5 reasons for choosing SPECTRAMED medical scheme
1. SPECTRAMED is a Next Generation™ medical scheme
SPECTRAMED’s Next Generation™ benefit options offer you the best of the traditional and savings medical scheme funding models. Depending on your chosen benefit option, certain day-to-day benefits are paid from your My Saver™ account, and certain day-to-day benefits will be paid from a unique Benefit Booster™. This means that these specified day-to-day benefits will be paid by the Scheme and your My Saver™ account balance will not be affected.
2. SPECTRAMED’s benefit options have no thresholds or self-funding gaps
With SPECTRAMED’s Next Generation™ benefit options, you do not have to worry about self-funding gaps or thresholds.
3. SPECTRAMED medical scheme has been around for more than 50 years
SPECTRAMED embodies a rich history of more than 50 years in the medical schemes industry. Originating in 1957 as a restricted scheme solely for the printing industry in South Africa, it became a commercial scheme in 1997.
Today, SPECTRAMED medical scheme is rated as one of the top open medical schemes in South Africa. The Scheme is financially strong and maintains a solid solvency ratio. Global Credit rating has awarded SPECTRAMED an ‘A’ rating for its claims paying ability.
4. SPECTRAMED boasts one of the lowest admin fees in the medical scheme’s industry, which means more of your money goes towards your healthcare needs
SPECTRAMED employs a unique business model of internal management by Scheme employees with certain lower-level functions outsourced to service providers. Some medical schemes leave all their management functions to a 3rd party service provider and only employ one person – A Principal Officer. SPECTRAMED, on the other hand, has over 120 employees and an experienced Executive Team that is responsible for the business management of the Scheme. Some of these tasks include financial management, investment strategies, operational management and long-term strategic planning.
By employing this internal resource business management model, SPECTRAMED has managed to reduce its non-healthcare delivery cost (administration cost) by more than R70 million in the past two years. That means that more of the Scheme’s funds are used to provide members with quality healthcare, and less for claims administration.
5. SPECTRAMED is a medical scheme for members managed by members
SPECTRAMED is owned by its members and is directed by a Board of Trustees appointed by the members of the Scheme. Our Board of Trustees are SPECTRAMED members and are elected at the Annual General Meeting. The Board of Trustees is responsible for the successful running of the Scheme.