Annually around September, Discovery announces the following year’s benefit and contribution updates for Discovery Health Medical Scheme, as well as new product releases and enhancements across the Discovery SA Composite (including Discovery Health, Bank, Vitality, Insure, Life, Invest, and Vitality Health International). Discovery believes in integrating all their various business channels, each benefiting and enhancing the next.
The new Discovery Health app, available from September 2023 enables several new digital healthcare innovations and benefits for members and creates a link to a connected digital health ecosystem that will continue to expand over time. The app will
- connect members to doctors and other healthcare providers,
- help members understand and manage their health plan benefits,
- Personalised, dynamic health pathways to improve members’ health.
On the app, members will have access to dedicated doctors 24/7, locate a healthcare provider, book an appointment or complete a virtual consultation and real-time ordering and tracking of medicine. Members can also Understand and manage their health cover, view, and track benefits, and manage claims.
Medical inflation for 2024 is expected to be between 9% and 13% allowing for variable plan experience. The weighted average contribution increase for Discovery Health in 2024 is 7.5%. The Executive and Coastal Core will have the highest increase, of 12.9%. The Coastal Saver an increase of 6.3%, the Smart plans an 8.9% increase, and the Classic Saver has the lowest increase, an increase of 3%.
In 2023, Discovery Health saw 7.3% of Medical Savings Account (MSA) funds being used to pay for mental health and casualty care. From next year, these benefits will be paid from risk and Discovery Health will reduce the MSA contributions on the Saver for next year.
- Classic Saver and Classic Delta Saver MSA contributions will reduce from 25% to 20%.
- Coastal Saver MSA contributions will reduce from 20% to 15%.
- Essential Saver and Essential Delta Saver MSA contributions will reduce from 15% to 10%.
Discovery Bank will be offering Home Loans to Discovery Bank clients, and offering Clients up to 1.5% off their home loan interest rate for managing their money well. The Discovery home ecosystem will offer home loans, home insurance and energy solutions. They will also offer a revolving Access Facility to use for transfer fees, renovations, maintenance, or new furniture. The interest discount is made up of having Discovery Bank, up to 1% off; home loan protector, up to 0.25% off and Discovery Insure, a further 0.25% off.
Discovery Vitality will be enhancing the HealthyFood partner benefit by introducing Checkers as a new Vitality partner and offering members the choice of an in-store and online grocery partner. When members set up the benefit they can select an in-store and an on-line partner, getting 10% back at each primary partner. Once they complete their Vitality Age and Vitality Health Check, they will get 25% back at each primary partner and 10% at other partners. The partner loyalty card must be swiped in store or loaded on the app when purchasing in order to activate the benefit.
Vitality has expanded the Fitness network across South Africa so members have the opportunity to join the Vitality Fitness network to cater to the diverse exercise needs of every member. From the seasoned athlete to beginner taking their first steps towards a healthier lifestyle, the Vitality Fitness ecosystem is here to help everyone achieve their exercise goals.
Vitality has also added Africa Padel to their Fitness Network and from November 2023, Vitality members will get a 20% discount at Africa Padel courts in South Africa. Discovery
Members have advanced booking access and can book up to 4 weeks ahead of time.
Please review your health usage this past year and your expected medical costs for 2024. You can change your plan in November 2023 for the coming year.
It is a good time to revisit this past year and assess if your current health plan has worked for you and your family:
- Has your medical savings account been sufficient?
- Has the hospital cover been extensive enough?
- Will your personal circumstances change next year?
You will receive communication directly from Discovery Health, detailing your new premium and benefits for 2024. If you wish to discuss your health plan with us or if you have any queries, please do not hesitate to contact me.