Scheme reviews
Bankmed: plans, benefits and who it suits
By Naledi Mokoena · 6 min read · Updated 24 June 2026
- Administrator
- Restricted scheme for the banking sector
- Plan types
- Network, core, savings, comprehensive
- Known for
- Banking and financial services scheme
- Day-to-day
- Savings or structured benefits depending on plan
- Network option
- Yes - network and core plans
- How to join
- bankmed.co.za, employer HR or a broker
Bankmed is a restricted medical scheme for employees in South Africa's banking and financial services sector and their dependants, offering a plan range from network and core cover up to comprehensive options, and it suits qualifying banking-sector employees who often receive an employer contribution toward the premium.
Because it is restricted, you generally need to work for a participating employer in the banking sector to join. Plans span network, savings and comprehensive cover.
Confirm your eligibility, the plan benefits and the standard waiting periods on the scheme's own site before applying.
Eligibility and plan range
Bankmed is restricted to employees of participating banking and financial services employers and their dependants. The plan range runs from core and network cover up to comprehensive options, with savings and structured day-to-day benefits on the higher plans. If you do not work for a participating employer, an open scheme is the route to take.
Indicative contribution bands
Contributions below are indicative bands to show where a plan type usually sits. They are not quotes. Always confirm the current year's rates on the scheme's own site before you decide. Bankmed members often receive an employer contribution toward the premium.
| Plan type | Entry contribution (indicative, per adult) | Hospital cover | Day-to-day | Network restriction |
|---|---|---|---|---|
| Network / core | from roughly R1,400 to R2,200 | Network hospitals | Limited / network | Yes |
| Savings | from roughly R2,800 to R4,500 | Private hospitals | Savings account | Partly |
| Comprehensive | from roughly R5,500 upward | Private hospitals | Extended benefits | No |
Benefits and chronic cover
Bankmed covers the 26 PMB chronic conditions, with extended chronic and broader day-to-day cover on the higher plans. As a restricted scheme it is designed around banking-sector employment, with options and contribution tables published each year. Read the current benefit schedule for the limits and any co-payments on the plan you choose.
Waiting periods, applying and your rights
Standard waiting periods can apply to new members, up to 3 months general and 12 months condition-specific, with a possible late-joiner penalty after age 35 without prior cover. Apply through bankmed.co.za, your employer's HR or a registered broker, and pre-authorise planned hospital admissions.
If a scheme does not resolve a complaint, you can escalate to the Council for Medical Schemes (CMS) at medicalschemes.co.za, the statutory regulator for all registered medical schemes in South Africa.
Frequently asked questions
Who can join Bankmed?
Bankmed is a restricted scheme for employees of participating banking and financial services employers and their dependants. You generally need to work for a participating employer to join. Confirm eligibility on bankmed.co.za.
What plans does Bankmed offer?
Bankmed offers network, core, savings and comprehensive plans for banking-sector members. The exact line-up and rates are published yearly, so check bankmed.co.za for the current plans before choosing.
How do I contact Bankmed?
Use the contact details and member portal on bankmed.co.za. Avoid third-party numbers in search results. If a complaint is not resolved, you can escalate to the Council for Medical Schemes.
Does Bankmed have an employer contribution?
Bankmed members work for participating banking-sector employers, who typically contribute toward the premium. The exact contribution depends on your employment terms. Check with your HR department.
Are there waiting periods on Bankmed?
Yes. A 3-month general and up to a 12-month condition-specific waiting period can apply to new members under the Medical Schemes Act, and a late-joiner penalty may apply after age 35 without prior cover.
Is Bankmed an open scheme?
No. Bankmed is a restricted scheme tied to the banking and financial services sector. Membership is limited to qualifying employees and dependants. Others should consider open schemes such as Discovery, Bonitas or Bestmed.
