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TymeBank Launches Medical Insurance App for South Africans

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TymeBank, the South Africa-based exclusively digital retail bank, has announced a new partnership with National HealthCare for affordable medical insurance to consumers, through the launch of TymeHealth, an app-based offering that provides medical insurance for R139.00 ($9.19) a month.

According to Council for Medical Scheme statistics, 8,9 million South Africans are covered by a medical scheme, with the high costs of contributions making membership of a medical aid unaffordable for most of the population.

“Our country has a population of just over 60-million people, and the dire reality is only one in seven South Africans have access to medical aid, and most people cannot afford private healthcare.  With TymeHealth, an initiative in collaboration with the National HealthCare Group, we are making it possible for more South Africans to have access to affordable, quality healthcare,” Tauriq Keraan, TymeBank CEO said.

Dr. Reinder Nauta, executive chairman of National HealthCare Group agreed with the notion that medical aid is expensive for most working  South Africans.

“Medical aid is simply too expensive for most working people, and generally, unless it is included as an employment benefit, is out of reach for the majority. Until such time as the private healthcare sector does its part to remove this very real hurdle, accessibility to private healthcare will remain but a pipedream for many individuals,” he said.

The TymeHealth offering comprises three plans, each designed to cater to different life stages or needs:

  • MediClub Connect. R139 ($9.18) per person per month.
  • MediClub Premier. R299 ($19.77) per person per month.
  • MediClub Elite. R399 ($26.36) per person per month.

“With the pooling of our shared knowledge to create TymeHealth, the National HealthCare Group and TymeBank have unlocked considerable potential in what has previously been unchartered territory,” Dr. Nauta said.

Consumers who want to apply for TymeHealth need to sign up using the TymeBank app first and one needs to be a TymeBank customer. Once the application is successful, membership is activated seamlessly through members’ mobile devices and they can then access over 12 000 registered healthcare providers, including GPs, pharmacies, dentists, optometrists, specialists, and hospitals countrywide through the extensive National HealthCare Group provider network.

“Our partnership with National HealthCare Group – with their 27-year track record – into the healthcare space is one where we believe we can make a real difference to people’s lives. Radically bringing down the cost of medical insurance is an industry boon and is a natural evolution for our brand; we are committed to offering affordable, accessible, and inclusive products – whether that is transactional banking, access to credit, or healthcare – to South Africans across the economic spectrum,” Keraan said.

Edited by Zintle Nkohla

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