Healthcare 99 AGM Summary
First Video Conference AGM
This year the AGM for Healthcare 99 was held as a video conference using zoom software. This is the first time we have been able to make this AGM available nationwide and were pleased so many members from around the country could take part.
The Chair
Keith Nixon, the Chair, first welcomed and then thanked all the members for their ongoing support and endorsement over the 21 years Healthcare 99 has been in existence. The chair has advised the Healthcare 99 Committee of his intent to stand down next year. He acknowledged the work and support from all the members who have contributed over the 21 years Healthcare 99 has been in existence for their help and support of each other.
The Chair acknowledged that Covid-19 has had an affect on the fund. The Healthcare 99 Committee and Gallagher Bassett will continue to monitor any continued affects it may cause. At this stage, it has likely had a positive effect on our financial position but at this stage that is only indicative.
Actuarial Report
This report has been delayed at this stage largely because of Covid-19. We will have to wait and see what changes, if any, there will be to the contribution rates when the Actuary finally presents the report.
Financials
Currently, the overall financial position of Healthcare 99 is positive. There was an increase in the contributions last financial year from $1,509,781 to $1,637,059. Gallagher Bassett has been able to save the fund $6754 since taking over as the fund administrator.
Gallagher Bassett - Fund Manager
Gallagher Bassett intend to provide some interesting and different reporting techniques for Healthcare 99. The future reporting and advice Gallagher Bassett will supply is designed to help the Healthcare 99 Committee make changes to better support and grow the fund. Gallagher Bassett have noted a few key areas of concern, i.e. the 62-66 age bracket which has the largest costing at $247,993 and the category most claimed on procedures in the Musculoskeletal System. However, this is in line with current market conditions. There was also an anomaly in claims from females aged 37-41. It was not clear as to why this anomaly has occurred but Gallagher Bassett will continue to monitor the situation. The amount was not of any real concern to the long-term position of the fund.
Gallagher Bassett has also been working with the committee to state the benefits in a more clear and less confusing manner. A more transparent policy should help illustrate to our members the true value of Healthcare 99.
The transition from Aon NZ as fund manager to Gallagher Bassett has been relatively smooth. Gallagher Bassett has worked behind the scenes with the Office Staff to make this change happen quickly and effectively.
$20,000,000+
During this the last financial year the fund has crossed the magic number of $20,000,000 paid out in healthcare claims since its inception in 1999.
Click below to download the full report.
NB: All financials are subject to change when the actuarial report is completed and audited. July 2020
Written by Stephen Clarke, Sales and Marketing Coordinator
This year the AGM for Healthcare 99 was held as a video conference using zoom software. This is the first time we have been able to make this AGM available nationwide and were pleased so many members from around the country could take part.
The Chair
Keith Nixon, the Chair, first welcomed and then thanked all the members for their ongoing support and endorsement over the 21 years Healthcare 99 has been in existence. The chair has advised the Healthcare 99 Committee of his intent to stand down next year. He acknowledged the work and support from all the members who have contributed over the 21 years Healthcare 99 has been in existence for their help and support of each other.
The Chair acknowledged that Covid-19 has had an affect on the fund. The Healthcare 99 Committee and Gallagher Bassett will continue to monitor any continued affects it may cause. At this stage, it has likely had a positive effect on our financial position but at this stage that is only indicative.
Actuarial Report
This report has been delayed at this stage largely because of Covid-19. We will have to wait and see what changes, if any, there will be to the contribution rates when the Actuary finally presents the report.
Financials
Currently, the overall financial position of Healthcare 99 is positive. There was an increase in the contributions last financial year from $1,509,781 to $1,637,059. Gallagher Bassett has been able to save the fund $6754 since taking over as the fund administrator.
Gallagher Bassett - Fund Manager
Gallagher Bassett intend to provide some interesting and different reporting techniques for Healthcare 99. The future reporting and advice Gallagher Bassett will supply is designed to help the Healthcare 99 Committee make changes to better support and grow the fund. Gallagher Bassett have noted a few key areas of concern, i.e. the 62-66 age bracket which has the largest costing at $247,993 and the category most claimed on procedures in the Musculoskeletal System. However, this is in line with current market conditions. There was also an anomaly in claims from females aged 37-41. It was not clear as to why this anomaly has occurred but Gallagher Bassett will continue to monitor the situation. The amount was not of any real concern to the long-term position of the fund.
Gallagher Bassett has also been working with the committee to state the benefits in a more clear and less confusing manner. A more transparent policy should help illustrate to our members the true value of Healthcare 99.
The transition from Aon NZ as fund manager to Gallagher Bassett has been relatively smooth. Gallagher Bassett has worked behind the scenes with the Office Staff to make this change happen quickly and effectively.
$20,000,000+
During this the last financial year the fund has crossed the magic number of $20,000,000 paid out in healthcare claims since its inception in 1999.
Click below to download the full report.
NB: All financials are subject to change when the actuarial report is completed and audited. July 2020
Written by Stephen Clarke, Sales and Marketing Coordinator
Healthcare 99 AGM Video Conference Meeting - June 29, 2020
| _a_99_agm_web_2020.pdf |
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