Medical expenses have been identified as one of the most significant expenses individuals face in retirement. The incidence rates for most chronic illnesses including various cancers, diabetes, renal failure and cardiac issues tend to increase with age. These factors usually result in relatively expensive medical insurance premiums for the elderly, resulting in most retirees lacking a medical cover. Most retirees therefore resort to Out of Pocket payment (either by depending on their children or well-wishers) to finance their incurred medical expenses. A Post Retirement Medical Fund (PRMF) seeks to address this challenge as it enables retirees have access to adequate, affordable and comprehensive health care in retirement.
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