Old Mutual Malawi, a leading financial services company, has partnered with Precious Medical Insurance, an expert in health insurance wholly owned by Malawian partners. The latter will provide medical coverage for Old Mutual retirees.
The partnership bundles the combined expertise that Old Mutual Annuitants offers medical care.
Roy Punungwe, Managing Director of Old Mutual Malawi, said the partnership is based on an extraordinary innovation that the two institutions developed with the sole aim of bringing peace of mind to our retirees.
“After all, retirement is when you stop living at work and start working at life.
“Any retiree who has chosen to purchase a monthly annuity (annuity) from Old Mutual with the 60% balance of the accumulated pension funds at retirement will become an Old Mutual retiree,” he said.
As part of the partnership, retirees are covered by Precious Medical Insurance‘s Chipatala program.
Punungwe said the annuitants will have access to treatment in all medical facilities across the country that are registered under the Chipatala program.
The medical facilities under this insurance cover include all major government referral hospitals, mission hospitals and selected private clinics.
Precious Medical Insurance has service providers in all districts of the country under the Chipatala program, where retirees can access the benefits.
To qualify for health insurance, one must be a member of the Old Mutual With-Profit Annuity.
New members can opt for insurance coverage by completing their retirement option forms at Old Mutual, while current members only need to write a statement to Old Mutual to start the deductions and complete a medical health form.
Insurance coverage is optional and a reduced fee of MK2,500 per month is deducted from the monthly pension.
Punungwe also said retirees will remain insured for as long as they pay the premium and within the annual limit.
Those in need of additional insurance coverage not covered by the Chipatala program can upgrade to other programs such as Silver, Super, Gold and Gold Plus for access to a wider range of private clinics and hospitals in Malawi.
However, it should not be neglected for all necessary and emergency treatments.
We believe that this program will provide retirees with security through more manageable medical costs, as they can get medical care at an affordable price, ”said Punungwe.
Precious Medical Insurance Claims Manager and Service Provider Supervisor, Dr. Gift Chiomba said that the people of Precious Medical Insurance should expect flexible and adequate service delivery that is simple and straightforward with an efficient verification process.
“There is no waiting time for those who register. This partnership is the first of its kind in Malawi, ”he said.
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