NAMFISA watching medical funds

07 April 2020 | Health

Medical aid funds may not restrict members' use of benefits in relation with the diagnosing and treating of Covid-19, manager of corporate communications at the Namibia Financial Institution Supervisory Authority (NAMFISA), Victoria Muranda, has said.
Muranda said that after the outbreak of Covid-19, NAMFISA made all funds aware that they may not restrict member benefits, adding that some of the funds that previously restricted the use of benefits have since changed.
“We have directed the funds that previously employed the aforementioned practice to refrain from doing so and they have complied. Since the issuance of the notice of intention to declare the practice of restricting the use of benefits undesirable, the declaration was slotted to be gazetted on 03 April 2020,” she said.
Muranda said that every fund must conduct its business in accordance with sound business principles by maintaining a balance between maintaining financial soundness and not create additional burdens to members of the funds, especially in light of the worldwide pandemic.
Muranda urged members of funds to report any restriction on the use of their benefits to NAMFISA.
“NAMFISA encourages the public to adhere to all public notices issued by government in relation to Covid-19, and to contact their medical aid funds for clarity on their benefit option limits,” Muranda said.
Non-compliance by any medical aid fund with the declaration made by the Registrar is an offence and the Medical Aid Funds Act, (Act no 23 of 1995) provides for redress and supervisory intervention to be taken, she said. – Nampa

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