Firm eyes medical cover for retirees

Mr Simon Wafubwa is the CEO and Founder of Enwealth Financial Services Limited. Photography by Valerie Mwango

Enwealth Financial Services has launched a product that will see workers fund their health insurance in advance to take care of medical bills after retirement.

The firm, previously known as Liberty Pension, has partnered with APA Insurance and Apollo Asset Management to design the product.

“Enwealth developed the Anaya Post-Retirement Health Care Fund in response to a trend analysis report backed by Retirement Benefits Authority (RBA), which revealed that medical bills are among the key expense items that are the most challenging for retirees living on a lower income,” the firm said in a statement.

Health expenditure hit Sh73.2 billion in 2015, with the percentage of admissions for people over 65 estimated to be over 34 per cent.

“We at RBA are proud to have witnessed Ministry of Finances’ amendment of the law in the 2016/2017 budget to allow workers to start saving for their medical insurance before retiring.

“This ensures that they are better prepared to comfortably meet their healthcare needs and access hospitals of their choice for chronic, pre-existing and high-risk conditions,” Dr Edward Odundo, CEO of RBA said at the launch.

“The launch of the Anaya Post-Retirement Health Care Fund, marks the beginning of a much needed solution for a growing population of retirees that is often forgotten, but will affect all of us sooner than later.”

With contributions ranging from Sh2,000 per month, members of the Anaya Post-Retirement Health Care Fund will access services from over 200 hospitals locally and abroad. The healthcare fund will cater for bills incurred in the specified hospitals.

This will cover all diseases including high-risk pre-existing conditions such as cancer, diabetes and high blood pressure that are not ordinarily covered by conventional health insurance for senior citizens.

Optimal returns

“The product is designed with levels of flexibility, for example, bronze, silver, gold and platinum that allows members choice of benefits based on affordability and is open to both cooperates and individuals and anyone above age 18 years,” Enwealth CEO Mr Simon Wafubwa said.

Apollo Asset Management will provide Fund Management services whereas APA will provide health insurance solutions at retirement. Members who sign up for this product will enjoy optimal returns.

Upon retirement, the money will be utilised to pay for medical premiums for covers offered by APA Insurance.