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SUB CATEGORIES General  |  HIV |  Medical Schemes | 

Bankmed membership scope expanded to the financial services industry

16 October 2023 Bankmed

Bankmed – a restricted medical scheme previously available only to bankers and bank employees – has expanded its membership scope to encompass the broader financial services industry.

Dating as far back as 1914, Bankmed has been restricted to the employees of banks as defined in the Banks Act (Act 94 of 1990). Significant evolution in the banking industry over time has resulted in banks becoming significantly more than just a bank in the historic sense of the word – they are now also having to be registered as financial service providers. This has informed Bankmed’s strategic desire to expand its membership scope to the greater financial services industry, and the Scheme has recently secured approval in this regard.

Teddy Mosomothane, Bankmed’s Principal Officer and CEO, said “This is a huge milestone for Bankmed and its current and future employer group clients. It enables the realisation of our aspiration to expand partnerships in health and wellness, in the best interest of Bankmed and its members.”

The expansion of Bankmed’s membership scope, which relates to the employer groups that are eligible to join Bankmed and to their employees, is now based on the employer being defined as either a bank, a cooperative bank or a registered financial services provider.

Bankmed remains a restricted membership scheme, and all employer groups that meet the expanded criteria will now be eligible to be Bankmed employer group clients, subject to approval by the Bankmed Board of Trustees.

The Scheme stands as a favourable option, in a particularly challenging economic environment, as a result of its ability to provide better value. An independent analysis conducted by NMG Consulting Actuaries and recently peer-reviewed by Alexforbes, found that Bankmed members enjoy an average of 35% better value (with value defined as the quality of benefits provided at a certain level of contribution) than they would with an average open medical scheme. This is the basis of the Scheme’s assertion that “Better value sets Bankmed apart”.

Mosomothane said, “Bankmed is committed to strengthening its partnerships in health and wellness and optimising collaboration despite regulatory uncertainties in the industry. Bankmed has worked closely with industry bodies involved in the deliberation process around the proposed NHI Bill, and is of the firm belief that collaboration, with no limitations to the role of medical schemes, is the key to a sustainable healthcare solution for all. It will be many years before NHI is fully implemented in any form. Until such time, the Scheme’s strategy must remain to enhance sustainability and continue to deliver better value.”

“The health and wellness of human capital in the financial services industry is critical to the achievement of organisational goals and productivity, the good quality of life of its workers, and contributes significantly to the South African economy. We are excited by this advancement in our ability to make better value accessible to many more in the industry,” Mosomothane concludes.

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