Jubilee Health Insurance Rolls Out Post-Retirement Medical Cover
Jubilee Health Insurance has rolled out an affordable and flexible post-retirement medical cover to retirees of up to 85 years. The cover is being provided in collaboration with Octagon Insurance Brokers Ltd, a subsidiary of Octagon Africa Financial Services Ltd.
Dubbed ‘Octagon Afya Plus’, the comprehensive medical cover will be available to Octagon Africa customers and will be underwritten by Jubilee Health Insurance. Other than accessing inpatient and outpatient services, those covered will also be able to access highly subsidized services in dental, optical and last expense.
Octagon Afya Plus also provides members with an avenue to invests and save or transfer up to 10% of their retirement benefits into the post-retirement medical scheme. The investment earns an annual investment income.
Speaking during the launch Retirement Benefits Authority (RBA) CEO Nzomo Mutuku commended the efforts by Octagon Insurance Brokers and Jubilee Health Insurance in ensuring the gap of health access experienced, especially upon retirement, is bridged.
“We are glad to see that we continue to inch closer to achieving the goals we set in the RBA strategic plan 2019-2024, which is pegged on innovation as a key theme. Innovative products such as the ‘Octagon Afya Plus’ make retirement schemes more beneficial and will help increase the pension coverage in the country, which currently stands at 20 percent,” said Nzomo Mutuku
A Kenya Retirement Preparedness Survey carried out by the Association of Kenya Insurers (AKI) in 2019 established that only 29 per cent of Kenyans feel they are well prepared for retirement. Further studies also indicate that 60 per cent of an individual’s medical costs are incurred in retirement age.
“We identified the growing need for medical cover with flexible terms for retirees. We have therefore customized this product to serve eemployees or retirees actively in service. Members who are already in the scheme can have the cover extended to up to 85 years of age,” said Octagon Insurance Brokers Ltd General Manager Davis Ongiro.
“In addition, the medical scheme will see members chose a cover from the five different flexible categories that cater for their unique needs. Members also have the option to make additional payments to the scheme,” he added.
On his part, Jubilee Health CEO Dr. Patrick Gatonga noted that the need for affordable health insurance by many of the retirees is a crucial cog in ensuring that the older persons in society lead a decent life event after spending their productive lives serving the society.
“As partners, we gain pride in providing affordable and accessible health insurance services to our members in recognition for their loyalty. The Octagon Afya medical cover is in response to the growing need to ensure that health services are readily available through our suit of products”, Dr. Gatonga said.