SAMWUMED REMAINS OPEN FOR BUSINESS
The South African Municipal Workers Union National Medical Aid (SAMWUMED), has performed well at year end of 2018. This is at a time when most schemes are making losses.
Joe Seoloane, the Curator for SAMWUMED, said the Scheme, which was placed under Provisional Curatorship in May 2018, has made great progress and Remains Open for Business.
“SAMWUMED is financially healthy, and our reserve levels remain way above the required statutory threshold of 25%” with over R1 billion in accumulated funds, Seoloane added.
Furthermore, the Scheme prides itself as one of the Three Most Sustainable Medical Schemes in South Africa, as rated by the Alexander Forbes Sustainability Index Report, in 2016 and 2017 respectively”, Seoloane said.
He added that the Scheme continues to be committed as ever to the 80 000 lives that it covers nationally. To this extent, Member claims are being diligently processed on a bi-weekly basis and all operational areas running at maximum capacity.
Curatorship is an intervention put in place by the Council for Medical Schemes (CMS), with the primary reason for such an intervention, being generally to protect Members’ interests, their assets and to ensure a Scheme’s long term sustainability.
In the case of SAMWUMED, the Council for Medical Schemes (CMS) recommended and successfully applied for Curatorship of the Scheme, mainly due to non-compliance of the governance processes by the Scheme’s Board of Trustees. The Curator is charged to oversee the business of the Scheme for a period of approximately 12 months, depending on the resolution of matters that necessitated the application for Curatorship in the first instance. His mandate is to ensure a proper transition of election of a new Board of Trustees to run the business of the Scheme.
Joe Seoloane was appointed as the current Curator of SAMWUMED by the Council of Medical Schemes (CMS). Amongst others, his key responsibilities is to restore Governance in the Scheme and initiate the process of putting in place a new Board of Trustees.
Seoloane has a wealth of experience in the management of Medical Aid Schemes, including their turnaround through Curatorships. He has been a part of South Africa’s medical aid industry for more than 25 years.
Aside from managing reputable Medical Schemes, Seoloane is also recognised as a turnaround specialist for schemes under curatorship. During his tenure as SAMWUMED Curator, he has undertaken a process of consultation with various key stakeholders including CMS, Members of the Scheme, Service Providers and Employer Groups to name a few.
Issued by: Venabi Communications on behalf of SAMWUMED
For queries, please contact:
Portia Ntsaluba – Communications and Marketing Manager - SAMWUMED
SAMWUMED is a fully-funded, self-administered medical aid scheme with headquarters in Cape Town.
The Scheme has an estimated 33 400 Principal members spread throughout South Africa with approximately 80 000 lives in total covered, including beneficiaries.