In Kenya, there are several options for post-retirement medical coverage, including private insurance plans and schemes offered by the government. The National Hospital Insurance Fund (NHIF) is one such government-run scheme that provides coverage for medical expenses for individuals who are retired and receiving a pension. Additionally, there are private health insurance companies that offer plans for retirees.
The above however is not adequate factoring the level of health care required at post retirement (Age 60 +) and the inherent costs associated with the health care. In light of this, CPF Financial Services has established and registered a post-retirement medical scheme that enables an individual to build a fund specifically to finance health care needs upon retirement.
The Post-Retirement Medical Fund shall drive down the cost of medical care post-retirement as the medical profile of the participants shall be established earlier on in life and a record of the same kept for the longevity of the participants. Secondary benefits include generational data on family medical history that can be utilised to enhance the health care of future participants.