Nedbank Medical Schemes and Gap cover
Employer policy
It is compulsory to belong to one of the Nedbank approved medical schemes – Bestmed, Bonitas and Discovery Health - or provide proof that you belong to your spouse’s medical scheme. Contributions are a payroll deduction on a cost to company basis. If you join one of these medical schemes within 30 days of your employment date, there will be no waiting periods or penalties imposed on your membership for you and your immediate family. Underwriting may apply to special dependants.
Gap Cover is offered on a voluntary basis through Sirago Gap and is deducted in full as a debit order from your bank account. Waiting periods may apply to pre-existing conditions.
Compare medical scheme options
The selected Nedbank schemes are Bestmed, Bonitas and Discovery Health. Contributions are a payroll deduction on a cost to company basis. There are many different medical scheme options within the 3 medical schemes in terms of affordability and health needs. Use this tool to filter and compare the options that are most appropriate for you and your family.
How to use the tool
- The rates are automatically calculated for the main member.
- Select “add dependant” to add spouse, adult(s), or child(ren).
- Answer the three questions relating to hospital and day-to-day cover.
- Select your budget range using the sliding scale.
- The option comparison tool will start generating your contribution and order based on benefit richness.
- By selecting “Group by plan type,” the table will group the plans allowing you to expand and collapse the groupings.
- To view further detailed information about the plans, select the required plans by clicking on each row. Once completed, click the “View Comparison” button.
- To revert to the list of plans, click the “Back to Selection” button.
Gap cover
Gap cover is a top up insurance that can be added to your medical scheme to cover specialist in hospital shortfalls, co-payments in hospital, cancer shortfalls and more…
Sirago Gap is the preferred gap cover provider available to Nedbank employees. Membership is voluntary and monthly contributions are collected from the member directly by debit order. A general 3-month general waiting period, 9 month waiting period on pre-existing conditions and 12 months on pregnancy and cancer, may apply.
The Sirago gap contributions for 2023 and 2024 are as follows:
2023
Individual
2023
Family
2024
Individual
2024
Family
Nedbank pensioner post-retirement medical subsidy (PRMA)
What is the PRMA subsidy?
This is a fixed rand amount payable each month to the relevant medical aid scheme, namely Bonitas Medical Fund (Bonitas), the Discovery Health Medical Scheme (Discovery) or the Bestmed Medical Scheme (Bestmed), on behalf of eligible Nedbank pensioners to partially subsidise the cost of their medical aid contribution. The amount of the post-retirement medical aid (PRMA) subsidy depends on the family make-up of the pensioner and is published annually. The attachment lists the revised subsidy amounts.
Who is eligible to receive the PRMA subsidy?
Nedbank pensioners (and their eligible dependents) who had an unbroken employment service with Nedbank of at least 5 years at retirement and who retired before 1 June 2018 (when the PRMA subsidy was terminated for active employees) and retained continuous membership of Nedgroup Medical Aid Scheme until 31 December 2021, and thereafter with either Bonitas, Discovery Health or Bestmed medical aid schemes. The term ‘pensioners’ is used to refer to retirees and dependents of deceased members. The PRMA subsidy extends to the spouse on death of the eligible pensioner. New spouses and/or dependants after retirement do not qualify for the PRMA subsidy.
How is this PRMA subsidy obligation funded?
Since 2014, Nedbank insured this obligation with Old Mutual (OM) who has issued an annuity policy to Nedbank. Since 2018 the underlying policy assets were matched to the liability, which meant that the assets underlying the annuity policy were converted to include a matched (level guarantee) and an unmatched (growth) portion. Each year a transfer from the growth portfolio to the level guarantee is required to fund the subsidy increase. The PRMA subsidy is paid in terms of the policy by OM to the three medical schemes on behalf of Nedbank, in respect of the eligible Nedbank pensioners, being members of one of the three mentioned medical schemes. Eligible Nedbank pensioners are not parties to the OM Annuity Policy. The parties are Nedbank, OM and the three medical aid schemes mentioned.
The PRMA subsidy is as follows:
Need more assistance
If you require advice, further assistance or have more questions, please contact your dedicated team.
Chronic medicine and disease management
If you have been diagnosed with a chronic condition e.g., hypertension, diabetes or an illness (e.g., oncology, dialysis), you will need to register this on your medical scheme. Medical schemes require you to complete a process to ensure registration on the programmes. It is advisable to obtain a membership number and then submit your application for chronic and disease registration.
Loyalty programmes
Your medical scheme may have a wellness and loyalty programme that provides rewards, discounts and benefits for leading a healthier lifestyle. This may come at an additional cost.
Forms
If you are joining the medical scheme after 90 days of your employment date or from your spouses medical scheme, please complete one of the following forms (Underwriting may applied)
If you are already a member of one of the existing medical schemes and you need to transfer this to your new employer
Gap cover application form
Chronic application form
Loyalty programme application form