Octagon Insurance Brokers Ltd has partnered up with Jubilee Health Insurance to provide an affordable and flexible comprehensive medical cover for retirees.
The medical cover, which will be made available to customers by Octagon Africa and be underwritten by Jubilee Health Insurance, will be referred to as ‘Octagon Afya Plus’. Dr Patrick Gatonga, Jubilee Health CEO, the need for affordable health insurance by a majority of retirees is a crucial cog in ensuring that the older persons in society lead a decent life even 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,” he said.
The cover is expected to allow one to access inpatient and outpatient services as well as access highly subsidized services in dental, optical and last expense. The post-retirement medical cover is open to retirees of up to 85 years. According to Davis Ongiro, Octagon Insurance Brokers Ltd General Manager, the company identified the growing need for medical cover with flexible terms for retirees. “We have therefore customized this product to serve employees or retirees actively in service. Members who are already in the scheme can have the cover extended to up to 85 years of age,” he said.
The cover will also provide members with an avenue to invest and save or transfer up to 10% of their retirement benefits into the post-retirement medical scheme. The investment earns an annual investment income.
According to Charles Machira, Retirement Benefits Authority (RBA) Chief Manager in charge of Supervision, the efforts by Octagon Insurance Brokers and Jubilee Health Insurance in ensuring the gap of health access experienced, especially upon retirement, is bridged, is commendable. “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,” he said.