Sharp Daily
No Result
View All Result
Friday, June 6, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home News

Planning For Your Medical Expense at Retirement

Vincent Wangu by Vincent Wangu
June 8, 2023
in News
Reading Time: 2 mins read
Retirement benefit schemes

[Photo/ Courtesy]

Medical expenses in retirement can be unpredictable and require adequate planning so that you are not caught off guard. With old age comes a weaker immune system, increased susceptibility to diseases, and, in some instances, complicated health conditions that may sometimes cost a fortune to manage. While the total cost of medical expenses in old age is unpredictable, what is predictable is that the expenses will definitely be higher. As such, everyone needs to find a buffer against these expenses.

There are a few ways to prepare yourself. First and foremost, save while you are still earning an income. You can easily do this by joining a retirement scheme during your working days and regularly contributing, helping your savings grow. In fact, some retirement schemes in Kenya provide post-retirement medical cover savings. These schemes allow members to contribute an additional amount to their regular pension contributions dedicated to medical expenses after they retire. The additional savings are invested in the same way as your retirement portion and garner the same rate of return. The retirement portion of your contributions can then be utilized for your pension, while the medical portion is used to purchase medical coverage from a medical insurance provider once you retire.

Read more: US Pension Schemes Line Up Ksh60 Billion For Africa

With savings comes the phenomenon of interest. Of course, you will want to save money with an institution or scheme offering an attractive return. This way, your savings are not just an investment in your future.

RELATEDPOSTS

Balancing between security and growth in retirement planning

April 3, 2025

How much do you need to save now for a comfortable retirement?

February 7, 2025

The second way is to simply purchase medical insurance coverage while you are still earning an income. This is because the minimum entry age for medical coverage depends on the insurance companies. In most cases, it is usually around the fifties. Therefore, by purchasing the coverage during your younger years, you ensure that even in old age, you will not have to struggle to find an insurance company that will provide medical coverage.

However, the recommendations above will mean nothing if one does not care for their health. Try increasing your spending on healthier foods and gym subscriptions for those in urban areas who lack exercise space. Taking care of yourself is an investment that will pay off.

A healthier lifestyle may mean a longer life expectancy. This equates to more years in retirement and requires planning. The best action plan is to save as much as possible and live as healthy a lifestyle as possible.

Email your news TIPS to editor@thesharpdaily.com

Previous Post

Kenya Power Partners with Safaricom to Enhance Data Coverage with Smart Poles

Next Post

Should the Government Subsidize Production Rather Than Consumption?

Vincent Wangu

Vincent Wangu

Related Posts

News

Co-op Bank posts KES 6.9 billion profit in Q1’2025

May 16, 2025
Agriculture And Economy
News

Lets get Kenya out of FATF list

May 9, 2025
News

The downside of Impact Investing

May 2, 2025
News

Leadership challenges at the University of Nairobi

April 24, 2025
News

Easter eggs and earnings: Growing your nest egg with CMMF

April 16, 2025
News

Geoffrey Ruku declares KES 377M net worth during CS vetting

April 15, 2025

LATEST STORIES

How Kenya’s E-Mobility shift could redefine urban planning

June 5, 2025

Economic liberators are the real heroes and heroines of the year

June 5, 2025

Affordable retirement planning for small businesses with CURBS

June 5, 2025

How Kenyan banks can modernize without marginalizing

June 4, 2025

Human rights concerns over activists’ treatment in Tanzania

June 4, 2025

Decoding stock-based compensation

June 4, 2025

Comparative advantage is the secret to real economic take off

June 4, 2025

Understanding inflation and its impact on everyday life

June 4, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024