CIC General Insurance Managing Director, Fred Ruoro (left) and CIC General Manager Medical, McDonald Kang’e during the launch of the Seniors Medi-plan cover on September 14, 2021. PHOTO | POOL
Insurance firm CIC #ticker:CIC has unveiled a new medical cover for senior citizens aged up to 80 years.
CIC General Insurance managing director Fred Ruoro has said the health policy, dubbed Seniors Mediplan, will help ease the pressure on using retirement savings and social networks to cater for medical expenses.
‘’As you age, medical care becomes more expensive. Senior citizens without a medical cover end up spending most of their hard-earned life savings to cater for medical expenses, which drives people into abject poverty,” Mr Ruoro said.
The product, which targets those between 60 years and 80 years, will include inpatient and outpatient covers, dental, optical and ambulance and air evacuation services within East Africa.
CIC says the policy will remain in force for the insured beyond the age of 80. It will also offer a last expense cover should the principal member die.
The cover will also include only one legal spouse of the insured person.
Most Kenyans who enjoy medical cover during their working life retire without any backup after parting ways with their employers.
Buying a medical cover at an advanced age is usually expensive to the individual since insurers factor in pre-existing conditions, impose a lot of restrictions and charge high premiums.
This leaves the elderly relying on family and friends’ contributions when they get sick.
Few insurers cover the elderly, who are often termed as high-risk category, increasing the cost of medical claims.
CIC has an existing policy for up to 65 years. UAP Old Mutual offers senior citizens aged 65 to 80 with inpatient and outpatient claims limit from Sh100,000 to Sh5 million.
HF Group offers health insurance cover until the age of 75.
“We have realised there is a growing market segment of seniors that is underserved by the solutions in the market. The solutions may be too repressive to the point of being non-responsive, and we think there is an opportunity to serve that market,” Mr Ruoro said in a past interview.
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