CIC Group has launched a medical product that is tailor-made for cooperatives. Dubbed CoopCare, the cover targets cooperative members and their affiliates. A minimum of ten principal members is required, while the maximum joining age is seventy years. The product will cover inpatient, outpatient, maternity, dental, optical and last expense for cooperative members within Kenya.
CIC Group Chief Executive Officer Mr. Patrick Nyaga said that in an ecosystem that is highly dependent on cooperatives, it is prudent to provide solutions that extend financial protection to members by reducing their exposure to risk in different facets, including healthcare. “Cooperatives are a huge enabler of financial inclusion and hold over 14 million members. Used as a tool for savings and investments, cooperatives not only increase financial access, but also provide a platform for communal growth. The CoopCare cover has been designed to reduce or eliminate member risk exposure through an affordable, accessible medical insurance product.’’
Giving his speech during the launch, Fred Ruoro, Managing Director, General Insurance observed: “Out of pocket health and last expense expenditure can place a huge financial burden on the patients as well as their family and friends. Sometimes this can erode prior savings and lead to accumulation of debt to pay medical bills. Having a medical cover therefore becomes an essential part of financial protection, which is also aligned to the cooperative goals which include enhancing members’ socio – economic health.” He added: “With CoopCare, we hope to see more cooperative members get access to quality healthcare services at low costs. While access to healthcare is a right, sometimes it can lead to high accumulated costs which present a financial burden. CoopCare has been built to ease this burden.”
CoopCare will cover inpatient, outpatient, maternity, dental, optical and last expense benefits, with beneficiaries getting the option to purchase inpatient only ( or both inpatient and outpatient benefits). The cover includes benefits of up to Kshs. 300,000 in inpatient, Kshs. 50,000 in outpatient, Kshs. 25,000 in maternity, Kshs. 7,500 for dental as well as optical and Kshs. 50,000 for last expense.
The product has been designed to be affordable and has a carefully selected low-cost provider panel mainly encompassing mission hospitals and low-cost private hospitals. Members can take up the product as a family package allowing up to six dependants or individually. Any family beyond the member and six dependants category will attract a minimal additional premium. Premium rates range from Kshs. 2,500 to Kshs. 36,000 per year depending on the package.