offering. As one of the more established schemes in the country, we are proud of the role that we continue to play in broadening access to healthcare for South Africans and remain hopeful that we will be able to further increase our membership levels in the coming months.
As always, the Fund stands for value-for-money medical cover, and our long and proud service history to the industry has given us understanding and insight into the sector, its people, and their needs. In addition, BCIMA remains one of few medical schemes that specifically serves the needs of employees in this sector and can safeguard the health and well-being of its membership base at the lowest possible price point.
Despite the private medical funding industry’s many attempts to design and offer products for blue-collar workers, the sector continues to struggle to get more South Africans covered by at least some basic form of healthcare insurance. How the industry can successfully provide cover to more South Africans is a question that has vexed some of the best economic minds for several years.
In its effort to resolve this dilemma, Government is moving steadfastly to a social health insurance system to meet the needs of the many millions of lives currently uncovered. However, with a dire shortage of funding and no movement in legislative reform, the ball remains squarely in the court of the private healthcare sector.
In essence, South Africa has never been in greater need of proactive and workable healthcare management solutions for the blue-collar market than it is now. Therefore, the healthcare funding industry must provide practical, affordable solutions to a market with major delivery and cost challenges.
In recent years, several factors led to the development of products by certain complex medical schemes that were difficult for members to understand. With its focus on choice, affordability, and ease of use the hallmarks of BCIMA remain pure health and pure value.