RAND WATER ANNUAL REPORT 2023

Rand Water Medical Scheme

The Rand Water Medical Scheme is regulated by the amended Medical Schemes Act No 131 of 1998, and its Regulation as amended, self-administered Scheme. Membership is restricted to employees and their immediate families, former retired employees, fixed term contract employees and their dependents. A Board of Trustees governs the Scheme comprising of five (5) member elected Trustees, including one retiree, and five (5) Employer appointed Trustees. In the year under review, the board held six (6) meetings. Its Audit and Risk Committee held four (4) meetings, and the Pricing and Investment Committee held two (2) meetings. The Scheme has a healthy solvency ratio of 164%, above the required statutory minimum requirement of 25% at the end of its financial year. The total number of beneficiaries is 9419. The Scheme provides sustainable access to the best healthcare, connecting our members and their families to an ecosystem that gives them the highest quality of care at every stage of their lives.

As a non-profit organisation, the scheme strives to ensure that our limited income resources are used optimally to fund member claims and benefits. The Scheme has experienced low healthcare Utilisation in the first half of 2023. The Scheme has made a surplus of R 41 million by June 2023. The Scheme received directives from the Council for Medical Schemes, and in complying with these directives, the Scheme has appointed a new service provider for Administration and a an independent Principal Officer. Considering the directives from the Council of Medical Schemes, the Memorandum of Agreement (MOA) between Rand Water and Rand Water Medical scheme was nullified and employees seconded to the Scheme through the signed MOA have now integrated back into Rand Water.

Solvency Ratio - Rand Water Medical Scheme

2023

164%

2022

148%

2021

142%

2020

139%

2019

117%

84