Findings from the Medical Insurance Industrial Actuarial Study show that Medical Insurance underwriters still grapple with huge bills resulting from the complacency of the medical card holders.

These findings were detailed in a Study that was conducted by Kenbright Actuarial & Financial Services on our behalf.

Speaking during the dissemination of the findings to Insurance Brokers recently at Four Points by Sheraton Hotel, UIA Chief Executive Officer Jonan Kisakye noted that it was critical that they understand how the medical insurance was performing.

“This study gives us optimism and we are confident that these findings will boost the confidence of the different stakeholders in the Medical Insurance provision chain. As UIA, our mandate is to speak on behalf of our members and ensure that their needs are well taken care of.”

 Key among the findings was that in 2022, medical insurance companies’ shareholders spent an extra shs 83Bn over and above to meet to treatment expenses to medical Insurance which is not only counterproductive but unsustainable as explained by Kenbright Chief Executive Officer Mr. Ernest Barusha.

 Some of the high costs being met by Medical Underwriters sometimes stem of misuse medical cards and benefits. For instance, a policyholder who develops a headache could easily buy a painkiller and they are relieved or visit a facility if symptoms persist. However, they visit the medical facility, they are charged consultation, then laboratory tests and medication which ultimately raises the bill.

To avert this, medical insurance companies are looking to deploy flexible pricing methodologies like Copay which will allow the consumers to act more responsibly.

Most of the medical insurance consumers are covered by their employers and they don’t feel the out-of-pocket burden.

Dan Musiime, the Chairman of the Medical Committee commended UIA for spearheading the study adding that it will give them a better understanding of the medical insurance industry and the problems therein.

He implored the underwriters and insurance brokers to take charge of their businesses in regards to the recommendations so as to have more control over the benefits to provide.

The chairman of the Insurance Brokers Association of Uganda (IBAU) Mr. Paul Muhame called for more sensitization initiatives on Medical Insurance benefits & what they cover so as to grow the numbers of those enrolling for them.

Source: The New Vision (click here to view)