The Unashig Management and Board has received from Old Mutual the expected invite to renew our Group Health Insurance Cover this September 23rd for the period 2023 to 2024. For the first time, we have also received the rates for individual or family cover, as opposed to Group Cover. Please find a copy (with all the details you may require) at the second link below. Individuals who may prefer it to Group Cover are free to go for it. It will also be available for those who may wish to have cover in-between the annual intervals which Unashig is now reverting to.
Back to the Group Cover: We have looked at Old Mutual's claims analysis for the current group health insurance year, to-date, and found that the insurer has (a) not included in the claims analysis those participants who opted out of the call to renew for the three months of June 2023 to September 2023; and, (b) set a loading rate of 40% for the cover year of 2023 to 2024 which we find inconsistent with the evidence availed to us so far.
As a consequence of the provision in (a) above, we are of the view that the 40% loading for the coming one-year cover period is likely to be excessive as far as Unashig Members are concerned, when the deadline for remitting the premiums arrives in early September. We have asked Old Mutual to leave the loading rate pending until the data for July and August 2023 (and the first half of September) are fully factored in.
Here below is our reading of Old Mutual's claims analysis (including projections for the remaining 54 days -- running from July 28th to August 31st, 2023):
Excess Claims so far, as percentages of premiums for the respective benefits:
-- Inpatient = 31.61%
-- Optical = -63.41%
-- Outpatient = 9.97%
-- Dental = 0%
-- AGGREGATE = 26.17%.
Based on the above excess amounting to 26.17%, we find it difficult to see the justification for the 40% loading being offered by Old Mutual at the present time. As we wait for Old Mutual's response to our concerns about the said loading -- and as we wait to see the effect of incorporating the claims analysis for the period up to August 2023, or even September 15th -- we ask renewing Members and potential additions to Unashig's Membership to assess the actual rates for the coming year of cover, as provided via the link below. We are of the view that the currently suggested loading of 40% may or may not be justified by the final data sets to be issued by Old Mutual up to mid-September 2023. That way, final individual or family decisions to participate in the Group Cover this September will be fully informed by the most up-to-date stats -- as should be the case.
INVITE: If you would like to join Unashig's Group Health Insurance Scheme, please drop us an email at unashig.kenya@gmail.com
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