Bankmed was established in 1914 as a closed medical scheme for the South African banking industry. It operates under the Medical Schemes Act 131 of 1998.

Bankmed offers cover to approximately 100 000 main members within South Africa's financial institutions. This translates to providing over 200 000 South Africans with access to quality healthcare services.

Bankmed is one of only two medical schemes in South Africa – and the only closed medical scheme – to have been awarded an AA+ credit rating as assessed by Global Credit Ratings Co. This is the highest credit rating afforded to a medical scheme in South Africa.

With more than a century of experience in providing healthcare insurance, Bankmed has accumulated unparalleled specialist insight into the management of health in the banking sector. As a closed medical scheme, owned by its members, the needs of the members are instrumental to the evolution of the business.

We offer our members tailored benefit plans that are competitive, comprehensive and affordable. Bankmed also offers wellness support to our employer clients and members. The Scheme's wellness programme includes preventive screening, disease management programmes and various tools to maintain and improve our members’ good health.