Bankmed - a closed medical scheme created by bankers for bankers in South Africa - has been found to offer an average of 35% better value to members, compared to an average open medical scheme.

In an independent analysis conducted by NMG Consulting, Bankmed members were found to pay lower contributions and receive richer benefits, resulting in substantially better value. NMG defined value as "the quality of benefits provided at a certain level of contribution".

The NMG study was subsequently peer reviewed by financial services group Alexforbes, who found that "... each of Bankmed's options offer relatively higher richness compared to options charging similar contribution rates, or relatively lower contributions compared to options offering similar benefit richness. Bankmed's products are even more valuable for lower income groups, who are able to enjoy rich benefits for relatively low contributions."

Bankmed is one of the oldest restricted medical schemes in the country, having held its 109th annual general meeting in June 2023. Bankmed CEO and Principal Officer, Teddy Mosomothane said, "Bankmed has an exceptional financial stability record, and for 13 consecutive years it has retained its AA+ Global Credit Rating, which is associated with 'very strong financial security characteristics'."

NMG identified the better value offered by Bankmed after comparing its options against the top eight open medical schemes' options by market value. These schemes represent approximately 95.5% of principal membership across the open medical schemes industry.

NMG's findings were rigorously evaluated by Alexforbes in their peer review, which found that "Overall, the calculations and methodology applied when calculating these measures are deemed appropriate and the 2023 relative value figures shown by NMG are deemed a reasonable reflection of the value of Bankmed's benefit offering."

The operations and service environment through which Bankmed's better value is delivered, support the Scheme's commitment to a best-in-class member experience. Bankmed offers tailored benefit plans that are competitive, comprehensive and affordable. In addition to these high-value benefit plans, Bankmed members also have access to the Scheme's wellness rewards programme, Balance, which is offered at no cost to scheme members.

"Better value is one of the attributes that sets us apart. If you are already with Bankmed, you are in good company. An average of 35% better value is significant, particularly in today's economic climate," concludes Mosomothane.

About Bankmed

Bankmed has 109 years of experience in t he Banking and Healthcare industry and is an expert in providing insights into our client's health and wellness needs. Bankmed has the ability to offer clients a medical scheme tailored to their unique requirements.