Namfisa imposes cap on some medical aid…Medicial aid industry worth N$1.9 billion

Staff Writer The Namibia Financial Services Supervisory Authority (Namfisa) has embarked on proactive measures aimed at securing the long-term sustainability of the medical aid fund industry. In response to the escalating challenges posed by rising medical aid contribution rates, Namfisa says it is dedicated to members’ well-being and industry sustainability, and has implemented a temporary cap on some funds’ annual contribution increases, limiting it to a single-digit percentage (maximum increase of 9.99%). The industry has been given until 20 March 2024, to submit additional contribution increase applications along with realistic medium-term strategies to address the sustainability of the funds. Namfisa…