PenCom Raises Retirees’ Income Threshold for Health Insurance Scheme

The National Pension Commission (PenCom) has increased the income threshold qualifying retirees for its health insurance scheme from N70,000 to N150,000, a move expected to expand access to healthcare coverage for a wider pool of pensioners.

The adjustment follows years of advocacy from retiree groups who argued that the previous threshold excluded a significant number of pensioners whose income had risen modestly but remained insufficient to independently cover rising healthcare costs.

PenCom officials say the revised threshold reflects broader efforts to strengthen the pension industry’s contribution to retiree welfare, alongside separate state level initiatives such as Yobe State’s recent approval of retiree enrolment into its own health insurance scheme.

The health insurance scheme is designed to reduce out of pocket healthcare spending among retirees, a demographic particularly vulnerable to chronic illness and rising medical costs following the end of formal employment income.

Pension industry stakeholders have welcomed the increase, though some have called for further reviews to ensure the threshold keeps pace with inflation and the rising cost of medical care across the country.

PenCom said the revised policy takes immediate effect, with pension fund administrators expected to begin implementing the updated threshold for eligible retirees in the coming weeks.