Digital-only bank, TymeBank has partnered with National HealthCare Group to introduce TymeHealth, billed as one of the most affordable medical insurance solutions available to local consumers.
The in-app service provides medical insurance from R139 a month.
As a medical aid product, the TymeHealth offering comprises three different plans; each designed to cater for different life stages or needs of the consumer, says the digital bank.
The new plans provide for the needs of under-insured South Africans or those looking for a supplementary day-to-day product to complement their existing hospital plan.
Data from Statistics South Africa released in 2018showsthat that more than 47 million South Africans did not have medical aid plans at the time, with just 9.4 million people enjoying the benefit.
Tauriq Keraan, TymeBank CEO, says: “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.
“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.”
TymeBank is majority-owned by business magnet Dr Patrice Motsepe’s African Rainbow Capital. The bank says it reached 4.5 million customers at the end of February 2022, three years since launching in February 2019.
National HealthCare is a fully accredited healthcare administrator with a national network of over 12 000 doctors, pharmacies and other providers supported by digital health technology. The healthcare giant says it specifically focuses on the low-income and emerging segments of the healthcare market.
“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,” says Dr Reinder Nauta, executive chairman of National HealthCare Group.
“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. 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.”
Consumers wanting to apply for TymeHealth need to do so using the TymeBank app, which means they must sign up as customers.
In February last year, TymeBank secured R1.6 billion in funding from investors in the UK and Philippines. The bank said the funding would be used to expand its product offering and explore international opportunities.
In October, the bank signed a deal with TFG (The Foschini Group), targeting the fashion retailer’s 26 million customers.
In September, TymeBank signed a bancassurance deal with Hollard to offer customers funeral policy plans without any paperwork.
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