Medical Cover for Retirees

A medical cover insurance for retirees in the country has been developed by Alexander Forbes where employees aged below 60 years will be saving towards a medical scheme dubbed Ngao Milele.

Alexander Forbes, a financial service provider has taken up the initiative of ensuring that people who retire will have to continue leading comfortable lives without worries of how to pay their medical bills.

The financial service provider disclosed that most employers in the country do not offer medical provisions for their employees after they retire and that most insurance companies too tend to keep off from the idea of offering such covers to the elders for the fear of the many vulnerable illnesses they usually have.

The Chief Executive Officer (CEO) of Alexander Forbes Sundeep Raichura said that their scheme will enable those people who are about to retire to be in a position to plan wisely for their post-retirement period so as not to undergo stressful moments.

Raichura disclosed that the scheme will be providing both the inpatient and outpatient services. He urged the government to consider exempting such covers from taxes so the people can be motivated to apply them as they are very crucial.

A research carried out showed that most medical bells tend to come up after someone has retired. And this is the period when they do not have stable means of acquiring funds thus ending up into seeking contributions from family and friends.

The risk of expensive health problems increases with age. Without an affordable employer sponsored health insurance, or any form of medical insurance, poor health leads to a large out of pocket expenses that may threaten the retiree’s economic security.

When nearing retirement, Alexander Forbes advices people to ensure that they have put in place plans for their future health care needs so as to avoid blowing up a lot of money on medical expense when they could have saved for that.

Article by Vera Shawiza.