TymeBank diversifies to offer medical insurance from R…

The TymeHealth app is offered by TymeBank in partnership with the National HealthCare Group and will offer three options ranging from R139 to R399 per month.

The two companies share a common shareholder in the form of African Rainbow Capital (ARC). ARC is a direct shareholder in TymeBank and invests in the National HealthCare Group through its subsidiary ARC Health.

According to the Council for Medical Schemes’ annual report for 2020/21, almost nine million South Africans are covered by a medical scheme. However, this figure remained relatively stable for several years due to the high cost of joining the medical plan.

TymeBank CEO Tauriq Keraan said that in a country of just over 60 million people, the dire reality is that only one in seven South Africans have access to medical help and most don’t cannot afford private health care.

The National HealthCare Group is a provider network that includes more than 12,000 registered healthcare providers, including general practitioners, pharmacies, dentists, optometrists, specialists and hospitals nationwide.

All three plans offer general practitioner consultations, basic radiology, dentistry and pathology tests. Accidental Hospitalization and Accidental Death guarantees are included in the Premier and Elite formulas. The three immediately available guarantees are:

  • MediClub Connect – R139 per person per month.
  • MediClub Premier – R299 per person per month.
  • MediClub Elite – R399 per person per month.

Dr. Reinder Nauta, executive chairman of National HealthCare, says that until private health care becomes more affordable, access will remain a pipe dream for many people.

As a medical insurance product, the TymeHealth offering includes three plans suitable for those who do not have access to the medical plan or those looking for an add-on day-to-day product to supplement their medical plan hospitalization plan. existing.

“For example, you don’t feel well and you need to see a doctor. The doctor can diagnose something very serious and can give you a quick recommendation letter for the relevant test at one of the working hospitals in the government sector,” he says.

Consumers wishing to apply for TymeHealth must do so using the TymeBank app, which means they must register as customers. Scroll up and click on the “medical coverage” icon to access TymeHealth. You will then be prompted to choose the plan that best suits your needs. Upon successful registration, you will receive a digital membership card.

Keraan says the drastic reduction in the cost of medical insurance is a boon for the industry and a natural evolution for the TymeBank brand.

“We are committed to providing affordable, accessible and inclusive products – whether transaction banking, access to credit or healthcare – to South Africans from all economic backgrounds,” he said. -he declares. BM/DM

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