| We only provide administrative services to medical aid funds |
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| Written by Kobus Struwig | ||||
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The Prosperity Group is a financial services provider offering services to members and the buying public, ranging from short term insurance, long term insurance, paramedical services, pension fund administration to medical aid administration. Group subsidiaries include Prosperity Health, Prosperity Life, Prosperity Insurance, Prosperity Services, E – Med Rescue 24, Humanity Employee Benefits, Namhealth Administrators, Beyond Solutions and Med X.
Prosperity Health is the Group’s medical aid administration company and
provides services to medical aid funds. Similar to pension funds, the
medical aid fund is an autonomous body belonging to participating
members and is managed and controlled by an independent board of
trustee. The board of trustees is selected by members every three years
and during their term of office, they make decisions on behalf of the
fund members such as benefit compilation, premiums increases whilst
their decision making powers are subjected to the Medical Aid Act of
the country in which the fund is registered. A medical aid fund
appoints an administrator to administer and execute the rules,
regulations and decisions of the fund and its board of trustees. Prosperity Health Namibia is registered under the Namibian Companies Act and provides administration services to funds in Namibia such as the Namdeb Fund, Telecom Post Office Fund, Roads Contractor Medical Aid Fund, Renaissance Namibia Fund and the PSEMAS Fund in a smart partnership through Namhealth administrators. Each fund has its own rules, benefits compilations, premium structures and is managed by its own board of trustees. |
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