No Need To Cancel Your Medical Aid Anytime Soon, NHI Bill Still Far Off

President Cyril Ramaphosa made light of the fact that he was “looking for a pen” to sign the National Health Insurance (NHI) Bill into law after it had just passed parliament during his speech at the 2024 State of the Nation Address.

With the NHI, all private healthcare would be eliminated save for elective procedures, and the state would serve as the population’s sole purchaser of medical supplies. As beneficial as this may seem, particularly for the 1.5 million South Africans without health insurance, the Bill has been fiercely opposed by individuals in the medical field, including physicians, executives in the corporate world, and even the legal staff of the parliament.

The primary uncertainty surrounding the program’s funding stems from worries that South Africans with low incomes may have to pay more taxes. It is also concerning (and ironic) that despite appeals for more funding to execute the NHI, the government has struggled to place fewer than 700 doctors.

Experts, however, advise people insured by the private sector not to worry about the Bill just yet.

According to BusinessTech, Efficient Wealth stated that the ANC and Rampahosa will exploit the NHI and other initiatives as a means of campaigning. The current text of the Bill will face a barrage of judicial challenges, preventing it from becoming law for several years, even if Rampahosa finds a good enough pen.

In an interview with Moneyweb’s Jeremy Maggs, Gary Feldman, executive head of Healthcare Consulting at NMG Benefits, suggests that no one should cancel their medical insurance just yet because the NHI Bill is still a ways off.