SPECTRAMED
Unique Benefits offered by SPECTRAMED
Since becoming an open scheme in 1997 (after 40 years of being a closed medical
scheme for the printing industry), SPECTRAMED has quickly become one of the top
10 schemes in South Africa. As a member-owned medical scheme, we value members’
input, taking their comments into consideration when it comes to our Annual
General Meeting, as well as voting for the Board of Trustees responsible for
running the scheme.
For the past six years, SPECTRAMED has been rewarded an ‘A’ global credit rating
– an encouraging sign, seeing as we cover more than 100 000 lives. As a
non-profit organisation, we also safeguard members’ money for the sole purpose
of healthcare expenditure, as we have no shareholders to pay. Only 9,8% of our
members’ monthly contributions go toward our monthly operational cost, compared
to some medical aids’ 23% outflow.
SPECTRAMED Benefit Options
SPECTRA Cobalt
SPECTRA Cobalt is the number one choice for all members, as it offers the most generous benefits of all the SPECTRAMED options. It is designed to cater for members who seek complete coverage regarding healthcare, hospital and all general medical expenses.
SPECTRA Azure
SPECTRA Azure is regarded as SPECTRAMED’s most popular option, as it offers unlimited in-hospital tariff coverage, plus dentistry and other day-to-day expenses. As a prime choice in providing value-for-money benefits, it is ideal for the young family with youngsters that are seeking adequate, yet affordable cover.
SPECTRA Capri
SPECTRA Capri appeals to the healthier member, but is also thoroughly reliable regarding comprehensive hospital cover. Various additional benefits are included as well, ensuring you complete peace of mind for all your hospital expenses.
SPECTRA Cyan
SPECTRA Cyan is considered the best value-for-money option, and has proven to be very popular among the younger and healthier members. With an overall limit that covers major medical expenses, as well as several of those day-to-day basics, it is regarded by many members as our most cost-effective option.
SPECTRA Aqua
SPECTRA Aqua is known as the perfect option for first-time healthcare buyers, or members who are seeking pure in-hospital cover. It features an overall annual limit that is based on the number of beneficiaries, and appeals to the healthy member who does not require any out-of-hospital provision.
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 10 South African medical schemes. 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.
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