Old Mutual partnes Precious Insurance for Medical Cover
Old Mutual Malawi, a leading financial service provider has entered into a partnership with Precious Medical Insurance, an expert in medical insurance fully owned by Malawian partners, where the latter will be providing medical cover to Old Mutual annuitants.
The partnership brings together the combined expertise that will provide medical cover to Old Mutual Annuitants.
Old Mutual Malawi Managing Director, Roy Punungwe said the partnership is grounded on an exceptional innovation that the two institutions have designed with the sole goal of bringing peace of mind to our annuitants.
“After all, retirement is when you stop living at work and start working on living.
“All pensioners who have opted to purchase a monthly pension(annuity) from Old Mutual with the 60% balance of the accumulated pension funds upon retirement become an Old Mutual annuitant,” he said.
Under the partnership, the annuitants will be covered under the Precious Medical Insurance’s Chipatala scheme.
Punungwe said the Annuitants will have access to treatment in all medical facilities across the country, who are registered under the Chipatala scheme.
The medical facilities under this cover include, among others, all major referral government hospitals, mission hospitals and selected private clinics.
Precious Medical Insurance has service providers in all districts in the country under the Chipatala scheme where annuitants will be able to access the services.
To qualify for the medical cover, one needs to be a member of Old Mutual’s With-Profit Annuity.
For new members, they can opt for the cover upon completing their annuity option forms with Old Mutual while current members will just need to write an instruction to Old Mutual to kick-start the deductions and complete a medical health form.
The cover is optional and a discounted fee of MK2,500 per month will be deducted from the monthly annuity.
Punungwe also said the annuitants will remain covered for as long as they are paying the premium and within the annual limit.
Those that require additional cover other than that which is covered by the Chipatala scheme can upgrade to other schemes like Silver, Super, Gold and Gold Plus in order to have access to a wider range of private clinics and hospitals within Malawi.
However, there shall be no short falls for all essential and emergency treatment.
Our belief with our partner is that this scheme stands to help provide peace of mind to annuitants through more manageable medical expenses as they will have medical cover at an affordable price,” said Punungwe.
Precious Medical Insurance Claims Manager and Service Provider Supervisor, Dr Gift Chiomba said that through Precious Medical Insurance, people should expect flexible and reasonable service delivery that is simple and straightforward with an efficient verification process.
“There shall be no waiting period for those that register. This partnership is the first of its kind in Malawi,” he said.
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