Enwealth launches a healthcare product for retirees

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In a first for Kenya, Enwealth Financial Services has partnered with APA Insurance and Apollo Asset Management to design a savings product that allows workers to pre-fund their healthcare insurance after retirement. The product named ‘Anaya Post-Retirement Health Care Fund’ was developed in response to a trend analysis report which revealed that medical bills are among the key expense items that prove the most challenging for most retirees. This is compounded by the increasing health expenditure which had grown to Kshs 73.2 billion by 2015, while the percentage of admissions for people over 65 stood at 34% in 2013 compared to 25% a decade ago.

With contributions starting from Kshs 2,000 per month, members of the Anaya Healthcare Fund will have access to quality healthcare services from over 200 hospitals locally and abroad. The fund will upon retirement pay for the insurance cover on behalf of its members hence reliving them of the expenses incurred in the specified hospitals. It will cover all diseases including high-risk pre-existing conditions that are not ordinarily covered by conventional health insurance covers for senior citizens such as cancer, Diabetes, High Blood Pressure, among others. The fund has different levels that is bronze, silver, gold, platinum that allows members choice of benefits class based on affordability and desired level of benefits. It is also open to both cooperates and individuals who are above age 18 years.

Funds contributed under the Anaya Fund will be managed by the Apollo Asset management team. Under Apollo, the funds will be reinvested to ensure optimal returns. Upon retirement, this money will then be utilized to pay for medical premium covers offered by APA Insurance. Quite an innovative product I must say.