Bankmed medical aid in 2026: six plans for banking-sector employees

Bankmed was set up in 1914 as a closed scheme for the banking industry, and membership runs through participating banking and financial services employers. Your employer's HR department confirms whether you are eligible.

If you are outside banking, the open schemes must accept you if you can pay: look at Discovery, Bonitas or Bestmed. Other restricted schemes such as GEMS (public service) and Polmed (SAPS) serve other employer groups. Bankmed's website is on the Discovery platform, and much of it needs a login.

• Bankmed is a closed medical scheme, established in 1914 for the South African banking industry and owned by its members; membership is through participating banking and financial services employers. (bankmed.co.za)
• 2026 contribution increase: 7.4% average across all plans, from 1 January 2026 (Essential 0%, Basic 7%, Core Saver 7.5%, Traditional 7.9%, Comprehensive 7.5%, Plus 7.9%). (bankmed.co.za)
• Bankmed has six plans for 2026: Plus, Comprehensive, Traditional, Core Saver, Basic and Essential. (bankmed.co.za)
• 2026 contributions rose by an average of 7.4% after what the Trustees called a particularly challenging 2025 claims year. (bankmed.co.za)
• The Essential Plan's contribution was held at 0% for 2026, and its hospital network was streamlined, with 34 hospitals removed for 2026. (bankmed.co.za)
• Medical savings account shares were cut for 2026: Core Saver 14.7% to 10%, Comprehensive 17% to 15%, Plus 22.5% to 20%. (bankmed.co.za)
• Benefit limits across plans rose by an average of 4.25% for 2026. (bankmed.co.za)
• New for 2026: at-home self-screening kits for cervical and colorectal cancer, and a children's preventative dental benefit for ages 3 to 17. (bankmed.co.za)
• Bankmed reports an AA+ Global Credit Rating for the 16th year in a row and says members get an average of 35% better value than the average open scheme (scheme's own claim). (bankmed.co.za)
• The Council for Medical Schemes recommends a 3.8% CPI anchor for 2027 increases; no scheme figure is prescribed. (fanews.co.za)

Bankmed publishes 6 benefit options for 2026. Prices are the monthly contribution for a main member as published by Bankmed, and income-banded plans show the band. Adult and child dependants pay extra. Checked on 29 September 2026.

Sources: bankmed.co.za/...ntribution-schedule-2026.pdf.

Essential, Basic, Core Saver and Traditional are priced by income band, while Plus has a single price for all incomes. Read hospital plan versus comprehensive and network versus traditional plans if you are comparing.

Checked on 29 September 2026 against Bankmed's official website. Numbers change, so confirm on the linked page before you call. A scheme will not ask you to pay into a new bank account over the phone: hang up and call the official number if anything feels off.

Sources: bankmed.co.za/portal, bankmed.co.za/portal/individual/contact-us. All schemes' numbers are on our medical aid contact numbers page.

Bankmed's Trustees limited the 2026 contribution increase to an average of 7.4% across all plans, following what they called a particularly challenging 2025 claims year. The increase differed by plan.

Benefit limits across plans rose by an average of 4.25%. The savings share of your contribution was cut for three plans: on Core Saver from 14.7% to 10%, on Comprehensive from 17% to 15% and on Plus from 22.5% to 20%. That means more of your contribution now buys insured cover and less goes into your own savings, so check how a smaller savings account fits your day-to-day spending.

The plans and prices table on this page shows the monthly contribution per plan and income band, applying from 1 January 2026.

Essential and Basic use the Bankmed GP Entry Plan network, and the Essential hospital network was streamlined for 2026, with 34 hospitals removed. Traditional also has a hospital network, so confirm that your usual hospital is on it.

Ask for pre-authorisation for planned hospital admissions, MRI and CT scans, and radionuclide scans. See pre-authorisation. For emergencies, Bankmed Emergency Services provides an ambulance service, and the numbers are in the contact table on this page and on our contact numbers page. In an emergency you may go to the nearest facility, and the scheme must cover the cost. See designated service providers.

Core Saver, Comprehensive and Plus carry a medical savings account, while Essential, Basic and Traditional do not. Traditional pays day-to-day costs from annual sub-limits instead. Plus adds an Above Threshold Benefit once savings are used up. Read medical savings account and co-payments and sub-limits for how these limits work.

All plans must pay Prescribed Minimum Benefits in full, subject to designated provider and formulary rules, and Basic includes chronic disease benefits. The Council for Medical Schemes says PMBs cover 271 conditions plus a chronic list of 26 conditions, though an August 2026 CMS presentation says 27, so ask Bankmed for the current list. See chronic disease benefits and prescribed minimum benefits.

New for 2026 are at-home self-screening kits for cervical and colorectal cancer and a children's preventative dental benefit for ages 3 to 17. We have not verified maternity limits plan by plan, so read the current benefit schedule.

The Essential contribution was held at 0% for 2026 and its hospital network was cut by 34 hospitals. Savings shares were reduced, benefit limits rose, and the two new benefits above were added. Bankmed reports an AA+ Global Credit Rating for the 16th year in a row and says members get an average of 35% better value than the average open scheme. Both are the scheme's own claims, so treat the second as marketing until you compare your own plan.

Bankmed had not announced 2027 contributions by 29 September 2026. The Council for Medical Schemes recommends 3.8% as the starting point for 2027 increases, which is a benchmark and not a cap. Follow our 2027 increases page.

Bankmed is administered by Discovery Health, and its entry plans are similar in spirit to Discovery KeyCare and the Discovery Smart series: network cover at a lower contribution. Its 2026 average increase of 7.4% compares with 7.2% at Discovery (from April), 6.8% at Bestmed and 8.8% at Bonitas.

Your employer may contribute towards your Bankmed contribution, so the cost to you can differ from the published figure. Ask HR what your employer pays, and whether that contribution would follow you to an open scheme. See how much medical aid costs.

Apply through your employer's HR department, Bankmed or a registered broker. The law allows a general waiting period of up to 3 months and a condition-specific one of up to 12 months if you had no scheme cover in the 90 days before applying, but not for PMB treatment in the shorter-gap cases. A late joiner penalty can apply from age 35 with no earlier cover. Ask Bankmed what it will apply. See waiting periods and exclusions and late joiner penalty.

For 2026/27 the medical scheme fees tax credit is R376 a month for the main member, R752 for the member and one dependant, and R254 for each additional dependant. See the medical aid tax credit.

If Bankmed does not resolve a complaint, escalate to the Council for Medical Schemes with proof that you tried the scheme first. Our CMS complaints guide shows how. The official site is bankmed.co.za.