Kenya’s Retirement Benefits Authority has proposed a lifetime medical insurance plan for retirees to address growing healthcare costs. The initiative aims to ensure financial security for retirees who lose employer-sponsored health coverage upon retirement. Medical expenses, chronic illnesses, and increasing healthcare costs have placed significant pressure on pension savings.
The proposed policy would provide continuous health insurance coverage for retirees, regardless of their employment status. This comes as the cost of medical treatment in Kenya has risen sharply in recent years, making healthcare unaffordable for many elderly citizens. The plan would cover essential medical services, including hospitalization, outpatient care, and chronic disease management.
The move follows growing concerns about the financial sustainability of retirement savings in Kenya. Many retirees rely on limited pensions and face unexpected medical expenses that can deplete their savings. The government has acknowledged the need for a more robust social safety net, especially as the population ages. The proposal is currently under review and could be implemented within the next year.
